Upon the Synod's resolution the Trustees were to pay, but he would ask if the Trustees had not had good reasons for acting as they had acted, after hearing the opinions. Mr Hesketh had told them as his opinion that the Trustees must abide by the law and pay interest direct to the coupon holders, and that the question as to the payment of the interest to the mortgagees was not properly before the Court of Appeal. He (Mr Weston) drew attention to the grave blunder which had been made by the provision for the payment of the interest at the Union Bank in London to the coupon holders. He did not know who was responsible for the blunder, but un fortunate it certainly was. Mr Cnwlishaw was very decided in his opinion, ad upon it the Trustees had acted. _ the mortgagees found themselves m trouble they did not devise some plan of sounding the debenture holders who distributed their coupons, but they stood on a high pedestal, and said they would have all or nothing. At the same time they cried of bad treatment from the Synod. He asked if heed should be given to such cries from persons who could look after themselves. This was the position when the Synod was called upon to consider it, and when Mr Malet carried the proviso to the Bill. There could be no doubt that if the Bill went through the House the Trustees would be prohibited and prevented from paying any tax on more than the £50.000. The position was now in no way altered. When that Bill was accepted, the Synod knew that the outcome must be that the mortgagees must pay the tax. (" No, no.") He would now refer to Mr Malet's resolu tions. The mortgagees by them were to accept the decision of the Court of Appeal. In that appeal there was a total absence of any decision as upon the relative position of coupon holders and mortga gees. Mr Cowlishaw's opinion he had read was of the clearest character. What did they observe in Mr Cowlishaw's later correspondence? He would call attention to the letter of Mr Cowlishaw to Messrs Harper and Co. That letter could only be construed to mean that the judgment of the Court of Appeal was ambiguous. But tbe Trustees decided what course they should pursue. 