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Companies
Companies. Before Dealing With A Joint Stock Company, A Banker Should Make Himself Acquainted With Its Memorandum And Articles Of Association. Every Person Who Does Business With A Company Is Bound By The Contents Of Those Documents. When An Account Is Opened By A Company, It Is Advisable That The ...

Companies Meetings
Meetings, Companies. The Com Panies (consolidation) Act, 1908, Provides As Follows :— A Nnual General Meeting. " Section 64. (h A General Meeting Of Every Company Shall Be Held Once At The Least In Every Calendar Year, And Not More Than Fifteen Months After The Holding Of The Last Preceding ...

Company Limited By Shares
Company Limited By Shares. A Company Where The Liability Of Its Members Is Limited By The Memorandum Of Association To The Amount, If Any, Unpaid On The Shares Respectively Held By Them. The Word " Limited " Must Be The Last Word In The Name Of The Company. A Contraction ...

Company Outside The United
Company Outside The United Kingdom. The Companies (consolidation) Act, 190s, Makes Special Provisions With Respect To Companies Incorporated' Outside The United Kingdom, But With A Place Of Business Established Within The United King Dom. These Provisions Will Apply To ( Ast's Of Companies Which Previously Have Regis Tered In The ...

Composition With Creditors
Composition With Creditors. Where A Debtor Is Unable To Pay His Creditors, He May, Legally, Call His Creditors Together And Make An Arrangement With Them, By Which He May Obtain Relief From His Debts, And One Of The Usual Methods By Which This Is Done Is To Offer To Pay ...

Compositions Bankruptcy Act
Compositions (bankruptcy Act). When A Receiving Order Has Been Made Against A Debtor, He Must, Within A Certain Time, Submit A Statement Of His Affairs To The Official Receiver. (see Receiving Order.) If The Debtor Wishes To Submit To His Cre Ditors A Proposal For A Composition—that Is, A Payment ...

Conditional Surrender
Conditional Surrender. A Sur Render Of Copyhold Property Into The Hands Of The Lord Of The Manor For The Benefit Of A Mortgagee, The Condition Being That When The Mortgage Money Has Been Repaid, The Surrender Must Be Cancelled By Satisfaction Being Entered On The Court Rolls. For The Stamp ...

Consideration
Consideration. Consideration Has Been Defined As " Some Right, Interest, Profit, Or Benefit, Accruing To One Party, Or Some Forbearance, Detriment, Loss, Or Responsibility Given, Suffered, Or Undertaken By The Other." Upon A Sale Of Property, The Purchase Price Is The Consideration, And That Amount Is Inserted In The Deed ...

Consideration For Bill Of
Consideration For Bill Of Ex Change. There Must Be A Valuable Consideration For A Contract Not Under Seal, Though It Is Not Necessary That The Considera Tion Be Stated In Writing. The Bills Of Exchange Act, 1882, Section 3, S.s. 4, Enacts That A Bill Is Not Invalid By Reason ...

Contracts
Contracts. A Contract Is A Formal Agreement Between Two Parties, It Being Understood By Both That If The Contract Is Broken It May Become The Subject Of An Action At Law. A Contract May Be Made In A Document Under Seal, As In A Conveyance Of Property Or Transfer Of ...

Contributories
Contributories. In The Event Of A Joint Stock Company Being Wound Up, The Persons Who Are Liable To Contribute To The Assets Are Called The Contributories. Sec Tion 123 Of The Companies (consolidation) Act, 190s Deals With The Liability Of Present And Past Members And Is As Follows : " ...

Conveyance
Conveyance : Is It Signed And Sealed By The Vendor ? And Does The Signature Appear To Be Genuine ? (if There Ai E No Covenants By The Purchaser, It Does Not Appear To Be Necessary For A Purchaser To Sign It.) Is It Witnessed ? If In Yorkshire Or ...

Conveyance Or Transfer
Conveyance Or Transfer Of Any Kind Not Hereinbefore Described 0 10 0 And See Section 62, Above. By Section 6, Finance Act, 1898 : " The Definition Conveyance On Sale ' Includes A Decree Or Order For, Or Having The Effect Of An Order For, Foreclosure. Provided That (a) The ...

Conveyance Or Transfer
Conveyance Or Transfer On Sale, Of Any Property (except Such Stock As Afore Said), S. D. Where The Amount Or Value Of The Consideration For The Sale Does Not Exceed /5 0 0 6 Exceeds /5 And Does Not Exceed 110 0 1 0 /10 115 0 1 6 115 ...

Copyhold
Copyhold. Under The Feudal System Villeins Were Permitted By Their Lords To Hold Plots Of Land, And In Return The Villeins Had To Perform Certain Services For The Lords. The Land Belonged Absolutely To The Lords, Who Could Remove The Villeins From Their Holdings At Will, But So Long As ...

Country Bank Notes
Country Bank Notes. Notes Which Are Issued By A Country Bank As Distin Guished From Those Issued By The Bank Of England. Where They Are Tendered In Payment And No Objection Is Raised By The Person Receiving Them, It Is Considered A Legal Tender. A Tender By A Banker Of ...

Country Cheque Clearing Additional
" Country Cheque Clearing. Additional Rules To Be Observed. Country Clearing To Open At 10.30. Drafts, Including Returns, To Be Received Not Later Than 12.30, Except On Saturdays, When The Time Shall Be 10 O'clock For The Opening, And 11.30 For The Last Delivery, Including Returns. The Door To Be ...

County Council
County Council. When A Banker Is Appointed To Be Treasurer To A County Council, He Is Required To Furnish Satis Factory Security. The Cheques, Or Orders For Payment, Are Drawn Upon The Treasurer. By Section 80, S.s. L , Of The Local Government Act, 1s88, It Is Provided That " ...

Coupon
Coupon. (from Fr. Caliper, To Cut.) Literally A Piece Cut Off. A Coupon Is A Warrant For The Payment Of Interest. It Is Usually Attached To A Bond Or Debenture, And Requires To Be Cut Off When The Time Has Arrived For Its Presentment For Payment. Where The Interest On ...

Credit Banks Credit Societies
Credit Banks. Credit Societies. Credit Banks, Or Agricultural Co-operative Credit Societies As They Are Usually Called, Are To Be Found In Various Places In Eng Land, And In More Than 200 Places In Ire Land. The Object Of These Banks Or Societies Is To Enable Small Farmers To Obtain Advances ...

Crossed Cheque 1
Crossed Cheque. .1 Crossed Cheque Is Defined By The Bills Of Exchange Act, 1882, Section 76, As Follows : " (1) Where A Cheque Bears Across Its Face An Addition Of " (a) The Words ' And Company ' Or Any Abbreviation Thereof Between Two Parallel Trans Verse Lines, Either ...

Current Account Ledgers
Current Account Ledgers, Each Account In The Current Account Ledgers Is Headed With The Full Christian Names And Surname Of The Customer, His Address And Designation ; Any Particulars Regarding Sign Ing Upon The Account, Or Credits Opened On Behalf Of The Customer, Or Whether The Customer Is A Shareholder ...

Custodian Trustee
Custodian Trustee. By The Public Trustee Act, 1906, Which Came Into Operation On The First Day Of January, 1908, The Office Of Public Trustee Was Established. The Public Trustee May, Amongst Other Duties, If He Thinks Fit, Act As Custodian Trustee, If Appointed By Order Of The Court, Or By ...

Customary Property
Customary Property. Customary Freeholds, Or Privileged Copyholds, Are Some What Similar To Ordinary Copyholds. The Property, However, Is Not Held At The Will Of The Lord, And It Can Be Conveyed By Deed, Or By Bargain And Sale, As Well As By Sur Render, But Like Copyhold Property A Pur ...

Date
Date. The Bills Of Exchange Act, 1882, Provides : '` Section 3. (4) A Bill Is Not Invalid By Reason " (a) That It Is Not Dated." " Section 12. "where A Bill Expressed To Be Payable At A Fixed Period After Date Is Issued Undated, Or Where The Acceptance ...

Day Book
Day Book. It Is Called In Some Banks The Cash Book, Or State Book. At A Small Branch One Book Suffices, And It Contains A Record Of All The Day's Transactions. The Entries On The Received Side, Plus The Balance Brought Forward From Yesterday, Balance With The Entries On The ...

Days Of Grace
Days Of Grace. Where A Bill Of Ex Change Is Not Payable On Demand, Three Days, Called " Days Of Grace," Are Allowed. Ori Ginally They Would Be Allowed To An Accep Tor As A Matter Of Grace ; They Are Now, How Ever, Claimed By An Acceptor As A ...

Death Of Customer
Death Of Customer. A Banker May Receive Formal Notice Of A Customer's Death, But It Is Sufficient Notice Of The Death If He Sees An Announcement In Thepapers Or Hears Of It From A Reliable Source. A Mere Rumour That His Customer John Brown Is Supposed To Be Dead Is ...

Death Of Drawer
Death Of Drawer. The Authority Of A Banker To Pay A Cheque Drawn On Him By His Customer Is Determined By Notice Of The Customer's Death (section 75. Bills Of Ex Change Act, 1882, . All Cheques Received After Notice Of His Death Must Be Returned With Answer " Drawer ...

Death Of Insolvent Debtor
Death Of Insolvent Debtor. The Bankruptcy Act, 1883, Provides As Follows " Section 125. (1) Any Creditor Of A Ceased Debtor Whose Debt Would Have Been Sufficient To Support A Bankruptcy Petition Against Such Debtor, Had He Been Alive, May Sent To The Court A Petition In The Prescribed Form ...

Death Of Joint Customer
Death Of Joint Customer. Where An Account Is Opened In The Names Of John Brown And John Jones, And Cheques Are To Be Signed By Both Parties, And Brown Dies, Jones May Withdraw The Balance, But The Banker, Of Course, Would Require Definite Proof Of Brown's Death, E.g. Death Certificate. ...

Death Of Partner
Death Of Partner. Subject To Any Agreement Between The Partners, Every Partnership Is Dissolved As Regards All The Partners By The Death Of Any Partner. (see Section 33, Partnership Act, 1s90, Under Partnerships.) The Death Of A Limited Partner Does Not Dissolve The Partnership. If The Firm's Account Is Overdrawn ...

Death Of Trustee
Death Of Trustee. Where There Are Several Trustees And One Of Them Dies, It Would Appear That It Is Not Safe To Honour Cheques Upon The Trust Account When Signed By The Surviving Trustee Or Trustees, With Out First Ascertaining That The Terms Of The Instrument Creating The Trust Permit ...

Deductions Are Allowed
Deductions Are Allowed For Repairs Of Premises Occupied For The Purpose Of The Trade, Etc., And For The Supply Or Repair Of Implements, Utensils, Or Articles Employed, Not Exceeding The Sum Usually Expended For Such Purposes According To The Average Of The Three Years Preceding. For Debts Proved To Be ...

Deed
Deed. A Deed Is A Document In Writing. Or Printing, On Paper Or Parchment, Which Is Signed, Sealed And Delivered By The Parties Thereto. All Deeds Are Now Signed, Though At One Time It Was Sufficient If They Were Merely Sealed And Delivered. In The Olden Times Persons Would Often ...

Deed Of Arrangement
Deed Of Arrangement. A Deed Of Arrangement, Whether Under Seal Or Not, Made By A Debtor For The Benefit Of His Creditors, Otherwise Than Under The Bank Ruptcy Acts, Includes (1) An Assignment Of His Property To A Trustee, In Order That It May Be Realised And The Proceeds Divided ...

Delegation Of Authority
Delegation Of Authority. Where A Person Is Acting Under Authority„e.g. A Trustee Or An Agent, He Cannot (unless His Appointment Expressly Permits It, Delegate His Authority ; That Is, Lie Cannot Appoint Someone Else To Act For Him. Where An Account Has Been Opened In The Names Of Several Trustees, ...

Delivery Order
Delivery Order. An Order Addressed To A Railway Company, Shipping Company, (lock Company, Or Superintendent Of Ware Houses, To Deliver Certain Goods To The Person Named Therein. Such Orders Are Sometimes Sent To A Bank From A Correspondent To Be Handed Over To The Right Party On Payment Of The ...

Delivery Of Bill
Delivery Of Bill. " Delivery " Means Transfer Of Possession, Actual Or Construc Tive, From One Person To Another (section 2, Bills Of Exchange Act, 1882). Section 21 Of The Same Act Provides :- • "• Th Every T Ontract On A Bill, Whether It He The Drawer's, The Acceptor's, ...

Deposit Accounts
Deposit Accounts. When Moiler Is Left On Deposit With A Hank, The Depositor /nay Receive The Bank's Deposit Receipt For It, But In Some Districts Customers Prefer To Have A Passbook, Instead Of A Receipt. As Being Less Likely To Get Lost, It Being Under Stood That The Rate Of ...

Deposit Receipt
Deposit Receipt. A Person May De Posit Money With A Banker And Receive Therefor A Receipt Called A Deposit Receipt. The Money May Be Withdrawable On Demand, Or At So Many Days' Notice, Or It May Be Deposited For A Fixed Period. There Is Some Diversity In The Wording And ...

Deposit Register
Deposit Register. The Deposit Register Contains A Complete List Of All The Deposit Receipts Which Have Been Issued By A Bank. The Amounts Should Be Entered From The Application Forms Signed By The Depositor, In The Order In Which They Are Issued, And The Entries Should Be Numbered Consecutively, The ...

Directors
Directors. The Directors Of A Com Pany Are The Members Who Are Chosen By The Other Shareholders To Direct Or Conduct The Business Of The Company. The Directors, In Some Cases, Meet Every Day And Are Practi Cally Acting Managers Of The Company ; But In Other Cases They Meet ...

Discount
Discount. The Amount Of Deduction Which Is Allowed For Immediate Payment Of A Debt Which Is Not Yet Due. A Tradesman May Allow Discount If, Instead Of Credit Being Taken, Payment Is Made In Cash ; And So In The Case Of A Bill Of Exchange, If He Receives Payment ...

Discounting A Bill
Discounting A Bill. When Trade Bills Are Brought To A Banker To Be Dis Counted, There Are Many Points Which Re Quire To Be Carefully Of Served, In Order That A Banker May Avoid Having His Case Filled With Bills Which Are Unmarketable, Or Bills Which May Eventually Produce Endless ...

Dishonour Of Bill Of
Dishonour Of Bill Of Exchange. A Bill Is Dishonoured Either By Non-accept Ance Or By Non-payment. That Is, Where The Person On Whom A Bill Is Drawn (the Drawee) Refuses To Accept It, Or Where The Person Who By Accepting The Bill (the Acceptor) Agreed To Pay It, Fails To ...

Dispositions By Sellers And
Dispositions By Sellers And Buyers Of Goods. Disposition By Seller Remaining In Possession. S. Where A Person, Having Sold Goods, Continues, Or Is In Possession Of The Goods Or Of The Documents Of Title To The Goods, The Delivery Or Transfer By That Person, Or By A Mercantile Agent Acting ...

Dividend
Dividend. The Interest Which Is Paid Upon An Investment, Such As Stock In The Public Funds, And Shares Or Stock In Com Panies. The Interest May Be Payable At A Fixed Rate, Or The Rate May Be, As In The Case Of A Company, Dependent Upon The Profits That Are ...

Dividend Warrant
Dividend Warrant. An Order, Or Warrant, Issued By A Company, And Drawn Upon Its Bankers, In Favour Of A Member Of The Company. For Payment Of The Interest Or Dividend Due To Him Upon His Holding Of Shares Or Stock In The Company. Section 95 Of The Bills Of Exchange ...

Dividends In Bankruptcy
Dividends (in Bankruptcy). With Regard To The Distribution Of Dividends Amongst The Creditors Of A Bankrupt's Estate, The Bankruptcy Act, 1883, Provides : " Section 58. (1) Subject To The Retention Of Such Sums As May Be Necessary For The Costs Of Administration, Or Other Wise, The Trustee Shall, With ...

Dock Warrant
Dock Warrant. A Dock Warrant Is A Document Issued By A Dock Company Stating That The Goods As Described Therein Are Entered In Their Books, And Are Deliverable To The Person Mentioned Or His Assigns By Indorsement. The Factors Act. Section 1 S.s. 4, States That The Expression " Document ...

Documentary Bill
Documentary Bill. A Documentary Bill Is A Bill Of Exchange Which Is Accom Panied By Various Documents, Such As Bill Of Lading, Dock Warrant, Delivery Order, Policy Of Insurance, Invoice. A Banker Must See That Policies Of Insur Ance Attached To Bills Received By Him From Abroad Are Stamped Within ...

Donatio Mortis Caus A
Donatio Mortis Caus A. (latin.) A Gift Made In Anticipation Of, And Con Ditional On, The Death Of The Donor, Is Called A Donatio Mortis Causa. If A Person, In Anticipation Of Death, Draws A Cheque And Hands It To, Say, His Son, Unless The Cheque Is Actually Or Construc ...

Draft After Date
Draft After Date. In Addition To Drafts On Demand, Country Bankers Issue Drafts After Date Upon Their London Agents Or London Offices. They Are Drawn At Seven, Fourteen Or Twenty-one Days After Date, And Are Issued Free Of Charge. The Banker Obtain Ing His Remuneration From The Interest Upon The ...

Draft On Demand
Draft On Demand. A Person Who Wishes To Remit Money To Someone In An Other Place May, If He Does Not Send His Own Cheque, Obtain From His Banker A Draft On Demand Payable To The Person Who Is To Be Paid The Money. A Banker's Draft Is A Document ...

Drawee
Drawee. The Drawee Of A Bill Is The Person To Whom It Is Addressed. By Section 6 Of The Bills Of Exchange Act, 1882 : " (1) The Drawee Must Be Named Or Otherwise Indicated In A Bill With Reasonable Certainty. " (2) A Bill May Be Addressed To Two ...

Drawer
Drawer. The Drawer Is The Person Who Signs A Bill Of Exchange Giving An Order To Another Person, The Drawee, To Pay The Amount Mentioned Therein. In The Usual Course, A Drawer Makes Out The Bill Himself, Signs It And Sends It To The Drawee For Acceptance. But A Person ...

Equitable Mortgage
Equitable Mortgage. Where A Borrower Gives To A Lender, As Security, The Title Deeds Of His Property, Without Any Document Of Charge, Or The Deeds With A Memorandum Of Deposit, Or Even A Memo Randum Of Charge Without The Deeds, It Is An Equitable Mortgage. An Equitable Mort Gage Does ...

Equity Of Redemption
Equity Of Redemption. The Right Which A Mortgagor Has To Redeem His Pro Perty. For Example, If John Brown Is The Absolute Owner Of A Piece Of Land, And He Mortgages The Land To John Jones To Secure The Repayment Of A Loan Which Jones Has Granted To Him, Jones ...

Estate Duty
Estate Duty. This Duty Is Imposed Upon The Principal Value, I.e. The Gross Price It Would Sell For In The Open Market At The Date Of Death Of Deceased, Of All Property, Real Or Personal, Which Passes On The Death Of Any Person After August 1, 1894, Unless It Be ...

Etc Ship Mortgage
Ship-mortgage, Etc. Every British Ship Shall, Unless Exempted From Registry, Be Registered Under The Merchant Shipping Act, 1s94. The Chief Officer Of Customs Shall Be The Registrar Of British Ships At Any Port In The United Kingdom, Or Isle Of Man, Approved By The Commissioners Of Customs For The Registry ...

Exchange
Exchange. (see Banker S Order.) The Folkm Ing Minute Of The Hoard Of Inland Revenue Was Passed May, 1904 The Attention Of The Board Of Inland Revenue Has Been Drawn To The Fact That Certain Instruments Chargeable, As They Are Advised, Under The Stamp Ai_ T. 1891, With A Penny ...

Exchanges
Exchanges. The Cheques Which Each Banker In A Town Holds Drawn Upon The Other Bankers In The Same Town Are Collected Each Day By Means Of The " Local Clearing " Or " Exchanges." According To The Size Of The Town And The Quantity Of Cheques, There May Be One, ...

Executor
Executor. An Executor Is The Person Appointed In A Will By The Testator To Pay His Debts And Distribute His Assets, According To The Instructions In The Will. Ills Duties Are Practically The Sanie As Those Of An Adminis Trator, Except That An Administrator Settles The Deceased's Affairs According To ...

Floating Charge
Floating Charge. Debentures Or Debenture Stock, In Addition To Being Secured By A " Fixed " Charge Upon The Company's Property, May Also Be Secured By A " Float Ing " Charge, That Is A Charge Upon The Stock, Book Debts, Etc., Of The Company, Which Permits The Company To ...

Foreign Bill
Foreign Bill. The Bills Of Exchange Act, 1882 (section 4) Defines An Inland Bill As A Bill Which Is Or On The Face Of It Purports To Be (a) Both Drawn And Payable Within The British Islands, Or (b) Drawn Within The British Islands Upon Some Person Resident Therein. Any ...

Foreign Exchanges
Foreign Exchanges. The Enormous Trade Carried On Between This And Other Countries Necessitates A Very Active Business In The Settlement Of The Balances Of Indebted Ness. These Balances Are Constantly Vary Ing Not Only In Amount But Also In Direction ; That Is To Say, A Certain Country May At ...

Forged Transfer
Forged Transfer. Where A Banker Takes As Security A Transfer Of Stock Or Shares Registered In The Names Of Several Holders, It Is Advisable That Th Transfer Should Be Signed At The Bank By Each Holder, Because If One Of The Holders Forges The Signature Of Another Holder To The ...

Forgery
Forgery. Forgery Has Been Defined As The Making Or Alteration Of Any Docu Ment With The Intention Of Prejudicing Another Person. Where The Numbers On Certain Bank Of England Notes Had Been Altered, The Inten Tion Being To Prevent The Notes (payment Of Which Had Been Stopped) Being Traced, It ...

Form C
Form C. • Form Of Statement To Be Published By Bank Ing And Insurance Companies, And Deposit, Provident. Or Benefit Societies. * The Share Capital Of The Company Is , Divided Into Shares Of Each. • • The Number Of Shares Issued Is Calls To The Amount Of Poundsper Share ...

Form Of Bill Of
Form Of Bill Of Sale. • This Indenture Made The Day Of , Between A. B. Of Of The Onepart And C. D. Of Of The Other Part. Witnesseth That In Consideration Of The Sum Of £ Now Paid To A. B. By C. D., The Receipt Of Which The ...

Freehold
Freehold. The Owner Of A Freehold Estate In Fee Simple Is The Possessor Of The Greatest Interest That A Person Can Have In Land. It Belongs To Him Absolutely, And He Can Do With It What He Pleases. A Freehold Estate May Also Be Held In Fee Tail (see Fee ...

Friendly Society
Friendly Society. A Society Formed For The Benefit Of Its Members, During Illness, In Old Age, And For Assisting Widows Of Members And Orphans, And For Other Purposes. A Friendly Society Which Conforms To Certain Requirements, May Be Registered With The Registrar Of Friendly Societies, Under The Friendly Societies' Act, ...

Garnishee Order
Garnishee Order. Where A Creditor Has Obtained Judgment Against A Debtor For The Payment Of A Debt, He May Obtain From The Court An Order Attaching All Money Owing To The Debtor From A Third Person, Called The Garnishee. The Rule Is, " Service Of An Order That Debts, Due ...

Gentlemen
Gentlemen, We Beg To Introduce To You To Whom You Will Please Furnish Such Funds As May Require Up To The Aggregate Amount Of Pounds Sterling Against Sight Drafts On Our Head Office, London, Each Draft To Be Plainly Marked As Drawn Under This Letter Of Credit No. And To ...

George Jackson
George Jackson, King Street, Leeds. The Conveyance Is Not Always Signed By The Purchaser. There May Be A Yearly Rent-charge Upon Freehold Property. The Word " Freehold " Does Not Necessarily Mean That The Land Is Free From All Charges Whatever, Though The Word Is Frequently, Though Incorrectly, Used When ...

Gold Reserves
Gold Reserves. In 90s The Council Of The London Chamber Of Commerce Ap Pointed A Gold Reserves Committee " To Consider Whether The Gold Reserves Of The Country Are Sufficient, And, If Not, What Remedies Can Be Suggested." The Committee Consisted Of Leading Bankers And Men Of Business, And In ...

Goods
Goods. Where Goods Are In The Custody Of Third Parties A Banker May Advance Upon Them On Receiving The Bill Of Lading (q.v.) Or The Warrants Which Are The Symbols Or Representatives Of The Goods. (see Docu Mentary Bill.) If The Goods Are Actually In The Possession Of The Customer ...

Guarantee Guaranty
Guarantee. Guaranty. (french Gctrantir, To Warrant.) A Guarantee Is An Undertaking By One Person (called The Guarantor) Given To A Banker The Creditor), To Be Answerable For The Debt Of Another Person (the Debtor) To The Banker, Upon Default Of The Debtor. In Order To Be Enforceable At Law, A ...