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penditures of money on the trust property, he may be entitled to reimburse ment with interest.

In considering questions of fraud upon the face of the deed and upon extrinsic facts, there arise often questions as to the possession of property, and especially of perishable estate.

The possession of the property in the grantor, if consistent with the deed, is not a badge of fraud; nor would an inference of fraud arise from the mere fact that the property was to remain in the trustee's possession, until he should choose to sell, or be required to do so by the beneficiaries. But still a possession by the grantor for three years, coupled with other unexplained circumstances, might be so considered. And there is no doubt that an execution creditor may compel creditors secured by trust, or mortgage, to close the trust, and distribute the surplus. By statute, also, a creditor may advance the mortgage debt, and have the benefit of the deed; or force the sheriff to levy, on suggesting a fraud, and executing a bond of indemnity.

With regard to the possession of perishable property, there are circumstances under which a debtor not appearing to be insolvent, or in failing circumstances, may retain the possession and use of property without the mere fact of some of it being perishable, avoiding the deed itself; but the distinction to be observed in such cases is this-if the reservation to the use of the debtor is positive, or the debtor be in failing circumstances, then the attaching creditor would not be affected by the reservation. A distinction with respect to such deeds of trust or mortgages lays also in the fact, whether the management and possession of the property is retained by the debtor, or the trustee. If the debtor retains the possession and use of the property, it would be, we think, a badge of fraud if he were shown to be in a failing condition; but a conveyance of lands, slaves, mules, plantation utensils, corn, bacon, etc., giving the trustee the management, would not be fraudulent of itself.

It seems to be essential to the passing of title to the trustee, under a deed of trust, and to its validity, that the creditors intended to be secured, assent to it. Until such assent, the deed is revocable by the debtor, and by levy of an execution. The absence, however, of positive assent by the creditors, might not invalidate the deed, if absolute, of all the effects of the debtor, and providing for the benefit of all his creditors without condition.

With respect to the consideration of such deeds, when the contest is be tween a creditor and the trustee, the consideration of the deed is not proved by the recitals of it, or the admissions of the grantor; but must be proved.

It is, doubtless, settled law in Alabama, that a debtor in failing circumstances may prefer a creditor, in executing a deed of trust or mortgage, provided he does not reserve any benefit to himself. Touching the regis tration of such deeds, the statute law of Alabama requires that, if it be of personal property, it shall be recorded in the office of the clerk of the county court where it is, within thirty days; and if lands, within sixty days. If, however, the deed be made in another State, contemplating no execution in this, as to the rights of an attaching creditor, such deed, as to proof, acknowledgment and registration, will be controlled by the laws of that State where made. The local law has also provided for removals of property encumbered by liens from other States, and from one county to

another; declaring, that, in the first case, they shall be recorded in the proper office of the county to which removed, within twelve months; and in the last case, within three. A distinction has grown up out of this enactment as to what is an encumbrance. It is the lien placed upon the property by the owner, and who is himself the debtor to be affected. Thus, it seems, it does not affect an ante-nuptial settlement, or deed or will, made by another person than the debtor, for the advantage of his wife and children, etc.

OF PROCEEDINGS AGAINST THE ESTATE OF A DEBTOR AFTER DEATH.

1. In the case of solvent estates.

An executor or administrator is exempt from suit for six months after the grant of letters; and within two months after the issuance of letters, is required to advertise for claims against the estate to be exhibited. Claims against the estate are to be exhibited within eighteen months after the issuance of letters, or within eighteen months after the cause of action accrues. The requirement does not, however, exist as to debts contracted out of the State; nor to femmes covert, or infants, or heirs, or legatees, claiming as such. In the pleadings respecting the presentation of claims, the six months during which the representation cannot be sued, are not included in the enumeration of months. But if the plea of non-claim be interposed, and a general replication be made, the burthen of proof lays on the plaintiff. If, nevertheless, he specially reply that advertisement was not made, etc., it shifts the burthen of proof to defendant. Presentment of a claim to one of two representatives, is notice to both. But the mere issuance of a writ is not such a presentment as the statute requires. 2. In the case of insolvent estates.

When the estate of a person, real and personal, is insufficient to pay the debts of such estate, the representative is required to file in the office of the court whence issued his letters, a written allegation thereof; and in connection therewith three schedules-one enumerating a statement of all the goods and chattels, and choses in action of deceased, and their estimated value; one a statement of the real estate, its situation, the decedent's interest therein, and its estimated value; one of the various debts due by deceased, and the residence of the several creditors. In not less than thirty, nor more than sixty days, the question of insolvency is heard by the court, notice being by publication or personal service, given to creditors. If no opposition be made, the estate is declared insolvent. An order then issues appointing a day for settlement, not less than thirty, nor more than sixty days. On the day of settlement the creditors meet, and a person is selected, a resident citizen of the State, who acts as administrator de bonis non, or the previous representation is continued. Every person holding a claim against such estate, is bound to file the same in the clerk's office, within six months from the time of the declaration of the insolvency of the estate, verified by affidavit. The administrator or a creditor may contest the claim within nine months after the estate is declared insolvent. A settlement shall be made within not less than nine, nor more than twelve months from the time the estate is declared insolvent; and the estate is ruleably divided among the creditors, from time to time, as assets are in hand. A suit pending is not abated on plea of insolvency, but the suit is tried on the merits; and if judgment is recorded, it is certified to the Orphans' court as a claim.

Art. IX.-ACADEMY OF COMMERCE AND NAVIGATION AT TRIESTE. TRANSLATED FROM THE "GIORNALE DEL LLOYD AUSTRIACO" FOR JANUARY, 1845.

We know not how better to commence a new year's publication devoted to the interests of commerce and navigation, than by turning our attention to an institution having the like objects: namely, our academy of commerce and navigation.

Among the many benefits conferred upon Trieste by our paternal government, its unceasing care for the education of our youth is most conspicuous. If we take a retrospect of the last five years, we shall discover with the deepest satisfaction, a progress which will excite our most lively gratitude. The elementary schools have been increased, and re-organized in conformity to the exigencies of the times. We see rising up in divers parts of the city, edifices, set apart for educating and instructing the rising generation. We can reckon up a great number of new schools, public and private, for each class of our population; an infant school, an agricultural school, and one for arts; a college that affords to parents the advantage of having their sons under their own eyes, while prosecuting the highest studies; and lastly, we see, through the favor of our sovereign, this our academy of navigation, take the rank of a lyceum, with the title of Imperial Academy of Commerce and Navigation.

This rank was the more honorably conferred upon it, as it was the result of a visit from our august sovereign, to this institution of science, on the 15th September last, on which occasion he informed himself of every particular, and deigned to express his great satisfaction.

These benefits on instruction were accompanied by the endowment of a fund, which, placed beyond the risk of loss, enables the not wealthy to obtain from this inexhaustible treasury of knowledge a resource for life,

This academy was first established by his Imperial Majesty, Francis the First, of glorious memory, who created it by decree in 1808; but from the political vicissitudes of the times, its erection was retarded till the end of the year 1816, when Don Guiseppe de Velpe, author of a manual of technology, was named director; and who, both as director and professor of natural history, physics and chemistry, until his death in 1840, not only furthered the institution by his knowledge, but also by his wise counsels to the students and artists; who, under his teaching, became expert navigators, brave seamen, skilful manufacturers, and useful members of society. From the beginning, the different professors of the academy were wont to be consulted often by the authorities, as well as by private individuals, in their respective literary and scientific departments, thus affording great assistance to commercial men, artists and navigators, who resorted to them for advice. An important element of progress was created from this influence, and from the example of the studies and judgment derived from it, independent of the direct advantage from the ordinary scholastic teaching.

We can enumerate a great number of merchants, navigators, and architects, that, thanks to this academy, occupy posts among the most distinguished of our commercial men and mariners: our marine priding itself on so many brave captains, who, fearing no danger, have crossed the Atlantic seas, and carried the Austrian standard to the extreme confines of our hemisphere.

We must now confine ourselves to giving some account of the present state of this academy, which progresses rapidly, and gives promise of more splendid results hereafter. It being the aim of the academy to prepare young men destined for commerce for mercantile navigation, as well as for the various offices of the state, the teaching embraces a quadrennial course, or rather a biennial or school course preparatory to a higher biennial course, and is subdivided into two sections-one of commerce, and one of navigation.

Religion, the sciences, languages, and the more important exercises necessary for who should devote himself to any one general branch, or to commerce and navigation in particular, form the base of the instruction; which, in the first biennial, besides religion, the fount of all knowledge, comprehends arithmetic, algebra, geometry, which supplies the principles of all calculations; geography, with the most essential part of history whence a clear idea of our globe, and the progress of civilization, may be obtained; natural history, which, based on geography, reveals the three kingdoms of nature, and the products which form the subject of the laws of trade and exchange; also, the two languages, Italian and Tedescan, for us the most important; and caligraphy and design, which complete the preparation for the more elevated course.

The same studies are pursued, but with greater development, in the succeeding biennial, and are united with their most useful application: such as simple and mercantile account-keeping, mechanics, and the art of sailing, embracing both piloting and nautical astronomy, merchants' ship-building and steering, physics and chemistry, the laws of trade, the science and history of commerce; both mercantile and maritime law, and exchanges; the French and English languages, and the modern Greek; eventually, also, the Illyrian. All these studies are carried forward with a practical view, and, as far as can be, are illustrated by means of natural objects, apparatus, models, and experiments, in a way to make the student more complete in his particular studies, fitting him for his intended employment, public or private.

Every facility is given to the students, especially to the adults, so that mariners, commercial men and artists, can have free recourse to the instructions and teachings after the manner of a free school. For example -young men who have served two years at sea, or five years in cruising, are admitted to the elementary navigation school for five months in the winter, with the ordinary pupils; and for five months in the summer. So, also, the commercial section admits young men of requisite age who may have been engaged a year at least in commerce, and who have attained the necessary preparatory knowledge. To these, the choice of studies is left perfectly free, There is a Sunday-school of design also in the academy for artists.

The whole instructions are given in Italian, and all who are in a condition to avail themselves of it, have only to apply to the Direction, where they will receive all the explanations they may require.

The tendency of this institution is to unite theory and practice, to which end every necessary aid is had.

The academy possesses a museum of physics, chemistry, navigation, naval construction, natural history, technology, caligraphy and design, supplied by the generosity of the government; and is also furnished with

a good collection of instruments, machines, models of ship-building, every object of nature and art, etc., etc. Annexed is a public library of navigation, comprising about 14,000 volumes, which is annually on the increase. A nautical astronomical telescope is about to be provided, for which there is provisionally supplied an apparatus for meteorological and astral obserAn able mechanic, with his requisite tools, completes the whole, and provides for the experimental teaching, in conjunction with the scientific.

vations.

The academy enjoys an annual contribution of 2,000f. from the Merchants' Exchange, of Trieste, which encourages the nautical-commercial studies, and 4,550f. from the city, which also provides the locality, and zealously co-operates to promote objects so useful and ornamental to it. The remainder of what is requisite is made up from the imperial treasury. There are four civic pensions, of 100f. each, for students who devote themselves to navigation, and a foundation of 150f. from Count Linzendorff, formerly Governor of Trieste, for ship-building.

The present Director of the academy is the esteemed architect, Giuseppe de Leynain, for many years professor of several sciences, and well known in the literary world. He devotes himself zealously and indefatigably to his office, and has greatly contributed to the progress of the institution, during the last few years. Under his directions the people have manifested greater interest in the academy. In 1837, the scholars numbered only 54, but the last six months they number 170, besides fifty artists, students of design, who are taught on festival days, as already mentioned.

The academy, in addition to the tuition it affords, serves as an organ of art, and practical example for captains, machinists, constructors of steam vessels, etc. By this means, and by special lectures, on practical art, given by Professor Tonello, the Society of Austrian Lloyds is gradually being furnished with native engineers for its steam-vessels.

Art. X. THE CURIOSITIES OF COMMERCE.

THE CORAL FISHERY.

A WRITER in the London Athenæum, interested in the details of this curious and profitable branch of commercial enterprize, has furnished that journal, from the midst of the scenes in which he participated, the following life-like sketch of what he calls the statistics of the coral fishery.

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"There is no port on the Bay of Naples which presents so bustling a scene at this season of the year as Torre del Greco. Hundreds, I may say thousands, of mariners are now here, assembled from various parts of the coast, dressed out in their rich Phrygian caps and scarlet sashes, ready to start for the coral fishery. At last, the weather begins to brighten-the tempestuous sirocco and the roystering tramontana retire within their caves; and, a favorable breeze springing up, soon they are upon the Mediterranean flote," in little detachments according to their destination. What lamentations may then be heard amongst mothers, or wives, or sweethearts, who have thronged down to Torre to take a last farewell! But courage-a mass has been said, or a candle offered to the Madonna ; and now, to complete the "buoni augurij," these loving companions throw a handful of sand after the receding bark-exclaiming, "Possa andare come una nave degli angeli.”

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