OBITUARY. Mr. JERVOISE SMITH. THE Tet which the news of the death of Mr. Jervoise Smith has generally awakened will be keenly felt by members of the Institute of Bankers, of the Council of which he had been a member since May, 1889. Mr. Jervoise Smith was not only an active partner of the firm of Messrs. Smith, Payne & Smiths, but took great interest in all matters tending to improve the machinery of banking generally. Thus, as deputy-chairman of the Clearing House, he assisted in the . formation of the country clearing, and more lately his name has been connected with an improved method for the distribution of railway dividends, which, in connection with banks, has now been adopted by most of the important railways in the kingdom, and an account of which has appeared in this Journal.* Of late years, though his health would not permit him to attend regularly the meetings of the Council of the Institute, Mr. Jervoise Smith was frequently consulted on points in which the Institute was interested, and was always ready with advice and assistance; and he has on more than one occasion helped to supervise articles intended for this Journal, on subjects with which he was especially familiar. Nor was the sphere of his activity confined to banking. In 1854, with the Hon. St. Leger Glyn, he assisted in the administration of the Crimean Army Fund. He was for a short time in Parliament, as member for Falmouth and Penryn, and was lately chairman of the Public Works Loan Commission. He was, also, from its formation, an active member of the Mansion House Committee of the Hospital Sunday Fund. The practical and administrative help which he gave in the management of this, and numerous other charitable funds, will cause his loss to be greatly felt, not only by those who worked with him, but also by the poor, to whose welfare he devoted much time and labour. * Vol. II., p. 440. QUESTIONS ON POINTS OF PRACTICAL INTEREST. THE COUNCIL desire to express their readiness to receive at all times questions which are of general interest, and in regard to which it would appear desirable to assimilate the practice of bankers. The following questions have been received, and answers are appended, which, after careful deliberation, the Council have approved : QUESTION I.-A bill at three days sight for £100, drawn on board the United States War-ship "Washington," Southampton Water, on Seligman Bros., London. Does this require an impressed 1s. stamp, or will a foreign bill stamp be sufficient? The name of the sea-port at which the vessel is staying is in ink, the remainder of the bill being printed. ANSWER: It is always held that a man-of-war is part of the country whose flag it flies. The bill would therefore require a foreign bill stamp. QUESTION II.-Some years ago A. resided in India, and before leaving deposited with a bank in Madras Government promissory notes, together with a power of attorney for them to receive the dividends and remit to England. The bank stops payment. How can A. recover the notes, and what steps should he take? ANSWER: Provided the suspended bank has no set-off against the promissory notes, A. should request the liquidator to return to him the promissory notes and cancel the power of attorney. QUESTION III.-A cheque is drawn payable to Mrs. R. Smith, and endorsed "M. A. Smith, widow of R. Smith." Is this endorsement correct? ANSWER: Yes. QUESTION IV-A bill is sent by banker A. to banker B. for collection at a private residence. The acceptor C. calls at B.'s office before the bill has been presented, asking him to return the bill as he has not sufficient funds to meet it. Is B. still bound to present the bill at C.'s private residence, the usual notice having been given him at the time he called? ANSWER: We think B. is bound to present the bill at the address specified on the bill. See Bills of Exchange Act, 1882, sec. 45, sub-sec. 4a. QUESTION V.-Does a printed form for the equitable deposit of deeds not under seal to secure a banking account require to be renewed every six years? Suppose it is a mortgage form under seal for deposit of deeds, would that be liable to be renewed every six years? ANSWER: The important question is when did the right to bring an action for the debt secured by the deposit first accrue to the banker? We think the effect of the Statutes of Limitation upon a security constituted by an equitable deposit of deeds, accompanied by a memorandum whether under seal or not, is to give the banker a right to enforce his security at any time within twelve years from the day on which the right to bring an action for the debt first accrued. This, of course, would vary according to the circumstances. See with reference to this question pages 163 to 165 of the Journal for March last. SUMMARY OF BANK RETURNS OF VICTORIA, NEW SOUTH WALES, NEW ZEALAND, SOUTH AUSTRALIA, QUEENSLAND, TASMANIA, AND WESTERN AUSTRALIA. Compiled from the Sworn Averages for the Quarter ended 31st March, 1884. • Victoria.-This includes £1,031,658 Government deposits. Tasmania.-In this colony's Bank Returns deposits bearing interest are not distinguished from those not bearing interest. ASSETS. Including notes, bills of exchange, and all stock and funded debts of every description, except notes, bills, and balances due to the banks from other banks. Victoria-Government securities (if any) held by the banks are not separately distinguished in these returns. New South Wales.-This includes £79,211, average amount of N.S. W. Government debentures held by the Mercantile Bank of Sydney, and £552,307, average amount of Government securities held by Commercial Banking Co. of Sydney. New Zealand.-This includes £376,923 Government securities; notes and bills discounted, £4,444,299; debts due to the banks, exclusive of debts abandoned as bad, £10,621,592; securities not included under other heads, £398,050. South Australia.-This includes £25,000 Government securities. Queensland. This includes £568 Government securities and stamp account. ++ Tasmania -This includes £137,900 Government securities, and £38, 162, amount of British and foreign bills of exchange remitted, but not yet matured. :: Western Australia.-This includes £7,500 public securities. (From the Australasian Banking Record.) |