Page:An essay on the transfer of land by registration.djvu/61

 Wales are almost all becoming landed proprietors; but hardly one of them would ever attend a sale of land if it were not announced in the advertisement 'that the title was that of Torrens' Act.'" Mr. Franklyn, page 126, writes thus: "Nor must we forget to remind our readers in England that under the Land Transfer Act (New Zealand), which is almost a transcript of the admirable measure introduced into South Australia by Sir Robert Torrens, and afterwards adopted by the Legislature of Victoria, real estate can be bought, sold, or encumbered by a very simple and inexpensive process. The Government guarantees an indefeasible title, and all transactions relating to land are so expeditiously and cheaply effected that, in the year ended the 30th June, 1879, the cost of each of 17,422 registration sales and mortgages, covering property to the value of £7,585,291, was only 22s. pd. Let any one who knows anything of conveyancers' bills in the mother country, ponder well upon the full force and meaning of these highly significant statistics." "Land can be dealt with as easily as a share in a ship or a joint-stock company, and with the same security as regards title. Trusts are not registered; but instruments declaring trusts may be deposited with the registrar for safe custody and reference. These deeds are binding between the parties to them, but they in no way affect persons dealing with trustees who are registered proprietors. Under the Land Transfer Act it is not necessary to examine the deeds in the abstract of title: these no longer exist. They have been delivered up to the registrar, and when a certificate of title is granted they are cancelled. An investor, therefore, does not run the risk of a mistake or blunder of his solicitor. Every transaction has its finality and complete security."

In fine, the benefits which have attended this measure, wherever it has been adopted in its integrity, as proved on the foregoing evidence, may thus be summed up:—

1st. It has substituted security for insecurity.