The Gazette 1955-58

on i4th November, 1957. John R. McC. Blakeney, James R. Green, Thomas Jackson, Brendan P. McCormack, Roderick J. Tierney. The President addressing the meeting said : LADIES AND GENTLEMEN : Since our last General Meeting, in the month of November, 1956, I have to record with regret the deaths of the following members : District Justice T.G.O'Sullivan,EdwinN. Edwards,ChristopherT.N. Russell, County Registrar, Cork; P. G. Collins, Timothy O'Shea, a former District Justice ; Charles M. Barry, John Blood-Smyth. To their relatives and also to their friends I would like to express my sincere sympathy and that of the Council. It is my privilege, as this year's President of our Society, to inform the general body of the members, at this half-yearly general meeting of the principal matters affecting the profession generally, and the Society in particular, that have occurred during the past six months. I had hoped at this meeting to be in a position to congratulate two Members of our Council in the persons of Mr. Arthur Cox and Senator Walsh on their election to the Senate, but unfortunately the Election returns are not yet out, and I under stand we shall not have the result for a day or two. A member of Our Society in the person of Mr. P. F. O'Reilly has been recently honoured by being appointed to the vacant post of Taxing Master, occasioned by the retirement of Mr. Q'Hanlon. To him I would offer our hearty congratulations; he is an eminent past President of our Society, and was a member of the Council for many years, until his retirement on his appointment. He also is a former member of the Senate (to which he was elected on our Nomination) where he likewise did excellent work on behalf of the public and the profession. During the Summer we are to have the pleasure of entertaining a large body of the members of the American Bar Association. Approximately 200 of them hope to be in Dublin at the end of July ; and on the evening of August ist, the Benchers, the Bar Council, and our Council are entertaining them at the Four Courts. Detailed particulars of this function will in due course be sent to all members of our Society, and it is hoped that as many members as possible will attend. A rather important Bill came before our Council for consideration during the past six months, it is the Landlord-and Tenant (Reversionary Leases) Bill. This Bill was given very careful consideration

by our Council, and certain decisions were arrived at in reference to it, and certain suggested amend ments were made for submission to the Department of Justice. In connection with it our especial thanks are due to Mr. George G. Overend for a most comprehensive report he drew up in the matter. You have no doubt seen references in the public Press to the fact that a new Trustee Investment Bill is contemplated. The primary object of trust legislation should be the protection of the interests of the minors and other beneficiaries whose property is tied up in settlements. It is hoped therefore that any such legislation will not affect property of persons who have not full disposing power in any way which would not be permissible in the case of persons who are fully competent, except in so far as it may be necessary in the genuine interests of the beneficiaries themselves. As you all know it has been the experience of trustees that the market value of Government Stocks has fallen heavily in the last few years. In my view legislation dealing with authorised trustees investments should satisfy four conditions : (i) Express powers in wills or settlements giving trustees a wide or unlimited discretion in selecting investments should be permitted. (2) The statutory list of authorised investments should be wide enough to ensure, as far as it is possible, that trustees by prudent management will be able to safeguard the capital value of the trust property against deprecia tion. (3) For this purpose the statutory list of authorised investments should include deposit accounts in banks. (4) In dealing with property of wards and others under its control, the Court should have unfettered power to direct that monies shall be invested in such manner as it may think advisable in the interests of beneficiaries. Once again, I regret I must refer to the matter of delays in Government offices. As you are all aware, this matter has come periodically before the general meetings of our Society in recent years, and it is constantly before the Council in consequence of complaints from members. At the November, 1955, general meeting a special resolution was unanimously adopted complaining that there was great and unnecessary delay in public offices and departments and requesting the Council to take steps to rectify matters. In consequence of that resolution the Council took active steps as were reported to you by my predecessor, Mr. Dermot Shaw, in his address to you just twelve months ago. You will no doubt recollect that the Council decided at that time to tackle the problem at its source, or at all events