Chattels Securities Act

Feilding Star, Volume IX, Issue 71, 3 December 1887, Page 2

Chattels Securities Act

We are glad to learn that the Government proposes next session to amend the Chattels Securities Act, 1880. There is no law in force in the oolony which has 'given such general dissatisfaction to honest tradesmen or dealers than this. It had been used over and over again as a means to defraud creditors, with the most distinguish success. Attempts have been made to counteract itß evils by the publication of an excellent journal, the Mercantile and Bankruptcy Gazette, but as that only circulates among a privileged few, the amount of real good per» formed is practically limited. Besides, the information therein contained is only ex post facto, and therefore of very little real value. 4| The* potatoe has been cooked." It is the opinion of many of the most experienced business men in tbe principal towns in the colony that bills of sale should no longer be protected by.law ; but should be wiped

out pf the statutes for ever as they are a direct encouragement te commercial immorality of the worst kind. The Wool and Qil Securities Act, 1858, aud Amendment Ast, 1871, were repealed by the Chattels Securities Act, 1880. We think the wisest plan will be to repeal the latter and reenact the former, which was of zeal assistance to the agricultural and farming settlers, while both lender and borrower were amply protected.