THE BANKRUTCY ACT.

Wairarapa Daily Times, Volume VII, Issue 2103, 24 September 1885, Page 2

THE BANKRUTCY ACT.

The result of the action of the Official Assignee v. Haw kings, which was heard in the District Court, yesterday, is a very important one, as it should set at rest a point on which there has always been a good deal of doubt. Clause' 27, of the Bankruptcy Act Amendment Act, 1884, provides as follows;—"(I.) Every conveyance or transfer of property, or change thereon made, every payment made, every obligation incurred, and every judicial proceeding taken or suffered by any person unable to pay liis debts as tliey become due from his own money, in favor of any creditor, or any person in trust for any creditor, with a view of J giving such creditor a preference over the other creditors, shall, if the person making, taking, paying, or suffering the same is adjudged bankrupt within three months after the date of making, taking, paying, or suffering the same, be deemed fraudulent and void as against the Official Assignee. (2.) This section shall not affect the rights of any person making title in good faith and for valuable consideration through or under a creditor of the bankrupt." This has tieen generally accepted to mean that any property handed over to a creditor in satisfaction of a claim within three months of the bankruptcy was fraudulent, though why that should have been done we do not know, We, however, remember an instance in which n debtor was forced into Court, and the creditors wore advised that they could go into the bankrupt's dealings for the last three months, and if they found that he had made away with' property in a manner.: that seemed to them suspicious, they could prosecute him Inthccasereferred referred to, the bankrupt, who had a well-established business, in November last got certain accommodation from defendant, and gave him two bills and a number of sheep as security. Some time afterwards he also sold him a horse and cart, The bills were dishonored, and the sheep, as well as the horse and cart, were then removed, the removal taking place within three months of the bankruptcy. The creditors now suught to recover the property or its value, and the holder refusing to deliver, the action was brought. The defence set up by Mr FitzGerald was that the sheep were given as collateral security outside the three months, that the sale of the horse and cart took place outside of the three months, that the bankrupt had no reason to believe himself in an unsound position at the time and that the transactions were, therefore, bona Jide, and did not come within the meaning ot the clause, as fraudulent against the Official Assignee. Mr District Judge Davy agreed with this view, but left it to the jury to decide whether the transaction was bona /ide or not. The jury returned a verdict for the defendant. The result, could not, as a matter of course, affect the point of law raised by Mr FitzGerald, It must be admitted that ths law, as it now stands, makes fraudulent preference possible; but we doubt whether any just means of avoiding it could bedevised. It is better that the law should allow a latitude in tho present direction than that absolute injustice should be committed through it by going too far in the other.

The annual meeting of the Wellington and Wairarapa Acclimatization Society will bo held in the lecture room of the Museum at Wellington at 8 p,m, tomorrow.

Mr P. H. Wood holds a sale on account of the Auckland Clothing Company at Carterton to-morrow. The sale will be without reservo,

Mr W. T. Leavers, of the Criterion Coach Factory, Wellington, announces as a speciality that he is prepared to deliver the New Zealand dog cart at any railway station in the Wairarapa for L 26. The special prize Committee of the Masterton Horticultural Society canvassed the town yesterday, and succeeded in obtaining special prizes to the amount of L3l, and before closing expect to reach

Mr J. King, of Carterton, is about to dispose of the whole of his dairy cows and other stock, and has instructed Mr F, H. Wood to do so for him on Tuesday, the 29th inst. The Bale is an important one to dairymen.

The roads having improved since the return of fine .weather, Mr W, Neill announces that he will resume running his' coaches to Tinui and Cashpoint on Tuesday next. The resumption will prove a great convenience to travellers. The report and balance sheet of the Masterton Permanentßuildingand Investment Society which is to be presented at the annual meeting of shareholders tomorrow night, has now been circulated. Shareholders will be pleased to find that the Society has continued to make substantial progress, and that their shares have increased considerably in value, apart from the payments they have made. The total profit has been L4G3 0s 2d as against L 298 9s

Messrs Muir an.d Dixon have eveiy reason to congratulate themselves on the fact that they have succeeded in carrying off a second prize for their double seated buggy which they are showing at the Exhibition, They had to compete against all the leading coach builders in the colony, some of whom have most -extensive workshops and employ a large number of han<}s, and the fact that only one of these could rank abcye them speaks volumes for their skill and workmanship, We have already described the vehicle, so we need not do so again now. Those who wißh to inspect it will have an opportunity of doing so at the ensuing show in Masterton,

The Temperance Demonstration in Wellington yesterday was attended by thousands of people, and the procession iyas three quarters of a mile lopg. The procession formed in the paddock of the Hon. J. Martin, To Aro, and tljon marched through the principal streets, a strong choir singing suitable hymns. In the evening there was a gathering in the Concert Hall of the Exhibition Building, when addresses were delivered by fcho Chairman, Mr Cameron (G.W, Secretary of Good Templar Lodges), the Premier, Mr F. Fulton, and others, the choir again rendering appropriate hymns. The proceedings closed with votes of thanks to the speakers and the Chairman.

The moon will rise partially eclipsed this evening. Messrs J.H. Wallace and Co..hold their etock sale ot Ngahauraiiga tomorrow. : . ■ '

Messrs Lowes and lorns have, made several important additions to the advertisement relating to their horse .parade and sale)

The business of the Resident Magistrates Court at Greytown consisted of five "chimney" cases, that i number of residents being ordered to pay 5s each, without costs,

Messrs Lowes and lorns held a sale of produce at their rooms yesterday, when the following lines were quitted:— Feed oats 2s 6d to 2s Bd, fowls' wheat .3s, barley 2s 9d, aeed potatoes 4a 3d to 4s 9d, flour £lO per ton. A lot of sundries concluded tho sale, A meeting of the Dreyertown School Committee was held on Monday evening, Present Messrs Osborne (Chairman), Elliotte, and Thrupp. The minutes of previous meeting having been confirmed, sundry small accounts were passed for payment, and • the Chairman was authorised to expend thirty-five shillings in clearing the play-ground.

Messrs Lowes and lorns commence their sale of drapery, clothing, etc., under instructions from Mr M'Dowell at their rooms to-morrow, at 1 p.m. Mr M'Dowell has determined to dispose of everything he has in stock in Masterton, and there will therefore be no reserve. The salo extends over two days, and some good bargains will bo offered to the public during that time. . To show the saving that will be affected by the change in the railway tariff, we may mention that the present charge under Classes C and D is 34s Id per ton, and that under the new scale Class C will be 28s lid per ton, being a difference of 5s 2d. The two classes cover the bulk of station requirements, so thafc-jifc may be expected that a good deal of the Whareama traffic will be drawn to Masterton.

What will undoubtedly prove the best concert of the season in connection with St. Matthew's school room takes place at tho Theatre Royal to-night. The first part of the programme to bo presented consists of miscellaneous vocal and instrumental items, some of which will be rendered by visitors who are deservedly entitled to take a high rank in musical circles, while others have been allotted to local amateurs, The second part consists of the "Merry Men of Sherwood Forest," the music of which is sure to prove acceDtable to the audience.

As a mob of cattle, belonging to Messrs Lowes and lorns, was being driven from VVoodville on Tuesday morning by Mr .Lind, twenty ol them went through the cross-bars of the Ngawapurua bridge. Twelve were killed on the spot, says the Examiner, and the others much injured, It seems the space between the bars is the same as on other bridges, and the mishap was owing to rushing, It is only about a week ago since Mr Baucke, of Pahiatua, lost a valuable beast in a similar manner. The Public Works Department should take steps to at once have the defect remedied,

A musical entertainment was given last night at the Town Hall, Carterton, by the Greytown Wesleyau choir, to a fair audience. The conductor of the choir was the Rev. J, Ward, reader Mr F. H. Wood, pianiste Mrs Ward, The readings were short and humorous selectiou from the Eev O. H. Spurgeon's famous John Ploughman, and were rendered in very good style and highly appreciated by the audience. The music and singing was done in capital style, and was all that could be desired to make an enjoyable evening. The performance was carried out according to the programme, with the exception of a solo. Miss Wood's pianoforte solo "Lurline" was so loudly encored that she had to repeat the latter part of it. The performance was brought to a close about 9.30 by the Rev J. Ward pronouncing the benediction, and every one present seemed higlily delighted with the entertainment. . A vote of thanks with suitable compliments, brought it to a close. It would be extremely difficult to judge which was the most appreciated in the vocal items, for they were all equally good, and Greytown may well be congratulated on being able to produce bucli an efficient choir,

Venetian Blind and Revolving Shutter Manufactory, All Blinds guaranteed of the very best, description. Price list on application to R, W. llemi (late Henn & Hansen,) Poneke Stean\ Venetian Blind and Revolving Shutter Factory, Wei' lingfcon,—Advt. 1 wish most sincerely to thank the many visitors from the Wairarapa for their liberal patronage during the last three weeks, and beg to inform intending purchasers that my whole stook of Clothing, Hats, Hosiery, &c. &g. , will still be offered at the net cost price for cash, up till the end of the present month,—l am, John Thorburn, Clother &'Outfitter. Willis-sfc„ Wellington,