The Taranaki Herald. PUBLISHED DAILY. WEDNESDAY, SEPTEMBER 7, 1887.

Taranaki Herald, Volume XXXVI, Issue 7964, 7 September 1887, Page 2

The Taranaki Herald. PUBLISHED DAILY. WEDNESDAY, SEPTEMBER 7, 1887.

Ths Bankruptcy Laws are worse than useless. In Auckland laßt week, at a meeting of creditors, those present passed the following resolution :—' ( That the creditors are of opinion that the 5 deficiency shown cannot be accounted for, but decline to spend money in endeavouring to obtain a conviotion, because they are well aware from past experience . that the existing bankruptcy laws are worse than useless to them. Copies of this resolution will be went to the Minister of Justice, to Judge Ward, and to the Chambers of Commerce of Auokland, Wellington, Christchurch, Dunedin, and Inveroargill." When a 1 number of persons come to suoh a decision as above, it is very olear that some change in the commercial code of morals is necessary, and should be enforced by the community at large. The dishonesty of the age is one of our national calamities, and no law, it seems, can be framed to punish the evildoers. There are blameless failures in business, but we ore afraid the majority of bankruptcies are brought about by recklessness and ntter disregard of the consequences. We find men in business investing in mining shares, looal industries, land, and everything of a similar speculative , nature, with the money wbiob should be j

nsed only in their business; and even with the money that should have gone to pay for goods purchased by them. Loss by the speculations means bankruptcy, and thesufcerers are those who carry on their businesses honestly . The honest mania made to suffer in two ways— first, by the aotual loss sustained; and secondly, by having tbe goods in bis store depreciated, owing to bankrupt's stock being put into the market considerably under its cost. Speaking on the matter at Napier, a Mr. Paterson cays :—"What we want is a much less extensive system of oredit and more reasonable bankruptcy lawß, 80 that a dishonest man may be more easily and cheaply branded. It appears to be very difficult to make a good bankruptcy law. The best cure would be to raise the moral tone until everyone will acknowledge the binding nature of his obligations, so that h» would no longer try to shuffle out of them. This is the only way to get the world out of the cesspool of lies, fraud, and embezzlement in which it is sunk. If this were aohieved ; if men would acknowledge the moral claim of their .creditors, as they should do, 'legal discharge ' would have no meaning for them. They would feel bound to pay all their debts to the uttermost farthing. In case of real misfortune creditors might sympathise with a debtor, and forgive him part of a debt, bnt at least he should offer to pay it." We fear, however, that no ohange will be effeoted in the commercial morality of the world until the honest men oombine together and boycott not only tbe uncertiuc&ted bankrupts who have aoted dishonestly in their past business transactions, but likewise those who help them in carrying on fraudulent businesses to the detriment of the whole community.

Thb Union Steam Shipping Company is a commercial enterprise New Zealand has to be proud of. In a speech at Port Chalmers the other night Mr. Mills, ia arguing against speoial taxation on ooloaial shipping, pointed out that the Company he was connected with did not esoape from contributing their fair share to the Government of the colony. They paid, he said, property tax on all their property other than ships' stores, merchandise, etc. They paid in Customs duties on supplies no less than £6,000 or £7,000, and in light dues some £5,000. They paid no less a sum than £12.000 for pilotage and port dues, notwithstanding that they never, or very rarely, utilised the services of pilots. He further mentioned many other cams to show that the Company contributed very considerably to the support of the institutions of the colony. The Union Company is 'ho doubt the greatest local industry in the colony, and as such deserved every sympathy and consideration both from the people and the Government of the colony, seeing that it is suoh a large employer of labour, ( -.d that by its large expenditure it afforded a great deal of assistance to many deserving industries. Mr. Mills told his audience that the total expenditure last year amounted to about £600,000,' or something like £50,000 par month. The total number of employees ashore and afloat who were under monthly engagements was 1,500, representing, with families and belongings. 5,0J0, souls. Of mechanics, labourers, local carriers and others, there were from 500 to 600 who depended upon work from the Company, representing with families, etc., probably from 1500 to 2000 persons. They supported directly nearly 7000 persons, | besides, indirectly, the tradesmen, laborers, etc, with whom they dealt. Of their I expenditure, £200,000 went in wages and i labour; £40,000 in repairs and maintenance (largely labour); £60,000 in victualling alone. In connection with the latter item the Company used in one year no less than 2,00C,000R> of meat, equal to 40,000 sheep, and £15,000 worth of dairy produce. During the last six months they had carried 80,000 tons of West Coast coal, or equal to 160,000 tons in the year, and their steamers | bad consumed no Jobs than 120,000 tons of coal themselves." These figures are very instructive, and when it is considered I that the greater part of the money is ■ expended in the colony, it mutt be admitted the Company deserves to rank as a successful local industry, and deserves the support which it receives from the people of tne colony.

The improvement in the Customs duties for last month and the increase in the railway revenuo are, we hope, forecasts of a renewal of prosperity for the colony. The railway revenue for the first sixteen weeks of the current financial year was £325,941, as against £311,143 for the corresponding period last year, and the expenditure £221,809, £225,413. There is thus an increase of nearly £15,000 in the receipts anil a decrease of £4,000 in the expenditure, notwithstanding that seventy-five more miles are worked. There is a material improvement in the results of all sections, but notably on the Hurunui-Bluff, where the receipts show an inorease of £6,000 and the expenditure a similar deorease. The Wellington, Auokland, and New PiymouthFoxton sections all show better, but Picton and Whangarei are in a very bad case, the expenses having eaten up all the receipts and 16 to 17 per cent, beside. The general traffic exhibits an increase in most classes, the only material item of. decrease being iv the number of sheep conveyed. The approximate railway revenue for (ho four mdnths is £340,000, whichis about £25,000 short of the proportionate estimate, or at the rate of £75,000 for the year. Thiß decrease only indicates that the estimate is excessive, for tbe railways have, on the whole, done very well.