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New Zealand Times, Volume XXXII, Issue 5105, 3 August 1877, Page 2

The Wellington Chamber of Commerce, at ita last meeting on Monday, amongst other business took into consideration two questions of great commercial importance, viz., bills of sale and absconding debtors. With regard to the, first; ithis Chalnber is of opinion that an alteration,in the law is desirable ; with respect to Ipills. given- rby . traders over , stocks-in-trade, which instruments, it. is argued, should be absolutely void as against the claim of any, existing creditor at the time any bill of sale bears date ; also that’no such bill should have any", force or, effect at the expiration of twelve months from its date unless it has been registered. Copies )6f) these resolutions’were forwarded to other Chambers .of Commerce, and from the replies received it appears that these bodies were not unanimous in their opinions on the. subject, and the matter was referred back, to the committee... At present, therefore, no practical result has . been arrived at respecting bills of sale, under-cover, of which documents there can be no doubt. whatever, .many a nefarious transaction has been perpetrated, and honest people have been defrauded. ' It is not of. course likely that any ’ alteration in the law affecting bills .of sale will make every rogue i ah,-honest man, 1 but the opportunities offered for the perpetration of fraud in; this particular direction may probably be lessened by legislation in the, matter. Chambers of Commerce, composed as they are of. leading business men 1 possessing sound practical sense, are; yery proper bodies to make suggestions to Parliament in- this matter ; and if; they can only arrive' at’ some ■ definite conclusion as id what alterations should be made' in the existing law,the Assembly would bo doubt take action to carry out their views. So long, however, as differences of opinion exist amongst commercial men; as ‘ to what should be done, it is not likely that the Legislature will interfere. With ’ regard to the second question referred to absconding debtors —it is certain that great facilities exist and are taken advantage of for .’getting into debt and then giving; the creditor what is vulgarly termed “ leg bail ” by) blearing out of this colony to another.. Were, as it was suggested there should be, a Reciprocity ; establishedbetween /this’ and .the' fjister colouies-r-and possibly; aleo with the Mother. Country, AmOribiq] and Jother.' friendly States—for an interchange of absconders, and if Mr. Tblhiirst’s. motion could be carried out, bfiutilising'.the, electric wire fob the apprehension of tliis Glass of offenders, some; very die-/ sirable.iresblts might; he brought'about., l The

question, however, is admittedly one o£ difficulty, and it -may be some time before anything practical can be done in the direction indicated ; Bui ultimately there can be hardly) any doubt that thq, privileges now possessed by,: absconding debtors will be considerably curtailed. ' ; / • < \ \

By far the most important news; yet; received as regards the Jtusso-.Turkish war appears in 'our telegraphic' columns this 'morning. The military position in Europe has by a sudden coup been .totally reversed It ...is . impossible to over-estimate the results of the battle, which, if the telegraph speaks the truth, the Turks have' gained. The crushing defeat inflicted bhi the Russians has" been effected at their most vulnerable point. It is not as if their forces in Bulgaria had been beaten or driven back at one or more; points along, the line of their advance. Their reverse is absolutely at the base of their ■ position, and virtually leaves the corps now occupying different positions in an enemy’s country; cut off from any centre, or rather with a base destroyed, and liable to be taken iu detail and beaten. A glance at, the map will show at once how disastrous the battle at Nicopolis must be to the’troops of the Tsar, even without counting upon its moral effect. It is curious to note that Nicopolis is.famous for being the locality in which the first, battle, between Christians and Turks was fought in 13961' It may be said that the present event has not been without anticipation even here. In our issue of July 24th, when all telegrams recorded an almost unchecked advance of the Russians in Bulgaria, we pointed but that the Turks might be playing a waiting game, andinteudedtolie by for some such opportunity as they have now evidently used to the utmost advantage. .