THE CHAMBER OF COMMERCE.

Evening Star, Issue 7660, 10 July 1888, Page 1

THE CHAMBER OF COMMERCE.

The proceedings at the annual meeting of the Chamber of Commerce on Friday are not, we fear, likely to increase the prestige or extend the influence of that body. In the few words we s&id on the subject on Saturday we pointed out that the Chamber had avoided a plain duty in being absolutely silent on the new Tariff, in respect to which it should most certainly have made its voice heard, whilst as yet the subject was under consideration in the House of Representatives. Trade and the various interests allied therewith are of necessity vitally interested in the policy which has been forced on the country; but the Chamber, constituted specially to guard those interests and watch proposed legislation having relation thereto, has been but a dumb dog in the and even now that the Bill has practically passed commits itself tq no opinion one way or the other. The questions to which attention was directed are comparatively of small importance, and the reference to them tends rather to throw out in strong relief the apathy in regard to the deadly blow which has been struck at commerce in all its branches by the imposition of protective duties. The report, read and adopted by the meeting, covers a good deal of ground,, and indicates that the Committee have, in regard to matters which engaged their consideration, acted witk judgment and general good sense, although very little that is practical has been effectedduringtheir year of office. They applied themselves, among other things, to the revision of the existing scale of mercantile charges, and compiled a new scale, which was submitted to and approved by the Chamber. The terms between buyers and sellers, country exchange on cheques, bond charges, etc., were also discussed, and the attempt made to induce other Chambers to agree to uniform rates; but the interests were found to be so conflicting that nothing could be done;. What should prove very useful work was effected in the compiling of a set ol by-laws for the regulation of which include one specifically settling the arrangements under which questions may be brought before the Chamber for arbitration. It would certainly appear that the services of the Chamber in this respect might, with advantage, in many cases be availed of, to the great saving in pocket of disputants. In respect td the Otago Dock Trust and the ruinous waste of money which it was certain would be entailed had the proposed loan been negotiated on the terms indicated, and the money played ducks and drakes with at Port Chalmers, the Committee were prepared to take a very decided course, with the approval of the Chamber; but any immediate action has been rendered unnecessary by the fact that the floating of the loan has proved altogether mythical and the wings of the Trust effectually clipped for want of funds.

The bankruptcy laws are not, never have been, and, we may safely say, never will be entirely satisfactoiy. A sub-committee, the report states, have, in conjunction with the Official Assignee, prepared a number of recommendations, which have been submitted to the Government j but It is not thought to be probable that any amending Bill will be introduced this session. The subject was very fully discussed at a meeting of the Chamber held in November last, and we may presume that the recommendations referred to above were based on tha principles then approved. The Chairman (Mr G. L. Denniston), on that occasion, remarked that the number of bankruptcies was increasing, and had attained dimensions that in a small community was “ simply appalling." He was more and more drawn to question, he said, whether we should not do better without Bankruptcy Acts at all. “ Certainly the process, of ‘ white* “washing 1 under the present Act is “ made far too easy, and classes take “ the benefit of it for whom such relief “ was never intended ; but the chief “defect, as it appears to me, is the “ utter failure to put the penal clauses “into operation.” The small average return from estates realised, the Chairman also referred to as “very striking;" and he expressed himself of opinion that relief under bankruptcy should, not be given to others than since the Act was greatly abused by private debtors. This appears to be a very weak point in the law as it stands, but the difficulty presented is by no means easy of solution, since undoubtedly what may be termed legitimate cases of insolvency do. occur in the instance of persons not engaged in business or • trade. That there is, however, grots abuse of the Act for the purpose of wiping out personal and private debts no one can deny. At the meeting on Friday Mr Denniston simply referred to the action of the Committee in pressing on the Government the desire* bility of amending the bankruptcy laws. The Official Assignee, however, briefly addressed the Chamber with the view of indicating, as he stated, what ' f creditors might themselves do to protect their interests, apart from the Act, The suggestions have certainly the merit of originality. Whether they are practicable is at least questionable. We are ourselves inclined too the opinion that they come within tho i category of things visionary. MrAshcroft advises the formation of a e “ Creditors’ Association, which should ~ “ be at once an association of a mutual K

“ character, a debt collecting organisation, and a means for tabulating all “the information with regard to “ the position of the various parties “with whom the members of the “ Association might have business. He was told, he said, that in California there was such an Association of merchants and traders, and when one member “ took out a “judgment and got the benefit of that “judgment"’ he gave members the benefit of it. “ When a man was “pressed by one o' two creditors, his “ estate would be put in the hands of “ the Association for private realisa- “ tion, and all the creditors would par- “ ticipate in the assets.” Wc confess not bo be able to understand how such a scheme would work out, especially considering that any creditor outside the Association would always have it in his power to force the estate iuio the Bankruptcy Court. Mr AsiICROFT deplores, and with good reason, the reckless manner in which credit is given; but the remedy lie devises is certainly an odd one. There might be some means devised by which men should “ give a reasonable “ written statement of what their “position was when they obtained “ credit.” These should be, he suggests, in such a form as to bring the declaration, if false, within the legal definition of perjury. The object of the Assignee is to secure the conviction and punishment of debtors who obtain goods on false pretences; but he can hardly’ have thought out the general effect of such a proposal were it made operative l*y T legislation, which is not at all likely.