The Wairarapa Daily. FRIDAY, MARCH 30, 1883. BANKRUPTCY LAWS.

Wairarapa Daily Times, Volume 5, Issue 1340, 30 March 1883, Page 2

The Wairarapa Daily. FRIDAY, MARCH 30, 1883. BANKRUPTCY LAWS.

All sorts of bankruptcy laws have been tried, both at home and in the colonies, and one and all have been found to be but " vanity and vexation of spirit." In New Zealand we have every reason to be dissatisfied with the Act under which so many colonists shake oIF their debts and difficulties. Does it give us fair dividends 1 Does it punish the fraudulent debtor 1 Echo on all sides answers, No, Sometimes an honest, well-meaning man blunder in its meshes, but the scamp slips through '11101)1 with the utmost expedition. The Eight Honorable Joseph Chamberlain in a recent speech has given his ideas on bankruptcy legislation, and they aro well worthy of consideration. There is no clearerheaded business man in the United Kingdom than Joe Chamberlain, as he is sometimes irreverently called. Twenty years ago he was unknown to fame outside his own town. In Birmingham, people knew hira as a sharp business man—a partner in a big firm of wood screw manufacturers, which, by its enterprise, had ran off all its local competitors and secured almost a monopoly-of this particular product, He was also known to. a few persons as a very regular and attentive member of a debating society which held'periodical 'meetirga at Jidgbaston. Having trained himself in this arena, he came forward as a public man and step by step made his way. up the ladder with marvellous rapidity. He soon became mayor of Birmingham and was next heard of as its' member. Before ho had sat many sessions in Parliament he led the: Radical party and became a Cabinet. Minister. On 'such a question as bankruptcy legislation he is eminently qualified to express an opinion. In the 'speech to> which we allude, the right lion gentleman quoted figures showing the action of the bankruptcy laws as they at present exist, aud asked, What are our objects? "In tile first place, we want to make the estate as large as possible, and that the estate should be satisfactorily and honestly conducted; but there is one thing which is still more important, viz,, that ilicrc should be fewer bankruptcies. I do not believe there is anything which can make them satisfactory, but we have to try and make them moro profitable than they are at present, We want an impartial and judicial inquiry, such as is carried on in eases of insolvency, If after a careful examination we find that a man has been ah. honest trader overtaken by misfortune we shall rejoice that his innocence has been made clear by this examination, that he will leave the court without a stain upon his' character, and obtain his discharge. If his bankruptcy has been brought about through negligence, then we shall mi-, pend his discharge, or grant it on any condition the Court may impose If the bankrupt has been guilty of fraud, then there is ample providion in my Bill for his prosecution. That is an essential condition in any measure of the kind. Theexaminationinopenconrfcand supervision of the accounts by some impartial authority to ascertain what led to his present position are necessary parts of the measure. I know what may possibly be said by those opposed to reform in the Bankruptcy Laws—that my Bill is a return of the official system. ' Do not bo • led away by words, You cannot haveanyjudiclal system without having an inqniiy that shall be official. You could not leave these matters to volunteers. The old administration to which so much objection was taken, without good and sufficient reason, was the official administration of the bankiupt's estate, which I do not propose at all. I propose that there shall be an official judicial enquiry. It is quite impossible that such an enquiiy can be left to creditors. The breakdown in the bankruptcy law lias been that the creditors cannot attend to the administration of the estate, still less inquire into causes which led to the bankruptcy. It cannot be more absurd than to expect every creditor of .£3O or ,£4O to enquire into such matters, It is impossible to expect him to throw good mqney after bad in looking aftoFhis to seejvhetlier the wMe'bf tfoconducY'of the debtor •i- •> )

has been perfectly satisfactoiy. -It is; tlio work of the court,\of the official adminibtration, td"see if there has been a,vy misconduct of tho kind, and to punish accordingly. Ido not pret°nd to believe that any other reform will be thoroughly satisfactory, , v If "I have tho support of the commercial classes, which I believe I shall havo, I will endeavour to make a fraud less possible, and to protect the honest trader in his business, and so try to raise the tone of commercial morality/ which may save us from the disgrace which attaches to us at the present time, and which.is really intolerable in the commercial history of this country." If Mr Chamberlain had "been speaking of New Zealand ho could not have sounded-a truer note than his text of- " fewer bankruptcies." When a man goes wrong out here we know very well that tho ci editors' dividend will be nil, or some small sum which will not be worth tioubling after. If, however, it is piacticable to reduce materially the thousands of insolvencies that dis-1 giace Now Zealand, a great and positive gain will be secured. If again it is possible as Mr Chamberlain anticipites to raise tho tone of commeicial morality by the Legislation which he advocates, a still greater and more permanent advantage will be obtained. '

The finance Oomuiittea of tlie Master ton Fire Brigade meet this evening. A m ell bred shorthorn bull is advertise; fur sale by Mr A. Mitchell, Featheraton. Tiie Masterton Debating Society mee this evening. No programme of bushiest iu announced. • The Property Tax Assessment Re viewers sit at Featherston to-day, anc to-morrow they hold an adjourned sittinj at Masterooti, ;.-. Tenders are invited by the Piiblii Works Department for additions to tin goods sliud at tlie Wellington station. • Voters in the Masterton Town Landi Trust District meet this evening at the upper room of tlio Institute to consider the proposal of the Trust to sell to the Government a sito for a new Courthouse. Ai Mr S. Vennell was driving from Oartorton yesterday, : thu horses in ihe buggy shied off the road and- upset the whole machine into a ditch near the tollgate. Fortunately no one was hurt, but tho pole of the buggy was broken.. The Wairarapa East County meets at Maßierton.toinorrow." There are reported to be very numerous applications in for die secretaryship. ■;Mr F. H, Wood sells at Carterton tomorrow the.balauco of Messrs MoDowell Bros,' Carterton stock-in-trade, Tho usual-parade of the Masterton Volunteers takes place this evening, after whioh a general meeting will be held, and, wo understand,'the past year's capitation will bo paid. Twelve boys iiri) wanted lor'the choir of St Matthew's Church. Applicants are requested to be at the church on Thursday next at 7-30 p.m. The remuneration is £2 per annum, .. A mooting of the directors of the Masterton Theatre Royal Company was held last evening, wren it was resolved to make an effort to placo the remaining unallotted shares. We may, mentioji the shares mo of the value of i's. each, only 25s of which can ho called "up. The liability of the shareholder is limited to the amount of his shares. Mr F. H. Wood had a large attendance at his monthly'stock sale at Carterton yesterday. The competition for sheep was brisk, all yarded being sold. '-Very little spirit was evinced in the bidding for cattle and , horaes, The following prices were realised, viz,:—loo Ilomney Marsh ewes, Mr A.McKenzie, at 10s; 103 do lambs, Mr T. Keniptnn, 4s 6d; 60 crossbred wethers,- Mr P. McLaron, 8s 10d; 50 do, Mr John Smith, 8v 10.1; 100 do ewes, Mr P. McLaren, 5s 9d; 170 do do, Mr P. McLaren, 5s lOd; oiiambs' in wool, Mr J. Vile?, Featherston, 63 7d; 12 Merino doj Mr J. Viles, do, 4s Id ;*4l- - ewes, Mr J. Viles, do, 3s 2d. Oattle-3 steers, Mr H. Udy, jun,, at £5 'sa; 2 do, Mt E'Udy, jun., 1-312s 6d; 3 do, Mr Stephens, £i 7s 6d. Cows, from i 3 to £5. Ahorse, trap, and harness went to Mr Herbert for J!3s'.' Mr T. L, Thompson of Te Ore Ore invite tenders for falling a hundred acres uf buah.

Mr -Th'onma Eiinis, tailor, of Willis-st Wellington, has a trade announcement in our advertifling Columns, Mrs MaeDonidd, surgical belt and stay maker, who has just arrived in the Empire oily from the British metropolis, advertises her specialities in this journal, Notice is given that all those who assisted at the pumps on the occasion of the late fire will he paid for their services at the Temple Chambers at 8 p.m. this evening.

Messrs L, J. Hooper and Go., annouuee their season's show of drapery and millinery for to-morrow evening. We hear that the Gear Meat Preserving C iinpany are about to establish a receiving depot at Feathetston fur poultry, game, &c.,and that Mr Laurie will be the resident agent. The Taranaki Herald says:—" It appears that setilcvs as far south as Wairarapa, in the.V.Vl'w'tim Provincial District, find it'in llie.r advantage to send their cattle ami li-n-st-s to Auckland via Waitnra, 'A few days ago a settler in the Wairarapa; drove overland sixty-five horses, and shipped them by the steamer Haurakt for the .Auckhind markot. This wa3 done at a lotal cost of £2 per head, beirju a saving of about £6 per head upon the oharges by the steamer from Wellington, ! Two of the pianos raised'from the saloons of the Austral, s.s, undor waier in Sydney harbor, were sold a week or two since, and fetched—one Is, the other 15s. ' '-'"' A sharp shock of earthquake was foli.in Greytowii on Wednesday night between 10 and 11 o'clock. ".Horace Bent" is to arrive in Masterterlon ibis evening. . Mr Hassell, creditors trustee in, the

estate of Mr Job Vile, notifies that he has sold all the unrealized estate of the bankrupt to Mr John Yiie, who is' authorised to collect all outstanding accounts and debts.-■-••■ ; . ::: ■■'_., ■' . •'.../ ~': Professor .Wiggina storm has not even-, ■tuatcd. The fateful ides of March-., have passed with nothing more important than a : welcome down-pour of rain; welcome to the Iparclicd eoiint'ry- and welcome to the drapers, ;who- hope:;toisell their stook of garments weather./ quitewilling to;help-our! customers .to provide a};" faiiiy;vdaiy,?! : :by bffeiing ; ; bur., i'^tiamprejSecco' I ;;cloak|,/which is: a. most!

i'usefiil. and! necessary garment, thoroughly -waterproof,- and !very light-in-weight; ..to'be ;had in Navy'.-blue and bla'oklnd ; in all sizes; 1 : .Eachcloxkisprovided-^ith'a^ 'of the: same material' to 'I carry ;at:Whenjnbt! |!re^uired : tobe!!wbm;j;: -We would aJ6b invite I 'chjirniing i : ;bldy fe.be ':T£AMslihlse|Wel^