The Wairarapa Daily. WEDNESDAY, OCTOBER 25, 1882. THE BANKRUPTCY LAWS.

Wairarapa Daily Times, Volume 4, Issue 1212, 25 October 1882, Page 2

The Wairarapa Daily. WEDNESDAY, OCTOBER 25, 1882. THE BANKRUPTCY LAWS.

During the;last'.session the Government were not successful in reforming the Bankruptcy Law in this colony; and perhaps it wasas well that nothing was done. If they had been able to piss a brand hew Act, bristling with penal clauses, and a termor to evil-'loers, the result would have, bees, pjl In Now Zealand the administration of tjie law is''of more importance than its provisions, ,and what between good nature, indifference, and-lax moral principle,', /the commercial world of New Zealand will slip'any number of "bankrupts through the court without hurting a hair of their heads, and frequently without looking to see whether thoy have any money in their pookets, It has been said that the best/bankruptcy law ;is; no Jaw at all, If there'^vere.^iio' protection againstdebtors,dealers would be-very careful not to give too much credit. We bel.ieye that if a commission of inquiry, were sent round tjje world to discover a good bankruptcy act it woujd return from its quest unsuccessful, / f good; bankruptcy act may bo defined as one, which in an estate worth ten shillings in the pound will realize seven and sixpence, or at least five shillings for unfortunate creditors. Our bankruptcy law at preaent is iupractice,.a measure for the relief of debtors and the confusion of creditors. Without any new. law it could be made to work to the coHfusion of debtors and for'the'relief of creditow, but for this to be. done, we require a different state of society. Chambers of Commerce do not take a voryjhjgh K tone;as:yetjin New Zealand. They iwd at being smart rather than at being . conscientiou. A fraudulent bankrupt might be prosecuted, far example,, if jt were thought that any money could he^piit'jofihim, but he moulds pevev'be Vomejd jijst for'the sake of vindicating thejaw. The;C/m ; sequence is tiiat-NeiSr --Zealand ioffers \ attraqtipns to adventurers, and the sersßants' : who jnpwjSndifflgftin'Ve bitten by trusting these'gentry fail isjhe best policy;'' A low standard of comimereialmoralityifajperliapsjncidentel to the settlement of a new country where a- .sort, -of give and take pctjice is certain to obtain, but it is' m v## jijkat look in older countries; for a really fcjgih. standard of commercial morality, and .ss, ;|?' m'obably'the; 'lop Jkk badly m other communities, i?ob]ic, opinion is haydly ripeasyeWor ft more thahinow obtains, Whenjt is so no .doubt it will be well to have'fresh'Legislation. !At"present' creditors will not avail themselves of the powers - they possess, and; under, ng:them-in.;

creased control would be nofretnedy.j The commercial lessons of ihe year: 1878-79 i:o>ght to;have'.taughj£NewJ Zealand UieadVapt^gesofßtiictef.busi-: ness code, butjas a matter of fact it has' not clone bo Wa- efficient extent, and there is little chance of a higher .standard of commercial, mpralifcy.being adopted'.till another, financial reverse | sweeps-over the colony. ; ' /■' -'■• '>' < ''