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New Zealand Times, Volume XXXII, Issue 5171, 18 October 1877, Page 2

From time to time the law atfeoting bills of sale has been the subject of frequent discussion and alteration. Chambers of Commerce and legislative bodies have dealt with the subject, and whilst producing some improvements, have not as yet succeeded in placing matters on an altogether satisfactory footing. Tho Victorian Act, which took effect in December, 1876, effected a considerable change in the law of the colony on tho subject. That enactment provided that before the filing of every bill of sale, fourteen days’ notice of the intention to file must be lodged with the Registrar-General,, and that such notice must contain a statement of particulars, and that an address must be specified, to which notice of caveats against the filing might be posted by any creditor or grantor. Many business men entertain an opinion—which, we believe, is shared in here by members of the Chamber of Commerce, who are well qualified to pass an intelligent and practical judgment on the point—that a still further improvement could be made by providing that a bill of sale should be inoperative against any creditor having existing claims when'it was given, and rendering it .unnecessary to lodge any caveat in such a case. There is another direction in which it is thought an alteration might be made here with good effect, viz., that hills of sale should be inoperative unless they are re-registered every twelve months, instead of every five years. These certainly appear to us sensible suggestions, which may be very properly takeri’into consideration by the Legislature when it can find time to deal with the long-talked of question of an amended Bankruptcy Act. Whether, considering the late period of the session and the political “crisis,” the subject will be reached this year, .is a matter of doubt. Moreover, itisonethat ought not to be hurried through the House, as it is one of great importance to the commercial community and the public generally. The laws affecting bankrupts have ever been subjects of difficulty, and “billsof sale” are, as a commercial man might say, a hard line to deal with; but still there is no reason why the Parliament should not deal with the question if it is generally felt by the Chambers of C immerce throughout the colony, as it appears to be—although the several bodies may differ as to details—that further amendments are required. If it is found that time will not permit of this matter Being brought before the House with any reasonable prospect of carrying al satisfactory Bill through until next session, we hope that during the recess a comprehensive measure will be prepared, which can be brought forward as soon after the opening of Parliament as possible, and be fully discussed before passing into law. If this can be accomplished sooner so much the better. But considering that the Legislature has been talking now for nearly three months, and that tho Estimates have yet to be got through, it seems not unlikely that were an amended Bankruptcy Bill now brought forwaid it would share the fate of others at the expected “slaughter of the innocents " at the close of the session.