The scope for papers on legal subjects to be read before this Institute is somewhat limited by the excellent series of Legal Notes, particularly on Case Law, which is a regular feature of the Journal. Perhaps that accounts to some extent for the scarcity of such papers in recent years. It may be however that it is increasingly felt, and I think rightly, that any paper, however accurately phrased, which purports to be a treatise on any particular point of law, can be regarded here only as an indication of the trend of the law which members of the Institute may or may not adopt in practice as they may be advised by those to whom they are accustomed to refer for a legal opinion.