THE WELLINGTON CHAMBER OF COMMERCE ON THE LAW OF DEBTOR AND CREDITOR.

Colonist, Volume VIII, Issue 801, 30 June 1865, Page 3

THE WELLINGTON CHAMBER OF COMMERCE ON THE LAW OF DEBTOR AND CREDITOR.

The following reply to the official circular of the Attorney-General, asking for opinions on thi3 subject, has beeu adopted by the Wellington Chamber of Commerce :— " Chamber of Commerce, 41 Wellington, 22nd June, 1865. " Sib, —In reply to your letter of the 20th January last, addressed to this Chamber, inviting an opinion and suggestions on the law relating to Debtors and Creditors, and in particular to the 'Debtors and Creditors Act, 1862,' I have the honor to inform you that the subject has had the earnest attention of the members, and it is now my duty to report to you the decision they have arrived at.

" In the first place, I must tell you frankly that they are unable to answer seriatim the questions put by you, and for this reason they are of opinion that there should he no. Court of insolvency, at all. The evils of the existing state of the law require a remedy stronger than the alteration of the minutite. To quote the words of an able writer on the subject, the cardinal error consists in imposing 'on a body essentially judicial duties essentially administrative.'

" They believe that the estate of an insolvent ought to be managed, by the optional administration of a separate executive department of the Government, such department acting through any official trustee appointed to each district. Ey ' optional' they mean that in the first instance the creditors should, if they choose, be allowed to appoint a trustee to take possession, get in debts, realise, and in short manage the estate of the debtor, for the purpose of winding it up with all convenient speed. In the event, however, of the creditors failing to agree on, and appoint a trustee within a time fixed by law, then the entire control of the insolvent estate should be vested in an official trustee, to be appointed to each district, who should act on his own judgment, but there shoald be the power of appeal.

" They believe it to be a mistake (I use the words of the author already referred to) 'to choose a body adapted for deciding legal controversies to be the executive body for transacting mercantile business.'

"The Supreme and Minor Courts should be open to all or anyone who may have veal or supposed grievances to redress, but what the Chamber contends is that when a man is declared an insolvent his creditors should, if they choose, be able to appoint iome one to manage his estate, and if they do not choose to do so, or fail to agree on a trustee, then, as before suggested, an official trustee should take the matter in his own hands. It will then be the fault of the creditors themselves if the estate does not yield as much as it should have done.

" The law, however, must define what is to be an act of insolvency. It is not sufficient to allow the debtor to be the only judge as to whether he is to take the protection of the Act or not; the Creditors must also have the power, under some circumstances, of declaring the debtor an insolvent; and I am advised by the Chamber to suggest that after judgment has been granted in any court of law it shall be in the power of such court (upon sufficient proof of claim being adduced to its satisfaction) to order an ad interim sequestration of the debtor's estate for a period of.. ..days sufficient to enable such claims to be established, and on the application of any judgment creditor, whose claim may not have been satisfied within days, the court shall order the estate of the debtor to be dealt with in accordance with the provisions of the Act. The object being to prevent the original judgment creditor having a preferential claim over an insolvent's estate.

" Due provision should, of course, be made for the punishment of any fraud or attempt at fraud. ' " Tliis Chamber is supported in its views by many high legal authorities, and by the knowledge o* the result of the working of the English system in. England, where statistics show a sum equal to 45 per cent, of the realised assets is wasted in expenses, while in Scotland, where the trustee system is adopted, and where there is no Court of Bankruptcy, the cost of collection does not amount to more than 20 per cent.

"In conclusion, from what I have said, you will notice this Chamber believes that the present system cannot either be modified or amended with advantage.

A new system, a radical change is wanted. Our Judges must not be required or expected to become executive officers for the purpose of directing the management of insolvent estates, nor should we devolve administrative duties on Courts of Law. . " C. J. Phabaztn, .';.!■- " Chairman Chamber of Commerce. " The Hon. the Attorney-General. "The Chairman said they had not considered any provision for the support of the debtor or his wife and family. This would be considered uncharitable of them. In another way, also, it would be well to provide for a debtor, as he would, if he knew he would be provided for, render up his estate as soon as he saw he was only losing it to the detriment of his creditors. He (the Chairman) of course was only speaking of an honest unfortunate debtor."

A despatch from Invereargill of 16th, says:— "The escort from Mataura brings 72 ozs., and favorble news." • •

The Provincial telegraph of Canterbury has keen handed over to the General Government. The issue of public telegrams has ceased. The Dunedin High-sibee! Mttkdee.—William Ford was last evening found "Mot Guilty" of the murder of George Kreuzer (" German Charley"), in High-street, on the 30th March last; and he was discharged from custody by Mr. Justice Richmond. The Crown Prosecutor declined to offer evidence on the indictment against Ellen Anderson, and she was formally found "Not Guilty," and was acquitted. The Court was crowded, especially during the evening, when a number of persons who sought admission were unable to enter.

Appboaching- Mabbiage in High Life. —The New Zealander of 17th instant announces that a lady well known as the niece of General Sir Duncan. Cameron, Miss Cherry, is about to be led to the altar by Major Leveson Gower. The happy event will come off on the 20th at St. Paul's Cathedral. We believe the Lord Bishop of New Zealand will officiate upon the occasion. '

Baffling a Carriage and Paib.—The Wellington Independent says: —On Saturday evening June 24th a very large number of persons assembled at the Empire Hotel, to stand their chance of winning Mr. Osgood's phaeton and handsome pair of chesnuts. The regulations of the raffle were the usual ones. Three throws with three dies, the highest throw to win. Two hundred and twenty-five one guinea tickets were taken, and at 8 o'clock the throwing began, and was sustained until near midnight, amid a fire of champagne, claret, and good humour. Fickle fortune divided her favors between three gentlemen, namely, Mr. Smith, Mr. Morton, and Mr. Osgood, each of whom threw 44. The latter gentleman, not wishing to win his own property in case of ill-natured remarks, after the last throw informed the company of his readiness to sell his chance, an offer that was immediately jumped at by Mr. John Martin, who offered him £30 for it, an offer which was much below the real value, but one which Mr. Osgood accepted. Mr. Morton disposed of his chance to Mr. Eowlands, consequently the turn-out is now a party concern, owned by Messrs. Martin, Smith, and Eowlands. Whether they intend to throw off or drive it in turns, or sell and divide the profits is not known, but we understand that one of the fortunate gentleman intends buying his mates out. The trap is in excellent condition, and all who have witnessed the stepping of the nags endorse our opinion as to their beauty, action, and speed. We understand that Mr. Osgood's only motive for disposing of his trap was pressure of business which compels his constant' attendance in his house, and which quite bars his enjoying a drive even one day a weak. Consequently, the horses were eating their heads off, and were at a great expense.

A Eiveb Fish. —The Lyttelton Times says.— Mr. Barnett, of the Hurunui* Hotel, has fowarded for our inspection a handsome fish, caught the day before yesterday in the Hurunui, and stated by him to be tho first of the kind ever caught there. The fish is of a very dull brown color and is marked with light blue and silvery elongated spots. Its length is between fourteen and fifteen inches, and the greatest diameter of the body nearly three inches. In form it somewhat resembles the English trout. "We have asked the opinion of some practical men concerning it, but the answers are so various as to prove only the little real knowledge which exists on the subject. But fresh water fish are not so common in New Zealand that a specimen would pass altogether without notice. If, therefore, any scientific man, on reading the above outline of the fish's appearance, thinks it worth further notice, he will find it in the care of Mr. Johnson, at the Acclimatization Society's garden for the next day or two. We are not informed of the method of capture, whether by net, bait, or fly ; and as there was no marks to indicate this, we shall be glad to be further informed.