Stock Exchange, until he shall have been employed two years by a Member.

49. Every Member desirous of obtaining the admission of a Clerk, to apply to the Committee in writing, stating whether he is authorized to do business for money or time, and he and the Clerk are required to attend the Committee (without being specially summoned), at half-past I o'clock on the days appointed for "routine business. If the Clerk has been previously engaged in business, the name and address of the person, together with the name of the Member applying for his admission, to be affixed in the Stock Exchange, eight days prior to the application being considered by the Committee. And no Clerk can enter the Stock Exchange, until his employer has been informed by the Secretary that his admission has been allowed by the Committee.

50. Every Member to give immediate notice of the dismissal of an authorized Clerk in writing to the Secretary, who will communicate the same to the Stock Exchange.

51. Any Member of less than two years' standing, applying for the admission of an authorized Clerk, must first obtain consent in writing, from his sureties.

52. A list of authorized Clerks (distinguishing those who are Members), and the names of their employers, to be affixed in the Stock Exchange.

53. Any Clerk authorized or not, by the Committee, doing business in his own name, either for money or time, in the Stock Exchange, and any Member doing business with such Clerk, they shall respectively be liable to expulsion.

54. Any Member desiring to employ another Member as his Clerk, to apply to the Committee, and he shall be liable for all engagements made by such Clerk for money, whether made in his own or his employer's name. And if he authorize him to transact business for time, he shall be liable in like manner for the Clerk's engagements. But if he do not authorize such Clerk, he shall not be liable for his engagements.

55. Clerks of deceased Members cannot transact business in the Stock Exchange for the remaining period of their employer's subscription, but the Committee may allow them to attend for the adjustment of unsettled accounts.

56. Clerks of Defaulters are excluded with their employers.

GENERAL RULES APPLICABLE TO STOCK EXCHANGE

TRANSACTIONS.

57. Hours of business from II until 3 o'clock, except Saturdays, when business loses at 2 o'clock: and the Committee recognize no bargains except those done within those hours.

H

58. All disputes between Members to be referred to arbitration; and the Committee will not interfere in any disputes, unless arbitrators cannot be found, or are unable to come to any satisfactory decision.

59. No Member shall enforce by law any claim, arising out of Stock Exchange transactions, against a Member or Defaulter, except with the consent of such Member, of the Trustees of the Defaulter, or of the Committee.

60. No Member to be obliged to take a reference for payment to a person not a Member; nor obliged to pay a Non-Member for any Securities bought in the Stock Exchange.

61. Any Member demanding Bank Notes in payment for Securities, sold without a previous stipulation, must give notice to that effect before half-past 11 o'clock on the day of delivery.

62. When Stock, or other Securities, are sold for Bank Notes, payment to be made on delivery of Securities on the Bank receipts.

63. No Member to present a Cheque received from another Member, except through the Clearing House, without the sanction of the drawer.

64. No bargain to be annulled, except on the ground of fraud; to avoid which, the Committee recommend all bargains to be checked the following day.

65. The Committee will not recognize any dealings in Letters of Allotment, either of Loans, or Shares in new Companies.

66. Any Member applying for Stock, or Shares of Loans of Public Companies, and neglecting to pay the deposit, considered to have violated a Contract.

67. No Clerk to be allowed to apply for Stock, or Shares of Loans of Public Companies, without the written sanction of his employer, who must be responsible for the payment of the deposit.

68. The Committee will not decide any questions respecting the loss incurred in buying or selling out Stock, or other Securities, unless referred to them within fourteen days from the date of purchase or sale.

69. The Committee will not sanction, nor take any cognizance whatever of bargains made in any new Bonds, Stock, or any other Securities issued by any Foreign Government, that has not duly paid the Dividends on Foreign Loans raised in this country, unless such Government shall have effected some satisfactory arrangement with the holders of such Stock, Bonds, or other Securities, on which the Dividends have been in arrear.

70. Buying in, or selling out Stock, Shares, or other Public Securities, must be effected publicly through the medium of a Broker, who shall trace the transaction to the responsible party, and claim the difference thereon, except in the buying in, or

selling out, English Stock: in which case the bought in or sold out ticket shall be passed directly to the person against whom such sale has been made.

RULES APPLICABLE TO SECURITIES DELIVERABLE BY TRANSFER.

English, India, or Bank Stock.

71. Every bargain made in the English Stocks, when notice is specified, to be considered as made for the existing account. 72. The Committee will not recognize any bargain done in English Stock for a future account, if not effected more than eight days previously to the day fixed for the adjustment of the existing account.

73. An offer to buy or sell a sum of English Stock at a price named, is binding on the party making the offer as to any part of it.

74. A Member who has sold English Stock without receiving a transfer ticket from the purchaser by ten minutes before I o'clock can demand 2s. 6d. for each transfer fee; and on an account day, if the transfer ticket is not delivered by a quarter before I o'clock, the seller may claim of the purchaser 2s. 6d. for every 100ol. Stock; and if he shall not receive a transfer ticket before half-past 1 o'clock on the day it was contracted to be delivered he may resell the same through the medium of a broker, and claim of the original purchaser any loss or charge incurred thereby.

75. A Member who has purchased English Stock, or other Securities, on or for a particular day, which shall not be transferred, or delivered on such day, may buy in the same on the following day at 11 o'clock, through the medium of a broker; and claim of the original seller any loss or charge incurred; and also one-eighth per cent. for the non-delivery of the Stock according to contract: and this fine shall attach to all Stock not transferred on the day for which it was bought, whether bought in or not.

76. Any Member who has purchased English Stock, on or for a particular day, shall not be obliged to wait for the transfer receipt later than a quarter before 4 o'clock, if it should not have been tendered to him before that time.

77. When English Stock is borrowed without any stipulation as to the time of returning it, the borrower or lender may be called upon to deliver or take the same on the following day, whether it be a regular transfer day or not.

78. Purchasers of Bank, India, or South Sea Stock, may require, at the expense of the seller, as many transfers as there are even thousand pounds Stock bargained for.

79. On each of the three days preceding the account, and on

the account, the Clerk of the House shall fix the making-up price of Consols, by taking the average price between II and 2 o'clock on each of those days, and between II and a quarter to I o'clock on the account day, and no making up is binding unless at such fixed prices.

RULES APPLICABLE BOTH TO ENGLISH STOCK AND ENGLISH STOCK AND SHARES OF PUBLIC COMPANIES.

80. A Member having sold Stock or other Securities, and transferred or delivered the same in accordance with the directions of the ticket or directions of the buyer, can demand payment of such buyer; but if the seller apply to the Member whose name is on the ticket, and is refused payment, or receives a dishonoured cheque, the buyer is not exonerated, but liable to immediate payment.

81. Every Member can demand payment of the difference of price between that marked on the ticket, and that at which the Securities were sold, when the sale was below the price existing when the ticket was tendered; or, if sold at a higher price than the existing one, he can receive up to the price of the day.

RULES APPLICABLE TO SHARES AND STOCK OF PUBLIC
COMPANIES.

82. An offer to buy or sell a number of Shares is binding upon the Member making such offer, as to any part thereof.

83. The Committee will not interfere in a question where Shares or Stock are delivered in blank transfer.

84. All bargains in Shares or Stock when time is not specified, and all bargains made before 12 o'clock on name days, considered as made for the existing account.

85. Every Member who has sold Shares or Stock, shall cause them to be transferred at the price marked on the ticket given by the purchaser; but the seller not to be compelled to take a ticket for Stock or Shares at a price not quoted in the authorized list during the account, unless the bargain represented by such ticket has been made within the two preceding

accounts.

86. If a call has been made on registered Shares, the seller to pay, and claim the same of the purchaser.

87. Every buyer of transferable Shares or Stock to pay the ad valorem duty and expense of conveyance: the tickets to state the amounts in which he desires to have them transferred (provided that no amount requires a stamp beyond 9l. 10s.), the seller to pay the expense of any subsequent division of the transfer.

88. Every Member who has purchased Shares or Stock, and passed a ticket, to pay for any portion which may be presented, if the ticket should be divided, provided that it is not for less than 10 shares, or in value than 200l.; and if the buyer have thus paid more for stamps or transfer fees, the excess to be paid him by the receiver of the original ticket.

89. Purchasers of Stock or Shares may refuse to pay for a transfer unaccompanied by coupons or certificates, unless officially notified that they are at the office of the Company. But Stock or Shares are not to be bought in until time is allowed the vendor to obtain the verification required.

90. If any question arise from the vendor having a larger coupon than the amount of Stock conveyed, or only one coupon representing Stock conveyed by two or more transfers, the coupon may be deposited with the Railway Secretary of the Stock Exchange, which shall be a valid delivery.

91. All parties passing names for Railway Shares converted into Stock, and so quoted in the authorized list, to pass names as Stock and not as Shares.

92. Every Member who has to pay for Stock or Shares to pass a name before 12 o'clock on ticket day, either in the Stock Exchange or at the seller's office; should he fail to do so, they may be sold out, and the loss, if any, to fall upon him; should the ticket not be passed before 12 o'clock, the person receiving it to certify the same on the back thereof. The time for selling out from half-past 2 to 3 o'clock; the person holding the ticket to be responsible, if sold out on that day, unless originally passed before 12 o'clock. Should the Stock or Shares not be sold till the following day, the person who held the ticket at 3 o'clock the previous day to be liable, unless it had not originally been passed before 12 o'clock on ticket day. Every person passing a ticket should write on the back the name of the Member to whom it is passed; if the ticket day be fixed for Saturday, the time of selling out to be half-past 1 to 2 o'clock, the person holding the ticket at I o'clock to be liable. Every person receiving a ticket "after 2 o'clock," or "after 3 o'clock" on name day, to notify the same on the back by drawing a line, or otherwise to facilitate the tracing when Shares are sold out; any person neglecting to do so to be responsible for any loss incurred. A Member dividing a ticket must retain the original ticket, that access may be had to it should any of the Shares be sold out; and any Member having passed the original ticket to trace it in the event of any of the Stock or Shares sold out.

93. Any Member altering a transfer ticket for Stock or Shares, or improperly detaining it, to make good any loss incurred by it.