North Otago Times PUBLISHED EVERY MORNING. MONDAY, DECEMBER 5, 1887.

'I MB operation of the bankruptcy law oontinuia to tell anything Hnt en edlfyln? tale. In 1885 bankrnpio"- « lo the colony numbered 984, while lo*- year they were 105 in excess of that number. The mere Increase in number, however, le not the only nnpitaaant feature of tbe bueineas, for it Involves a large Increase in the losses sustained by creditors. Leaving secured creditors out of the calculation we find that in the bankruptcies of 1885 the debta proved under the bead of unsecured liabilities amounted to L 322.897, while the monay realised by the official assignees In tbe entates affected only amounted to LlO9 862. Here there is a difference to the bad of L 213,000, which m%y be looked upon as tbe money lost by the unssonred creditors in the estatea operated upon. List year the loss sustained by the same dais of creditors was greater both in its total aod its percentage ; for while they proved for LS66 291, the official assignees realised only L 128.370. Here we sac a total loss of some L 438.000 for the unsecured creditors, moro than twica oa much aa th* I total of the prevlona year, while the sum realised by the assignees on th»ir behalf exceeded only by about L 19,000 tbe amounts realised for unsecured creditors in the bankrup'eles of 1885. These are heavy loasea, and no wooder business people go to the wall under such a state of things — that is, unless their ostensible lostes to a large ex tent represent charges far in excess of market values. This li not likely to be the case to a large extent, however, if at all, in these days of ultra keen sompetition in trade, and a dead loss of dose upon half a million in one year by bankruptcies alone Ie therefore a thin* of ominous sigolfiotoce. It surely shows amongst other things that our bank' roptcy law is muoh too generous to bankrupts. It Is perhaps (rood for trade as a whole that unsound, uooertaio debtors should, almost anyhow, find their true level of solvency, or rather insolvency, for then they oaase to be reckoned upon, for the time being at any rate. But the question trim- -Should they be allowed to escape so easily at the Individual sost of oher men ? Suraly they should not. The grand remedy would ba no release through banksuptey at all. That, 1* seems, is net yet within tho region of the praotioal but If tblntja go on much longer as they: have bran K°i°K oo °' l* t0 » ** w^ °* strange if a demand Ia net made by those interested, to have it enacted tbat no bankrupt shall obtain his final reltate until he bae paid at least ten shillings in the pound to all bis creditors.

When the second reading of the Oanmu Harbor Board Bill was before the Home several members by their utterances showed that they knew very litt'e of 'he subject tbsy were discussing. Mr Fisb, a patriot amongst the many patriots who graoe our legislative chamber, said that all tha trade of Oamaru shoaid have gone to Port Chalmers, the natural outlet for this district. No one oould expect more from Mr Fish than tbls. Mr Fish b«s yet to mske a'repotaUon for himself for eornmon seme, but while he may have hitherto failed in this he has qualified himself ac one of the longest.wioded oratore in the House. Mr W. D. Stewart made a reference to what he termed tbe tuggestlon of repudiation by an Oamaru paper. Mr Hialop siid there was no so oh suggestion. This we have already said ouraeWes. What was written was in the direction of indicating what might occur if the finances of tbe Borough were allowed to continue in the state of disorganisation in wbieh they were at the time. And we still believe there might have been a failure to meet our cngegementi had that state of things continued. We are now, however, in such a position that this need no longer be feared. In this connection, however, we wonld like tb know If what we wrote vu anything worse, than was written by Mr Leary's committee on the occasion of the mayoral ejection in Danedin a f«w days ago, and published ia tbe Daily Tlmetf Tbe following is a paragraph from the manifesto, and will probably show Mr Stewart, if he dees not already know it, that bis own town ef Dunsdin if, if the statement mads by Mr Lttrj't eejtmjttM Ii aorrtft r ln • tome-

what similar plight to what Otmarv vu fa ■•▼»»! yean ego: "The general ft fling tt tb* (Danedin) municipal eleetlone Uic year, that corporation »ff*ire and finances were (n a staU bordering on diuiter, bu been amply ptoved to have been correct, and the ratepayers arc to be congratulated an havinp at thota elections returned ti their representatives u»d pledged to ehict eoonomy aod t" import i more business rigor into the conduot of their affaire." Tfaii shou! ' he a sufficient answer to Mr Stewart. Wkat Mr Fulton •aid in tbc House it hard I y worth referring to, ac hie remarke were, according to hii own itaement, based on hearsay, and were wiihont any founda ion in fact. He s«id ■omeone had told htm there were 150 empty b»u«es in Qamt.ru at the pretent time. Mr Fulton's Informant w*b wrong. At the taking of the test census the numbar waa about 90, and, we are informed, there are fewer empty houses noir than then. Can the lame thing bo laid of most ef tha large town* In the colony with rsapvet to a duoreaee in the number of •mpty bouses? We tbiok sot. The wbeie thing may be summed up in this : that Meeira Fish, Falton, end S'ewtri, from whom the opposition to thebiHesme, wire actuated by selfish motives in their opposition. As perrone Interested in Daoedin tb»y wisti to see the growing trade ot this place diverted thltber, and nothing wonld evidently pleaae th«na better than to hart Oamaru eoald Daoedla rasp aa advantage by it.

A meetinf of the direotora of the CaledonUn Society will be held la tbe Borough Coanoil Chambers at 8 o'oloek tkls evening.

A dayligkt parade of the gerrlaon eorpe will tako plaes la the Old Cricket Ground thU evening at 7 o'olook.

A oonoert and dance will be held In the Fakeuri Sohoolhoase en Friday evening next;, the proeee-Ss from which will be de* voted te tbe annaal school picnic /a«J.

The ohlmaey of Mi P. Sampson's dwelling oanght fire yeatcrday. The firebell rang out, and the brigade turned oat, bat their servieet were, of course, not required.

Mr W.: Milton's rm EUa, 5 years, jras inadvertently omitted from the list of nomination! for the flandloap Time Trot of the Tradeaaaen'a Racing Clnb, published In Saturday's issue.

Malls tvt Honolalo; America, Continent of Europe, and United Kingdom, via San Franohoo, elese at Auokland 10-day, at 530 p.m., and are due in fcondoa on Jans 9th.

The Taranaki Hermld makes the assertion that the fioma^h of New Piymonth has gone to the bad 19,442 6« 31 daring the year 1886 87. The rates are Si lid in the £. While the liabilities of tbe borough were the ■»me In 1886 as In 1887, the assets show a falling off to the above extent.

Bt«phen Boreham, th* same Stephen, we preaame, wao stood for the Hoaco of Representatives, waa fined at Kaiapot resently in the sam of L 6, or 14 days' Impritanmeot, t>t destroying property at the Waipara Hotel, and (or a'.aaaltfng tbe iandlcri of tbe hotal.

Sir Juliai Vogel ie reported to have said that since the ousting ef bis Government Mr Ballance and himself have not been anything like oloae friends, and tbls was •bowi by the f«ot that Mr Ballenoe did aot attend a meeting of the Opposition at which Sir Julias took a prominent part.

A meeting of the Teanerakl Sohoa'. Committee was held ia the souoolhouse on Fiiday evening last, when it wa» resolve t to grant two weeks' holiday* at Christmas, fro<n Thursday, tha Mad inetant< The ohlldren'a pioaie and games will be held In c paddook at Mr William Meek*, Teanerakl, en the following day (Friday, 23rd}. Parents and friends are Invited to be preseat,

William Qaeeney was agtia brought be* fore the Resident If agiatrate on Saturday morning. laapeotor Thompson tald eoeoted had be«n ezamlaed by Ot de Ltatour, whe ba4 given it as his opinion that he was not a fit snbjeot for the lnoatlo aiylam. Inspsotor Tkoatpson said aooaeed was sofferlng from exoe«slve drinking, and had behaved veiy violently while in gaol. A remand netll Monday wai granted.

Very satisfactory news somes to hand In Renter's messages. Wool is reported hardening in pries in tbe London market, and there kas already been a rise eqaal te the fall cbroololed ainoe Ike ep ?nlng of the present series; The rise Is Iron \ d to Id par lb, aooordlng ts description. If this rise took placa wA oh Amy'm aaotlaaa Ik la quite possible that the demanC that exists will oaaie a still further rise* None of tke N»w Zealand olip has yet retched Lendon.

An advert'aemenfe In another oolamo anoocnoA* that the Ceamlttee of the Oamam City Band have made all arrangements for the holding of tkeir aanaal ploalo and carnival at Walanakaraa on Bixing Day. M«s«ra Pattsrsoa^Jßrotksrs have plsood their groands at the disposal of the Band for tha occasion, and the Committee have aeaured spooial tralna for tha day. A programme of the day'a eventa and farther partloalars will be published in a day or two.

A eemmittes meeting of the Oamaru Poultry, Pigeon, and Canary Society wai held at the Criterion Hotel on Satnrday evening last. The annual report waa drafted, and the balance-ahc-it waa read. It was reaolved that the eeereUry c.-.1l the annaal meeting for Wedaeeday, tbe 14th laatant, for tbe oonaideratiin of the report and b»lanoe«shfet, and for the election of officebearers for the ensuing year, the time and place of meeting te be a4vertl«ei. We are git 1 to learn that the sooltty have a aarplus in hand, notwithstanding that a oonildsrsble amonot of additi isal plant had 111 1 be purohaced on aooonnt of the inoretsed number of entries at their last < xhlbition.

The popular entertaloment given at Mahens on Friday night, in aid of the school fand*, waa not favored with popular weather t sieverthelesi, the people attended In a o-immendab!e manner. The programme eonaiatad of a ooaoert and ball, and was cleverly carried oat, aod evidently tnuoh eojoyed by those present. Mr Raakln opened the concert with an amaaiag Bootob song, intended to pal the aadlenco in good bamor, which It did. A somber of tbe performers were vltltore frvm Oanara, amongsl them being Mines Fleming Mainland, and Mitchell, and Mr P«att : e, and eaoh of the ladles aang vary nicsly, and Mr Peattle gave a retding. Mr Harrison, of Eakannl, alto gave * reading, and so did Mr Cossgrove. Another of the lady singers waa Mlti Maodoaald, of Ottpopo, who wa« acoompaaled on tbe piano by Mlsa Diehl. Mr M'Pbereen, of Danedin, and Mr Maodoaald, of Otepopo, gave rcsitation', and songs were auag !by Messrs Marshall and Shaokletoa. A step dance was exeeated by Mr Knox, who waa supplied with first rate matlo by Miss Fleming. The school children were not behindhand with their eoatribatloa*. Master Baakin gave a reeltatiea, tome ef the children sang, whfla a groap ef three boys and a girl fpoke • dramatio mm The Sfaheno Brase Band pl«yed eeveml pieces daring the evening In creditable atyle t and, in^additlon to Miis Diehl, Mice Fleming and^diis Mltobell dsserfe praiie for the acoompanlmenta wbieh they cc skitfally played on the piano. Altogether, the entertainment w*s agreeableln Inself and was carried oat in a manner which was oreiitable to the performer*, and eetiafao* tery to the aadieaee.

A laughable story is told ooncernlog Mr Labouebere's doings while at Hamburg. One autumn, when there, before inscribing his name, he glancad through the visitors' lift, and was astounded at the host of Eteotors, Grand Dukes, and petty Prlncos that fig a red on every page. Determined not to bft on) done, he boldly »\ >nod him* ■elf, "Henry Ltbouo'icre, E'roor of Middlesex,'? asd was treated right royally duriag tee remainder of hie stay.

Mb Gkokgs RoKirioir, Surgeon Dentist, wfll p*y eU aeaal profaesleael vials t* Walsute tomorrow (Taetdev ) Ike lia tut*