West Coast Times. SATURDAY, NOVEMBER 30, 1867.

West Coast Times, Issue 682, 30 November 1867, Page 2

West Coast Times. SATURDAY, NOVEMBER 30, 1867.

We resume our analysis of the new Bankruptcy Act. Part five, it will be remembered, provided for the cases of persons desirous, under pressure of creditors, of declaring themselves insolvent. Part six refers to proceedings under petition for adjudication of bankruptcy. A petition may be lodged by a debtor or a creditor. It may be filed at the option of the petitioner (1), in the Supreme Court in the judicial district where he has last resided for the longest time within the preceding six months, if not in custody — or in the judicial district where he is in custody : or (2) in any District Court having jurisdiction within tho same district. The proceedings under tho petition may, however, be transferred by the creditors of the petitioner, or by the Court in which the petition is filed, to any other Court, and no appeal will lie agaiust any such order to that effect. No creditor or creditors may petition for an adjudication in bankruptcy, except in respect of a debt or debts of the following amounts respectively :— One person, or two or more persons being partners, in respect of adebt of fifty pounds or upwards ; two persona, not being partners, in respect of a debt of seventy pounds or upwards ; three or more persons, not being partners, in respect of a debt of one hundred pounds or upwards. In the ease of a partnership, any one or more members of the firm may be petitioned against. A cre-dit-r's petition must be verified by affidavit, and the Court may summon aud examine witnesses before adjudicating upon it. Under a creditor's petition no act done by the debtor within three months of the date of its being filed, is to render him liable to be adjudged bankrupt. A debtor may petition for adjudication against himself "on an act of Bankruptcy constituted by filing a declaration of Insolvency ;" but not on ! any other act of Bankruptcy. A petitioning debtor must file a true statement of his debts and liabilities, and of the causes of his insolvency of verified on oath. The petitioner, if a creditor, must proceed and obtain adjudication within three days, and if a debtor, within twenty-four hours, of the filing of the petition. In case of default any creditor having a sufficient debt may apply to the C'jurt to substitute him as the I petitioner. Damages may be recovered j for malicious petitions. A petitioning creditor, after adjudication, taking any money or security for his debt in excess of what falls to other creditors, is to forfeit his whole debt, and surrender besides the money he has received or the security he holds., or the full value of it. A debtor may apply under certain circumstances to have adjudication annulled within periods that are specified. A Bankrupt not surrendering himself for examination may be apprehended by warrant of the Court. If at the time of adjudication the debtor is not in custody, he is free from arrest in coming to surrender, and after surrender, until the time appointed for his last examination, and for such time after passing his last j examination until his order of discharge takes effect as the Court may appoint. If in prison he may be brought up to "surrender," and, having done so, is protected from arrest. The Court

may, however, at any time, issue a warrant of arresl; against a debtor, in respect of whom there is probable cause for believing that he is about to quit New Zealand or remove or conceal any of his property with intent to defraud. Part seven provides for the appointment of Trustees and Supervisors. The order of adjudication is to appoint a meeting of creditors. At the first meeting the creditors are to choose a trustee, and two or more " fit persons being creditors" to superintend the administration of tho estate by the trustee. Provision is made for filling vacancies in the office of Trustee or Supervisor occasioned by resignation or otherwise. Parteight relates to Secured Creditors, and Meetings. A creditor holding a security for his debt or any part of it, may, unless he give up his security, or reckoned a creditor for voting at meetings, receiving dividends, &c, only in respect of the balance of his debt after selling or disposing of his security, or giving credit for its value. Proofs of debts may be received at any meeting of creditor?. Creditors who have proved will alone have votes. A creditor may-,be represented by a proxy. No meeting will be competent to take any action unless there are at least three creditors pre- I sent at it, or all the creditors if their number does not exceed three, questions at a meeting will be determined by the majority, in vahte, of the creditors present or represented. Part nine provides for last examination and accounts. The Court is to appoint a day for hearing applications for discharge, to be not later than sixty days from tho date of the meeting of creditors. The bankrupt must prepare and file a statement of his accounts, on oath, which statement may be inspected and extracted from bj r any creditor, •' and the last examination shall in no case be passed unless such statement has been duly filed." We proceed now to the tenth part of the Act, which relates to the " order of discharge." This maybe issued on application by the debtor. There are provisions, however, made for the protection of trading interests against fraud, and the Court may, under certain circumstances, suspend the order of discharge from taking effect for any time not exceeding three years. The grounds on which the order of discharge may be suspended are as follows: — (1,). Commission of any of the acts under this Act made misdemeanor. (2). Prefential payments to creditors not bein» under pressure by them. (3). Frivolous defence of action. (4). Neglect to keep proper books. (6). Unnecessary delay in filing a declaration of insolvency. An order of discharge is to take effect immediately from its date. Such order will not release the bankrupt from any debts due to the Crown, nor any debts incurred under responsibility. Process may be renewed on the discharge of the debtor. We must again suspend our further notice of the provisions of this Act.

Tho Panama Mails by the Rangitoto were delivered in town yesterday afternoon. The European intelligence contained in the Panama papers — has been anticipated by telegrams already published. "We extract fclewhere some later American intelligence. Wo are glad to hear that the Co-opera-tive Company (Kanieri) have struck a block of first-rate ground in their paddock; several prospects of 3 dwts and 4 dwts to the shovel being obtained. This " slice " of good luck has put the Company in heart, and work is being pushed forward with renewed vigor. The Great Western Company recommenced pumping last Saturday, and purpose commencing their paddock at the early part of next week. We hcurd yesterday that some excitement had been caused amongst the quiet community of Kanieri Town by the reported discovery of new payable ground a few miles up tho Kaniori, between that river and the Hokitika. It has been known for somo time past that a few diggers were working in that direction, but their exact whereabouts was a mystery, and two or three attempts to find them having failed, the grapes were condemned as sour, or, at the best, not worth striving for. But attention was again redirected to the supposed place at the commencement of this week by a rumor of two men having sold two parcels cf gold at Kanieri Town weighing respectively 19oz and 14oz. One of them has visited the township every week for stores, and it was suddenly - remembered that he never arrived until after dark, and invariably managed to get out of town before daylight in tho morning, the liveliest interest was manifested in his movements, and when he last left town several diggers followed him. He gave them the slip, however, and so far the locality of the new diggings continue a secret. The usual Bank holiday on St. Andrew's Day was kept yesterday instead of to-day, as it was thought closing the Banks on a Saturday might occasion groat inconvenience to the public. We are informed on good authority that the sporting men of Nelson and Wellington intend sending down several of their horses for the forthcoming annual races ; amongst the rest we may name " Golden Cloud" as having been purchased by an old Hokilika resident for tho purpose of contesting the palm. From all wo can learn, the next meet is likely to prove a thorough success in every sense of the word. The " Wellington Independent" has boen informed on good authority, that the Hon. J. C. Crawford, tho Wellington Resident Magistrate, has resigned his seat iv the Legislative Council. Another local industry, although on a small scale, has been commenced on the Hau Hau Tramway. A charcoal burner has established himself in the bush about halfway between tho Half-way House and the Hau Hau, and has commenced operations. He sent threo bags of charcoal into town yestorday of very superior quality. Much to tho astonishment of everybody, says tho "Independent" of the 21st inst., tho Mataura made her appearance in tho roadstead about five o'clock yesterday morning; and "was followed, threo hours afterwards, by the Taranaki, with the Suei mail. We bolieve thi>.is the first occasion, since the establishment the Paiiaraa"*Bervice, -that the t^o

mails hare arrived at Wellington on the same day. The rapid passage made by the Mataura is exceedingly gratifying, as it shows tkat the voyage can be made witbin the contract time ; and no doubt, as soon as the coaling arrangements which are necessary to put a line of j ocean steamers in thorough working order are completed and fully regulated, we shall find the Panama steamers as punctual to time as the P. and O. Company's have been lately. Yesterday morning about 4 o'clock, the ground was covered with hoar frost, and the atmos- j phere was exceedingly cold. As the morning j advancod of course the frost disappeared, and the day turned out sunshiny, although the air felt chilly. In the evening the sky became cloudy, and there was every appearance of more rain, which began to fall heavy about midnight. We are requested to state that the cold collation after the Installation of the R.M.W. and officers of the Westland Kilwinning Lodge, will be provided at Brother Osborne's Empire Hotel. The Installation will take place at live p.m., at the Masonic Hall, Commercial Hotel. The •' Wellington Independent" of the 21st inst. says: — "The Hon, J. Hall ha 3 gone to Hokitika to make certain arrangements necessitated by the flaw in the Westland County Act, to which we have before alluded. The Provincial Government of Otago (it is said) will shortly despatch a steamer to Preservation Inlet and Martin's Bay, or other, parts of the Coast, with the object of forming a new settlement there. The ballot taken by the Directors last evening, for the office of Secretary and Manager of the Hokitika and Grey mouth Tramway Company, resulted in the election of Mr G. Wcmyss Dairy inplo. A man named Henry Hopkinson, alias Yorkey, has been missing from his house in Beuley street, einco Tuesday, 19th November. His wife states ho left his home about 8 o'clock on the morning of that day, carrying a basket containing sonio fish, promising that lie vrould bo home by dark. Ho was lust seen in Revell street, at 11 a.m. the eamo morning, and since then he has neither been seen nor heard of. Enquiries hare boen made from several persons who have returned from tho Grey and other ports Uorfch, but no intelligence can be gained respecting him. Wo, yesterday, had the ploasuro of inspecting the establishment of Messrs J. Doolsy and Co, and which is situated on the Hau Han Tramway, not far from Revoll street. Messrs Dooley and Co have long been known as manufacturers of cordials and aerated waters, and from what we saw yesterday they are certainly making great preparations for supplying their customers during the ensuing Christmas festivities. The machine used in making soda water, lemonade, sarsaparilla, &c, is one of Tyler's (London) best, and ia in capital working order, as Mr Dooley filled and corked fifteen bottles per minute. There is also every convenience for making ginger beer and every variety of cordials. Tho water used in manufacturing these articles is very pure, and is brought fromaspring which rises in the terraces at-the back, by means of a flume which has been constructed at considerable expense. We may mention that connected with this establishment there is a very creditable piece of local workmanship — an American waggon splendidly made by Mr Stone, carriage maker, Eevell street, and which will run in the streets of Hokitika to-day for the first time, for the purpose of carrying round for delivery the products of the manufactory.