The Gazette 1974

7.1 The audited income and expenditure accounts and balance sheet of the Society for the year ended 30th April 1974 are not yet available, but as Reports of all the Committees of the Society are now being presented to the members it is felt that the Finance Committee should also furnish a brief Statement. 7.2 The book value of the Society's net assets at the balance sheet date was £300,372 which sum does not include a figure for the premises at the Four Courts or any surplus of current valuation over cost for the valuable property at Blackhall Place. 7.3 The Society is, therefore in a healthy financial position at the present but it must be borne in mind that it will probably face heavy expenditure in the future if it is not merely to maintain the standard of its existing services to members but is to improve and extend the range of such services wherever possible and also to carry out its various statutory and educational obligations. 7.4 We are all only too aware of the rise in costs on every side. Although the Society had a surplus on income and expenditure account for the year the Finance Committee fee' that it is essential to maintain the level of members' subscriptions in respect of the other heads under which the Society derives income. 7.5 In the event of our moving either the whole or part of the Society's operations to the King's Hospital substantial expense will be incurred, even taking account of any revenue derived from a sale or letting of the Society's existing premises. 7.6 Lastly, the Compensation Fund was in a very satisfactory state at the 30th April 1974. This fund is, of course, completely separate from the Society's assets and the Society is obliged by statute to maintain it as a separate fund. The fund provides full indemnity to members of the public who suffer loss as a result of defalcation by any practising Solicitor. 7.7 As at the 30th April 1974 the fund stood at £375,201 which is a satisfactory figure by any standards. Payments from the fund in respect of ascertained losses and other expenses during the year amounted to £15,354. 8.1 The Committee during the past year held regular meetings and discussed and reported to the Council on a very wide variety of subjects which came before it. These subjects included matters of difficulty referred by Solicitors for guidance concerning the incidence of costs in sub-sales, sales where partly Land Registry and partly Registry of Deeds was involved- Compulsory Purchase Orders, exchange of properties in Mortgage and Building Contract Sales, Probate and Administration matters, Leasehold interests etc. There were also more general queries concerning costs which were passed on to the relevant rule-making authorities- 8.2 The Committee also considered various matters from Solicitors on the day-to-day working of the Courts, Land Registry, Land Commission, Valuation Office and other Govern- ment Departments with which they are in contact. Every effort is being made to alleviate as far as possible the practical difficulties that arise from time to time between Practitioners and the staffs in these Offices. 8.3 Solicitors have experienced difficulties in so far as taxation of costs is concerned. Recently a very satisfactory preliminary meeting was held between the Taxing Masters and represen- tatives of the Committee. It is intended to hold further meetings and also to meet the Costs Accountants to ease difficulties in that area. The Taxing Masters were most helpful expressed willingness to discuss in more detail matters of mutual interest and concern.

FINANCE COMMITTEE

Gerald Hickey, Chairman Walter Beatty Ernest J. Margetson John J. Nash George A. Nolan James W. O'Donovan Ralph J. Walker

Gerald Hickey, Chairman

COURT OFFICES AND COST COMMITTEE

Peter E. O'Connell, Chairman Felicity Foley Christopher Hogan Nicholas S. Hughes Patrick J. McEllin Patrick McEntee Dermot G. O'Donovan John A. O'Meara Robert McD. Taylor Ernest J. Margetson

8.4 Revision of the standard Form of Requisitions on Title and Contracts for Sale had attention as a result of suggestions by Practitioners.

8.5 The vexed question of booking deposits on Sales and gazumping was considered in an effort to establish a satisfactory standard code of conduct and the Council's representatives are to meet representatives of the Construction Industry Federation to discuss this. The meeting will also discuss other matters of importance to the Profession arising on sales ot property.

8.6 The reports of the Committee on Court Practice and Procedure so far published were considered in detail by the Committee and reported upon to the Council.

8.7 The Committee is always available to consider and report to the Council on C°« rt Procedure and Administration; the working of the Government Departments affecting the Profession and on questions of costs and practice. 228

Peter E. O'Connell, Chairman