be enforced," and the reference is then made to what was said by James, L.J., when delivering the judgment of the Court of Appeal in Attree v. Harve, 9 Ch. Div. 337, at p. 349, a case which related to debenture stock created under the provisions of the Companies Clauses Act, 1863 (26 & 27 Vict., c. 118). "But the case before us is not that of a debenture, but of debenture stock. It seems to be called debenture stock locus a non lucendo, because it is anything but a debenture; there is no debt, except, indeed, as to the annual interest; the capital cannot be called in and cannot be paid off. It is a right to a perpetual annuity, payable out of the concern. There is no conveyance or assignment of anything to the stockholder, or to any trustee for him." and, after refer

ring to sections 22 and 23 of the Act of 1863, "It is nothing but preference stock with a special preference. There is nothing to give the stockholders any right, either at law or in equity, under any circumstances to take possession of a single item of the property of the company in specie, whether real or chattel.” The plaintiff was not competent to maintain the action for the declaration asked.

What "acts to his injury," although, in the opinion of the learned Judge, there were some, the plaintiff could have restrained the company from doing, the decision leaves doubt, especially as under the Companies Consolidation Act, 1908, s. 285: "debenture" includes debenture stock, but the case as mentioned appears to be of wide application as to the legal position of debenture stockholders and their rights as such. The illuminating judgment of Chitty, J., In re Bodman (1891) 3 Ch. 135, also deals with the legal nature of debenture stock.

VOL. XL. C.L.T.-39

BY THE WAY.

Holiday Issues of "Canadian Law Times."

The Editor of the CANADIAN LAW TIMES feels he needs a holiday the same as other folk, and makes no apology for announcing that the July and August issues will be considerably diminished in quantum of material. He hopes, however, they will retain their flavour, as well as the favour of the Profession, to all of whom he wishes a happy holiday among regenerating environments where nature luxuriates, the stress of life ceases, and constitutions become rejuvenated. A Holiday Puzzle for Junior Barristers.

The Bank of England by its Charter of 1694 is, among other things, empowered to brew and sell beer. How is such a Charter as this affected by Prohibition Legislation?

Could the Bank of England, in defiance of such Legislation, brew and sell beer? If it could, and if prohibition became, in England, what it is in Canada, the Bank of England would before long have no competitor. It would be a monopolist of Finances through this privilege of brewing and selling beer. Every one would Bank there for good, though undisclosed, reasons. No innuendos are here intended.

But there are many interesting legal questions involved.

(a) What is a Royal Charter?

(b) What are its obligations on the State? Are they contractual?

(c) How are they impaired or affected by Parliamentary Legislation?

Privy Council Appeals.

It is noteworthy that in spite of the very specific provisions of section 1025 of the Criminal Code Mr. W. J. Trueman, K.C., has succeeded in persuading the Privy Council that the judgments of the Manitoba

Court in the Conspiracy Cases should be brought before them for review.

This is a confirmation of the views expressed in the CANADIAN LAW TIMES on several occasions during the past few months, that no Canadian enactmentDominion or Provincial-can abrogate or impair the Prerogative of the King; and I feel that even the Attorney-General of Ontario was convinced of this fact when swinging his battle-axe aloft to sever the prerogative in twain, he found the haft was short, and that, if it fell, the blow would only strike a scollop off his own reputation. So he dropped it-that is the short-handled battle-axe. Thus he saved the scollop for another enterpise!!

Legal Changes in Saskatchewan.

One of the oldest firms in Regina-Allan, Gordon & Gordon-has dissolved; and Mr. J. A. Allan, K.C., the head of the old concern, has notified his friends that he is continuing his practice with Mr. H. M. Allan and Mr. Hugh Taylor as his partners under the style of Allan, Allan & Taylor, at the Credit Foncier Building, Regina.

The Editor of the CANADIAN LAW TIMES has also taken unto himself a Partner in the person of Mr. Oliver J. Dean who was one of the valiants of the War; and the new firm is Thompson & Dean, with their offices at 305 Crown Bank Building, Regina.

Success awaits both new firms we are sure.

We believe Mr. A. L. Gordon, K.C., and his brother, P. H. Gordon, are also forming a new partnership with some others as Gordon, Gordon & Company; but up till writing no notification of it has reached us.

Canadian Bar Association.

As the Legal men will all be hurrying off for their holiday shortly after this issue arrives, we would beg to remind them of the need for adjusting their movements so that as many as possible of them can attend

the Fifth Annual Meeting of the Canadian Bar Association at Ottawa on the 1st, 2nd and 3rd days of September next.

The June issue states its attractions. Viscount Cave will bulk up big, and he should not be met with a cave in of the Association's arrangements by apologies instead of attendances by the representative members of the Bar.

OUR LONDON LETTER.

44 Bedford Row, London, W.C. 1.

The Editor,
"Canadian Law Times,"

Toronto.

6th May, 1920.

SIR.-Business in the Courts continues to increase, and strenuous efforts are necessary if the heavy list of arrears is to be reduced before the Whitsun recess, which is due in a fortnight's time.

The outstanding features of Mr. Austen Chamberlain's Budget are his statement that the Government intend to drop the Land Values Duties, the scheme for which has never been workable, and his other statement that the much-criticized Excess Profits Duty is to remain, at any rate for some time. It is curious that a Government with Mr. Lloyd George at its head should throw overboard the scheme for taxation of Land Values which was embodied in Mr. Lloyd George's Budget of 1909 and caused so much discussion at that time.

It is inevitable that in the stress of war members of the forces and other persons acting on behalf of the Government should commit illegalities in the execution of their duties, and it is only reasonable that legislation should be introduced to indemnify any such persons who have unwittingly broken the law. The Bill dealing with this matter introduced by the Solicitor-General on behalf of the Government proposes to prohibit legal proceedings, civil or criminal, against persons who have done some act in good faith and in the execution of duty and for the public safety while holding office under the Crown in any capacity. It is, however, provided that this is not to prevent, except where there is a right to compensation given, the prosecution of proceedings on behalf of the Crown or any Government Department, or in respect of rights under breaches of contract, if instituted within one year from