PROTECTION OF DEBTORS

Evening Star, Issue 23381, 26 September 1939, Page 10

PROTECTION OF DEBTORS

FULL DETAILS PUBLISHED PROCEEDINGS RESTRAINED DEBT, BANKRUPTCY, AND MORTGAGE CASES Full details of the Courts Emergency Powers Regulations, giving protection for debtors, are published in the ‘ Gazette.’ . Under the regulations, which came into force on Saturday, no person is entitled without court permission to do any of the following (except in respect of judgments relating to debts and obligations from contracts made (a) after the commencement of the regulations, (b! after a person, who was not at the commencement of the regulations a member of the permanent forces, lias been called up for naval, military, or air service! :

(a) To proceed to execution on or otherwise to the enforcement of any judgment. . (b) To exercise any legal remedy. ,

(c) To call up or demand payment of the principal sum or any part of the principal secured by any mortgage. (d) To exercise any power of sale conferred by any mortgage. (e) To commence or to continue proceedings in any court for breach of any covenant expressed or implied in any mortgage, other than a covenant for the payment of interest.

CASES SUBJECT TO EXEMPTION. It is stated that nothing in the above regulation shall affect:— (a) Any power of sale of a mortgagee of land or an interest in land who was in possession of the mortgaged property at the commencement of these regulations, or who has appointed a receiver who at the commencement of these regulations was in possession of the mortgaged property or in receipt of the rents and profits thereof; (b) Any power of sale of a mortgagee in possession of property other than land or some interest in land, where the power of sale has arisen and notice of the intended sale has been given before the commencement of these regulations; (c) Any right or power of pawnbrokers to deal with pledges; (d) The institution or prosecution of any proceedings for the appointment by any court of a receiver of any property or for.the recovery of possession of land otherwise than in default of payment of rent. A legal remedy is stated to mean: — (a) The levying of distress; (hi The taking of possession of any property or the appointment of a receiver of any property; ,'c) Re-entry upon any land; (d) The realisation of any security or the forfeiture of any deposit; (e) The rescission of any agreement for the sale and purchase of land ; <f) The serving of a demand under paragraph fa) of section 170 of the Companies Act, 1933. It is also stated that a person who issues a bankruptcy notice or presents a petition in bankruptcy or a windingup petition founded on non-payment of money due under a judgment shall be deemed to be proceeding to enforcement of the judgment. DISCRETION OF COURTS. The courts from which permission to proceed must be obtained are the Supremo Court where the sum involved is more than £2,000. and in other cases either the Supreme Court or a Magis-

trate’s Court. No appeal shall lie from any decision of the Supreme Court or a magistrate. If the court is of the opinion that the person liable cannot fulfil his obligations through any circumstances directly or indirectly attributable to the war it may refuse leave to proceed or grant it subject to such conditions as it thinks fit. The courts have similar powers to stay bankruptcy proceedings. It has already been indicated that the regulations did not interfere with judgments for recovery of damages foi tort, orders under the Destitute Persons Act, or orders made in criminal proceedings, or in proceedings for the recovery of a penalty for failure to comply with the provision of an Act.

GILLESPIE'S BEACH ANNUAL MEETING OF COMPANY The seventh annual meeting of shareholders in the Gillespie’s Beach Gold Mining Company Ltd. was held last night. In the absence of the chairman of directors (Mr N. K. Sligo) Mr J. M. Stewart presided. Moving the adoption of the annual report and balance sheet the Chairman said that the net profit for the year amounted to £1,426 6s 9d. Shareholders need not be unduly perturbed over the yearis surplus. Several factors mitigated against better results, and he felt confident that future years would show a decided improvement in profits earned. It was to be regretted that this year insufficient profit had been earned to pay a dividend. During the year the dredge came in contact with several high ridges of sand, which taxed it to the utmost for tailing stacking facilities, and only by exercising the greatest care under competent management was it possible to overcome this difficulty satisfactorily. The tailings elevator was renewed and lengthened, and cleats were attached to the conveyor helt.at short centres to prevent the sliding backwards of the sand on its up-grade journey. This had the desired effect, and a decided improvement resulted. Owing to the very bad state of the bucket ladder and the frequent and costlv repairs necessary the directors decided to procure a new one, and no sooner had this arrived on the claim than a stoppage of eight weeks was necessary for a complete overhaul of the dredge and the placing of the new ladder in position. In addition to this trouble the Mines Department insisted on additional freeboard for the pontoons, and after much correspondence and several consultations in conjunction with the company’s consulting engineer (Mr E. Fletcher Huberts) finality was reached by the company agreeing to attach the sponsors on each side of the pontoons to improve the buoyancy. The values obtained from the ground following the turning round of the dredge had been very disappointing, but there was good reason for assuming that the returns would gradually improve, and it was unlikely that the average values would again recede to such a low ebb, assuming, of course, that gold values remained constant. The schedule of bore results indicated low values, but in this class of dredging country it was obviously impossible to obtain accurate average values as the pay streaks were only a few feet in width, and with bores sunk at halfchain centres these could easily be missed. It might reasonably be assumed therefore that the values as stated wore the lowest that could bo expected, and were not to be compared with enhanced bore values procured whilst prospecting the richer and wider black sand havers on the inside areas which had failed to come up to expectations on the whole.

The speaker then paid a tribute to the excellent services given by (he dredgemaster (Mr G. Pettigrew).

The motion was seconded by Mr M, Sullivan and carried.

A discussion arose over the necessity of having to give the dredge extra buoyancy by means of extra pontoons on instructions of the Government inspector. It was said by the chairman that none of the directors liked the idea.

I The Dredgemaster expressed the opinion that the pontoons would give a few inches more freeboard, but on the other hand there would be eight more compartments to pump out and inspect. If the compartments were holed they would also be a source of danger. He would bo quite satisfied tb work the whole claim with the present freeboard. Mr Sullivan briefly explained to the meeting the steps taken in attempts to dispense with the new pontoons. The two retiring direcors—Messrs W. D. Lambert and M. Sullivan —were reelected unopposed. Messrs W. E. C. Reid and Co. were reappointed auditors Votes of thanks to the dredgemaster and the directors were carried. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, September 25. ■ Small business, mostly confined to first-class stocks, resulted in few price variations on the Stock Exchange today. —Morning Sales. — £ s. d.

CALS DUE. G. J. Coles—los a share, making £1 paid ... . Jan. 15 BUTTER IH ENGLAND STANDARD MAXIMUM PRICE TEMPORARY SHORTAGE EXPERIENCED Press Association—By Telegraph—Copyright LONDON. September 25. (Recorded September 26, at 8 a.m.) The maximum butter price has been revised. All kinds of English, Empire,' and Continental brands, are now 145 s ex store, retail Is 7d. When rationing is introduced consumers will receive a definite amount of butter and margarine. The temporary shortage is ascribed to the diminution of Continental supplies and dislocation of shipments from other sources. The next few days will show whether one standard maximum price is workable or desirable.

FOREIGN EXCHANGES Press Association—By Telegraph—Copyrignt LONDON, September 25. (Received September 26, at 1.30 p.m.) New York, dollar to £1 ... 4.03 Pans, franc to £1 176 i Montreal, dollar to £1 ... 4.43 to 4.47 Amsterdam, florins to £1 ... 7.55 Switzerland, franc to £1 ... 17.55 to 17.85 Stockholm, kroner to £1 ... 16.70 to 16.9 C Athens, drachmae to £1 ... 540 Lisbon, escudo to £1 ... ... 1104 Kobe, pence to yen Hongkong, pence to dcfllar 15 Shanghai, pence to dollar 4 Brussels, belgas to £1 ... 23.35 to 23.65 Rome, lira to £1 ... ... ... 77

Commonwealth Bonds — " 4 p.c., 1947 99 17 6 4 p.c., 1950 100 8 . 9 4 p.c., 1961 ... _ 99 7 6 Bank of Australasia (ex div.) ... 7 15 0 Austral Gas (A) 6 19 0 Associated News ... ... 0 15 9 (pref.) 0 18 9 Broken Hill Proprietary ... 3 7 6 Electrolytic Zinc 2 14 6 Fairymead Sugar 1 14 0 Farmer’s (ex div.) 1 6 0 —Afternoon Sales. — Bank of New South Wales 26 18 0 Commercial Bank of Sydney ... 17 1 0 National Bank (£10 paid) 11 14 0 Queensland National Bank 4 11 6 Associated News 0 15 9 Howard Smith 1 0 6 Burns, Philp ... 2 11 0 Australian Gas (A) ... ... 6 18 6 British Tobacco (pref.) ... 1 7 0 Tooth’s 2 8 9 Toohey’s 1 6 6 G. J. Coles ... ' 3 7 6 Wool worths ... 1 0 7-i Mold’s Dock 0 15 6' Australian Consolidated Industries 1,13 3 Goldsbrough,- Mort 1 9 10i Henry Jones 2 12 6 Electrolytic Zinc 2 14 6 Mount Morgan 0 9 6 Mount Lyell 1 10 0 Broken Hill Proprietary 3 7 10) Broken Hill South 1 8 0 Kuala Kampar 0 16 3 Larut 0 7 6 Emperor 0 10 1 MELBOURNE, September 25. £ s. d. Emperor 0 9 8 Howard Smith 1 0 6 Dunlop Perdriau 0 17 3 Broken Hill Proprietary ... 3 7 3 Loloma 1 2 6 Mount Lyell 1 9 9 ‘ Herald and Times ’ 2 17 6 Goldsbrough, Mort 1 10 0 Commercial Hank of Australia ,,, 0 14 4

DIVIDENDS AND CALLS LIST. DIVIDENDS PAYABLE. North Broken Hill—Quarterly, 6d a share (August 29) ... ... Sept. 27 George Farmer, Sydney—Ord., 2£ per cent, per annum Sept. 29 Felt and Textiles —5 per cent., making 10 per cent, per annum faept. 30 British Tobacco Co. Ltd.—Quarterly ord., 2 per cent. (Septelnber 9) ... Sept. 30 Dunlop Perdriau Rubber —Finals cum pref., 5 per cent., making 10 per cent., and ord. Si per annum respectively (Septeraher 14) Sept. 30 Barnet Glass Rubber—Finals cum pref., 6 per cent., and ord., 8i per cent., making 10 per cent, and 12i per cent, per annum respectively ... &ept. 30 N.Z. Newspapers Ltd.—Interim, 8d a share .., ... Oct. 2 Wairarapa Farmers’ Co-op.— Pref. 3i per cent, per annum Oct. 2 Hume Pipe. (Australia) Ltd. — Final ord. and pref;, 3J per cent, per annum, making 7£ per cent ... Oct. 2 Nestles and Anglo-Swiss Condensed Milk (Australasia) Ltd.—Quarterly pref. at 8 per cent, per annum Oct. 2 Bank of Australasia—Interim 3s 6d per share (less British income tax, September 11) .., Oct. 6 Woolworths (N.Z.) Ltd.—Half- 1 pearly ord., 6 per cent. Sc|)-. tember 24) Oct. 15 Woolworths Ltd., Sydney—Halfyearly ord., 6 per cent. (September 24) ... ... Oct. 15 (Dates in parentheses signify the closing of transfer books and registers.)