DUNEDIN CHAMBER OF COMMERCE.

Evening Star, Issue 4144, 8 June 1876, Page 2

DUNEDIN CHAMBER OF COMMERCE.

; Aboat V dozeh members lih® " animal niMtmg r of tW# bf tneree thianfternoon, 2S£r E. E. Cargill ,pro- ( , siding. .. . r ~m : ;•> •• '■uAnraAL MpMa,.o‘ • ] The annual report statesthat.since this last'l* port'was presented to tint lumber (eighteen , months ago) a large accession has been madnto the members. Last year this Chamber waaprivlleged to elect two members of the Harbor B«rd, but W' i in Ordinance of i last- session of the Provincial Council the constitution of the Board was altered! and it became a nominated body. It is trne.thai his Honor the Superintendent very considerately : turned the two members previously, the Chamber j but still, in the f opinion Jor jour Committee, the political element' Is to 6 preponderating in the present Board. HowfcVfct, the present form of constitution can be regardo& as merely tentative. It isnuderstoodto be the intonation of the General Government to introduce a measure to provide, uinongbt other things, (or the constitution of the various Harbdr Boards, ofjthe/ Colony, which will in mi probability affect that for the harbor of Otago, and yottr committee can bnly ' express thsir hope that, when this is done, theJSri* vilegeeof the Chamber may be restored to it, rltls,; very eatisfaoto y; jto the commercial here to know that within the last Six mon'thf.yibme, t twentythonsand (20,000) tonsbave passed oVerthe'-* Rattray street wharf, as a consequence of the-iaijr' provement already effected by the Board iut the Harbor, thus representing a saving' t6.. the commerce of the province of over J 5,000. Tout; committee trust that the day is not far difv tant when, in addition. to the lines now in oonrse v (x construction, rail wny' communication wfltJbe ex. , tended across this island; dolhg aw»y with the pre* •' sent isolation of the -West Coast from thereetot the Colony. In future the Chamber's medals fob the High School will be awarded as follows The gold medal to ' the ’ dux of modem side Jxtt ‘ the school, one silver medal for aiithmvab to : the. classical. aide;, and tbs other .silver medal (or the same subject to the Junior School, tt.is satisfactory to note that the export of gold has revived, being much larger during the first quarter “ pf the present year than it has been for tyro ysars * previously. The wool export, ss valued for Cue. *■ [oms entry, hasbeentoaiiitaihed, biihg rather over a millionsterling. The expense of fittingnnd fani* tarefor the Excrmngeßoomhaving bcefio ■nSMaqr sble. tbe balanoo-sbeetOf the Chamber shows mis. ncit, tp sacet, yrhich it was resolved at the. fast . .g neral mestmg that a Special contflbntibh ofons^ : irninea per member sbotad nbw be; made, Asthtoh bxi on'ses will not"beotfl r ,tla ordinary Income of the - phfttabarehonld'iti fnturebe sufficient tonioAJDl ,rCttUirement». 'A Ormmuhication (m Tribnnalf if Commerce, from the' Melbourne Chamber.b|u bepn , referred to a special ocmmittOe-for considura.. tiotf and report. Shis committed hak'tnade'aU jto> T terun report, to.the effect (that the informatiokrM its command, although warranting an sxpresslod of 3 general approval of referring all ooihmeroial eiMs .' to a.smito wbnnsl,'ls nbtwffloiiintto ehfiblSthb ‘ Chamber tpdecidehowsucbacotirt maybe bestoon* ■ stttnted to shit the ekigendet and tomper oftotfdv tish community. Mr Reynolds and the secretary, ■ have undertaken to examine such books and papers ‘ on the subject as are obtainable in Wellington, it being understood that a nUtiiber of Bine Books and father sources of information tow in the possession of the Government and in ' the library of the General Atobmbly. ' I •

The Chairman,, in moving its Said that at the last ahuuM meeting, Some eighteen months ago, the genera! business of the Chamber had been allowed to f*U into a somewhat dormant condition.,. It that the Chamber required something like resuscitation., The membership had fallen away vbry considerably ; mdeed to Adob an? extent that the few subscriptions coming in iwere not nearly sufficient. hi pay .the «x* pehses of the Chamber. An, appeal made 'was very satisfactorily Tespondedto as re--spects access in large numbers to the mem* • hers; and the ;Chamber, (Obtained a w§wt valuablegift Mom - the .-Provincial' yfq/ vernment in the use of their meeting- } room free. of., charge. Thq. Coin Exdiange fornfew months i^wellattended, attendance gradually grew less and less,--and now no members met there at all. , jj.-.r , Mr TfiWSLST.seconded tiie adoption of tixe report, and expressed thebelief that as a munity they were not so vigorous r >n the matter of the railways as they lie.; They were not r contumafly -hiding the Ggy<jrnmentas Other parts of thfcHblony werc,:and consistently did nbt ibbeive that attention from, tub GeheralG overfimeht .thiiifr .others did! " ~MrJSL^L.JLsvNQLPa stated '‘W.girded the Southern Trank tenders, except from Balclutha to Clinton,* iwere - out. Mb r doubt an onnwesion -of 'opinion frqm,tbis Chuaber woma liave ‘dim weight with the Colonial Government. Other parts nf the Colony were -virging -on the completion.ofj their railwaysns much'as possible. . * ! :i<- ‘ Mr G. M.H.E.,spoke oftbeproSees being mqde with the Northern Ime. e urged an expression bf bpinidn as mooted by. Mr Tewsley. He had done his best to push on the Ime north wherever he was interested, and prbintsed'to do his best in the Assembly to push, on the lines. ... ■,,. , The reporthaving, been adopted, ,Vr ? ’ Mr Tkwsuey moved, “That the new, committee be instructed to write to the General Government, - nrgiiig the necessity ,of pushing on with the completion of- the unfinished portion : of the main line Mom Christchurch to liivCrcargil, and that each member representing censtitiiencies in .Otago be. jmtteh asking them to bring WMt influence thbj.cah. tq,bear ( bh' the r w»- : vernment, in. the furtherance of the skid object.”! This was seconded by Mr LkinY,- and .carried.' ■ ->., , jco,.. i *,o ; " ” report upon lengthened which are appended 1 ' The committee have carefully considered the Debtors and Creditors Act, 1878, and the rules of court tinder Which it is administered, and have mow to offer the following' suggestions for the ment of the same. These suggestions am ahnbit all dictated by the actual «zu«deaoe of oroditor* In estates that have been brought under the operatim of the Act. To those which appeared to &el£Mmittee to be of .special importance, the grounds on which* they are made are bliigy appwflML The principal of the asw PioviStojrtJ are as. foliow. and the committee believe that, id order to render the Debtors and Creditors an femcient .piece of legislation additioss abpnld made to it, providing for the following suittMsW~. For the appointment of offlohl sssigneeß,’ in whom the estate of a debtor ataotkld Teet iimne* diately-on bis filing a statements isabilitr to pear his debts, or upon an order being issued fotM meet, lug of his creditora, when a creditor has moved um Court for that purpose, and who Should realise and distribute the estate, if the creditors neglect or re. fuse to take other eteps for ttaat The committee consider this poluttoheobeofAN&uary importance. An ofiSdal Bssignee Shouidbe a person selected on account of special qualifications, and, therefore, able to give great ttMlStßßOcrteineulUiiai froin the outset of ;pr6oecdtingW,wbethee trturtoeshipwaw left r Pot TM^g^e^ge^mte^^^^OT^dsceMW at the 'time s &ode-4»y Courtoumotion./ whwi one partner us filed auratomeut of his firm’B inability to pav their debt*. Mbde«>byMdOToClDdar( ahhntioh*

Per authorising tbs Btgbttu, in this absence of the Judge from Court, to exercise the power to grant an order under section 80 of tbe Act, together with all other powers except the hearing of appeals; For the public examination irt Court, before a Judge or the Beglstrar, of a debtor, and of other P eß *®P* supposed to.be able to gire evidence touching the affairs of a debtor, Theoommittee believe that such public examinations are much more urt>«ded by dishonest debtors than the withholding of a certificate, sad that without them evidence ot frandolent insolvency, wilt very seldom be secured In a form sufficiently clear to warraht a prosecution.

For the administration of the separate cstotes of partners in a firm, whose affairs are placed under Uquumtion' (see seotlon'2l4 of Bankruptcy Act), and Providing that after payment of the creditors of Bach separate estates, the surplus thereof should vest In .the trustee of the joint estate; also, providing that the creditors of separate estates shall not rank on the joint estateuntil the creditors have Men paid in fall. v-? OT proscribing a limit of time for proofs of debts being lodged with the trustee, and for rendering it Incumbent on a trustee, when distributing a dividend before the expiration of snob limit, to provide for payment of the same to all persons whose names appear in the debtor's list of his creditors. The committee is of opinion that the- limit should he, *® r Zealand' and the Australian Colonies, two months,-and for -more distant places, six months •*®®r the ** which the trustee shall have Pwed to the crcditorhotlce of the liquidation; and that any moneys reserved as dividends for creditors. or assumed creditors, who do not lodge proofs °f .debt with the trustee within the prescrilied time, should be distributed amongst the creditors of such estate who have proved their debts. For the issue of search warranto, as provided for In clauses 167,158, and 159, of the Bankruptcy Act. In connection with this, power should be given to n trustee to break open any premises forming part of the estate, and any box or other package containing assets in the estate. , For obliging a debtor to quit premises belonging to his estate on notice from the trustee, with provislon that, if he refnsn or neglect to do so, he may he ejected by a constable on a warrant from the “jstee, or may be given into custody on change of being illegally on the premises. Experience has • jown that it is of great importance that this should be provided for.

AMRBDMSirrS OP THE ACT. Tq carry out the views of the committee as expressed in the foregoing sngges ions for additions *5 *“® present law, and to render various clauses of the Debtors and Creditors Act more workable uid. more calculated to render justice both tc debtors and to creditors, the following amendments ofthe Act are required s—ln all cases where there would, _under the Act, bo a vesting : of the estate of a debtor in the Begistrar of the Court, the estate should, vest in the official assignee.—The last clause of- section 19' should provide that on the filing of the resolution'of creditors appointing a trustee, the estate shall forthwith vest in such trustee j and that an attested copy of the said resolution should be, in all cases, sufficient evidence or each vesting.' It Should be provided that a creditor for L 25 may movo the Court to call on a debtor to show cause why his .estate should not be liquidated under the Act, if he shall have made demand on the said 5 e | tor for payment of a debt, due to him,' and such fiobt shall not have been liquidated, within fortyeight hours after such demand. Also, that the Begistrarmay order a meeting of creditors, if he shall 1 be satisfied that a debtor is unable to meet his engage* Jn £ u J ß V° 1* Is necessary for the interest of tne whole body of creditors that such meeting should be called. The same rights should bo given to two y°re creditors whose joint claims amount to

should be provided that if a sufficient number or_crCaitorß sbodld not be present or repiesented at tbe first meeting, it .should standadjourned for tnree days, and that the Registrar should cause °f such adjournment to be gazetted; and that if a sufficient number of creditors/ ire not pror r ®P reß c n ted at such adjourned meeting, the estates of the /debtor should vest in the official assignee,. and -bp. admistered by him forthwith. Also, that the remuneration of the official assignee in such, cases should be the same as it was under the Bankruptcy Act. Also, that any first meeting or adjourned first meeting may be further adjourned on resolution duly passed by the crediteie prssmit thereat; Alsb that, in order that distant creditors may have proper opportunity of being represented thereat, the first meeting should take place within Such a number of days, being not less waa: Jhrce nor more than ten, after the filling of a statement of inability to pay debts as the Registrar ary appoint. i fii clause 24, provision should bo substituted that any execution against the property of a debtor f vl, staid on notice of filing a statement of inability to pay his debts; or ol‘a creditor’s motion xpra Uquidatlon under . the Act being gazetted or served on the bailiff or any of the other persons mentioned in section 73. Section 8 of clause 4 of the Act shonld be amended so as to provide that, failing an appointment by creditors of a substitute in case of the death.&c., of a trustee, the official assignee should become trustee. • •• • r-o distress for rent shonld be allowed after a statement of inability to pay hie debts has been med by any debtor, or afters motion for a liquida“OU has been made by any of his creditors. itwe months’ rent and no more should he a preferential claim on any insolvent estate. ,' StNrfiibn^4Bshould be amended so 'as to provide that div idends shonld only he set aside and retained •or a creditor who has proved a contingent debt until the date of'the contingency, and that, if such contingent debt does not then become a claim, the amount' to retained shall he divided amongst the Othbr creditors who have proved. As the law now ? contingent creditor may receive dividends, although it sfadnld> ultimately turn out that be has no daim-whatever on the estate, and there la ne provision by which he can be made to refund sums thns.paid to him. ' This words “ other than a pre-existing debt" should be added at the .end of section 75, so as to make it dear that no security given to a creditor in preference to others within three months of insol.venoy _can stand as against the trustee of a qd>tors estate.- ,-No part of the Act requires more careful rensidd of its wording than this danse. A recent decision given in ‘ this Province by Judge has made, it manifest that the law does hot render void preferential payments made to one creditor,to the detriment of others, unless in some very exceptional cases. The same words should also be added after the wqjtfp V valuable 'Consideration** in section S of danse 77. The words “when sufficient funds have been realised to provide, for a dividend " should be in•®rted in this danse. So as to render its provisions inapplicable to those cases in which the assumed Miete of the estate-prove valueless, "If uo quorum is formed at a meeting of creditors **“®d to dose a liquidation under danse 90, the liquidation ought to be thereupon deemed to be dosed, and the trustee should file a declaration to that effect in Court. • 7

A debtor should be allowed at any time, on giving seven days’ notice of his intention so to do to the trustee in writing, and by notice in a gazette, to app y' o his creditors for, an order of discharge. If snoh order be thereupon refused by the creditors, or thexe should be no quorum at the meeting called for the propose, the debtor should- he allowed to apply to the Court for an order on. gazetting notice of bis intention so to do. Under the present Act there can be no order of discharge until the debtor's estate is wholly distributed, however deserving the debtor, or however willing his creditors may be to grant a discharge. .Tift the following should be added to 76 ;- 4,Provided also that nothing herein .contained shall be held to apply, to consignments of goods held by the ®? f bt ® r ;ih the ordinary course of his business for sale on account of any other person, the identity and ownership of which can be proved to the satisfaction of the trustee of the debtor’s estate, or of the Registrar of Court, and in respect of which the owner .shall tender payment to the trustee of all advances made thereon by the debtor, and of all charges due thereon to the debtor’s estate, and shall surrender to the trustee any acceptances granted 6y the 'debtor in his favor by way of advance thereon.

„ GENERAL SECOUIIENdXTIOKS. The oonmittee wonld strongly foooouQGod th&t a special Act ahoald be passed vilidatingallpaaturoceodlngs under the Debtors and Creditors Act. 1875, in so far as they are rendered doubtful by the thA Acr afid the Bides of Court that hare been gazetted xmdar it, or by ambiguities in the Act or in tbe rules. The committee also recommend that the Chamber “*“55 P° jnt ®*Uy wpe upon the Government that the evidence of experienced persons should he tokon bofor<t a Soloct Gosunittfio of Parliament before mi Amending Act is' passed, and that such evidence should also be obtained for the information of the Governor in Council before amendment of the Boles of Court are passed. ■ , Bill amending the bankruptcy laws, drafted s?®“ -“acawey laafcyear, and introduced into the Council by Hon; Mr Buckley, together with the suggestions for a basis of a Uankrnptcy Act forwarded to the Chamber bv the Hon.’Mr Eeynolds, bate had careful consideration at the hands of the committee; and all their previsions, so far as the committee have been able to agree with them, have been embodied in the foregoing recommendations. " hj

Mr, Tewsley moved, and Mr R. Wilson seconded the following motion, which was carried That the report from the Committee Of Bankruptcy, be printed and circulated amongst the members ef the General Assembly, and sent to all, other Chambers of Commerce in the Colony. And Secretary; .write to. the Minister of Justice again pressing, the, Aesifabifityvin the °PWWWr.of this..Chamber oi. examining such gentlemen as are well qualified to give evidence in the Working of the past ana present Aotsi

5L E 'rr B * £ ar S® ! w . ds re-elected Chairman, aa S [r^WS!le y’ elec ted Vice-chairW' ; 1 THe-foUowiiig gentlemeii,- were elected oommittemen: Messrs 'TK'lTeii, Beal. TO Efodnck, Leary, and R. Wilson,