THE IRON MARKET. NEW BANKRUPTCY ACT.

Manawatu Standard, Volume IV, Issue 27, 31 December 1883, Page 3

THE IRON MARKET.

NEW BANKRUPTCY ACT.

(BT iBLEOTRIO TELEOBAPH.-COSYRiaHT)^ (REUTERS' TELEGRAMS.) ■ '*; ' TibfcpON;' Dec. 2§. Best Scotch pig iron has further fallen fallen 6d per ton > and is now quoted f.o.b. m Clydev»fr 46% 6<J. . Galvanised iron, 26guage, has declined to £18, packed m f.o.b. m London.

For the future the creditors will have nothing to do m Ihe selection of trustees. They can, if they choose, appoint two supervisors to advise with the assignee, but the whole conduci of the bankruptcy business of the oolouy will be left to the four gentlemen whose names have recently been placed before the p.ublic as the Government nominees. The assignee must preside ;«t all meetings of creditors, and he is bound to summon a meeting within seven days after adjudication, or when required by such'proportion of tho creditors as represent one-fourth m value of the amount, proved. At such meetings the creditors may inform themselves of the state of the debtors' affairs, or pass resolutions for the guidance of the assignee. But the assignee is legally reftponsibleohly to the the Court. He it 'is who collects the assets, receives jproofs, and distributes the dividends on his own authority. The Act provides that he shall pay dividends at intervals not exceeding three months, and to divide the whole estate within 18 months after adjudication. Should he fail to do this, any creditor can obtain an order from the Court, requiring him to do so. The assignee has to pass hia assets every three months before the Government anditor, so that the materials will exist for enabling a creditor to judge whether it is advisable tv make such an application to the Court, and for enforcing obedience to the order should the Court think proper to make it. . Tasmania is' moving towards free trade. Duty on sugar has been reduced t)y one-half, and machinery declared free,