Page 5 Advertisements Column 2

Clutha Leader, Volume VI, Issue 338, 2 April 1880, Page 5

We commend! ttt-.ou«.readers;a : perusal* '1 of the. following article pn, ±ii(i-.nbove subject which occupied the leading columns-,.; of the' Morning Herald r -4>£ yesterday :— " Last week's: Mevuantile! Gazette has,.. . as usual, a long list of- - bills of sale, Bomep of which have beea executed' under . eir-.-cumstances which- are en fcitlod;to. a littleconsiderationA The system of -granting bills of sale haa assumed such- dimensions,. . that. at the first blushjit seeins<difficult torealise how business could ber carried ohi without them ; but experience shows" that . in many instances the signing .of auch a . document is the introductory atop- to tho- ■■ Bankruptcy Court. Ori*a .debtor, filing, a. . declaration of insolvency, the first-inquiry usually made by creditors is whether he' ; has given a bill of sale, , and, .if, 30,, to - whom. Such a security is aauietime3 obtained either by a creditor; who. intends id • gain, if possible, an advantage; over his .. debtor and thus over the- oth=ar.> creditors,' ... or in collusion .with r the debtor^ for the/ • purpose of defrauding the general body of the creditors. Of course we\do.not allude to those who v take such, a security for. thtt.v payment of money advanced at the- :time -• it is given, as they are. perfectly justified* in" making whatever stipulation they pleaao, as a, condition of agreeing to. ilend the. • money. We allude more. particiiliirly, to ><>• those,, who, knowing that a .debtor, is in difficulties, and that he is likely at no distant date to avail himself of .the Debtora-.>. and .. Creditors Act, at the .eleventh hour. - as it were. endeavour to secure =paymuiit,os; an old debt, really, at the .expenseipf. the, other creditors, and, at, the sacrifice of- tho debtor's character, for honesty.and fair • dealing. , ; That , the evil exists.. and ; wilf : continue unless checked, ,, no .. one 1 will! readily deny. It is certainly; a hard case for a dozen creditors vhoso dpbts^were m--curred under, precisely. simihu}, ( circuni*stances to find that, iqrieof arbitrarily: . selected „,by; } a r; though tless^ , ov - designing,, bankrupt'as.ithfe special ; , object . of his ,bp.unty. a ;Shj}uid\a fbankijupt My,ethis pow.er,- and; if so, under ; wfiat pondi- • tionSiOught . he to be at liberty to; exercise.-, it? After he becom.es unal>le:to/meet'hia^ liabilities, indeed so long ;.as lie ',has ; aiiy*,'. to.the,ex,tent pf.these^iis.prpperty really 1 ' belongs t();those to ,wh,9,m*]fie , js indebted.-. >We fail to understand, -therefore, why hej . whether upon the invitation .of a friendly.creditor or ( of T his pwu gopd.w ill, should hayethe power to r wrpng those who may desire to-* ' act fairly. f ,The rernejjy- for such aiiuuaatisT - factory state ; of., things , is in, the hancUf, pfef creditors, and those who, have 'the jtixisr • fortune— we \yere about to say. the pnvif-lege-^pf sitting as jjuymen. ; If the latter, /. resplufcely set their faces .against.ail'prafer» ■ ences, to particular; 01'editorsj we ., fancy, iin« , a short, tinae 'f ew;', wotiid; be .. . f o uji'd >desirpusi : .of .attempting; to gain ; any ,uii(iue^yan}. r. tage.; but so, long as^uriei. shelter sharp.); or, queatip'naj)ie, . : .tran^actionß,;siic|i as; -thatf.- . itp which we f haye, ; alluded,^a, \psejniuin isa? •', held. out to the perpetivatidn,,of a^ 'vicious:?;, sy^teni.wkchfisiraiigh^^itt^^^ is; attended;; almost •inyariabiyirw^th/mjfrs^ - . ticei -i •Iti'setfmsv^to t : : -us; f^hat; a r ;biil ; o£ia^e >•. v iwhich is. given^ to secure ;paym\iht^>f^a^r'jj^ j y existing debt/ should ;,be,>hQld^abs*|)l|ftei^/-7 bad jifc signed withln^thr^e. or^foug^ontlrai,; of' the, time. ;: at.; which -; ; a de|toc^ißpoi)J»;^ payinent'. y;^^^v^^\s^hxk^^x^^o^ . d^nptge^jor^rid^^^^pi^ I\ment"pf .theirideb^s^ilhh t e|heiij^ely^S4.&\^la^