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Leader (1850-1860), 12th February 1859, Edition 2 of 2, Page 26, GENERAL TRADE REPORT.

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      218 The Leader. [Isto. 464; February 12,...

      218 THE LEADER . [ ISTo . 464 ; February 12 , 1859 f

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      Bankruptcy Bilii. Wheu A Gentleman, Requ...

      BANKRUPTCY BILIi . Wheu a gentleman , requires a new suit he does not apply to one of those ingenious artists who , for the salesmen of HolyweU-street or Hbundstfiteh , make cast-off garments look like new . He applies to Niclioi or Moses , or some other merchant-tailor . If lie fee particularly choice in his apparel his vests are made by one professional , his nether clothing by a second ^ and his coats by a third . Or if he want a dog-kennel built , or resolve to erect a mansion , he goes to an architect for a plan , and never employs the working bricklayer or carpenter both to design and do the work . Division of labour

      is carried to an astonishing extent in our private affairs , and the man who carries the hod does not lay the bricks . In public affairs we act differently , and a Nisi Prius lawyer , who has been all bis life darning and mending suits , or putting together the odds and ends of broken j > leas , turning them into cases , having become a Lord Chancellor by the exigencies of a political party , is at once found qualified to frame the most important legislation . . Lawyers , as the rule , make bad statesmen , and worse legislators . Skill of all kinds is more a mental habit than dexterity in the hands ,

      and we might as well expect statesmanlike views frorn . the parish beadle as comprehensive legislation froin men whose minds are formed by the minute details and sharp practices of our courts of law . We are not , therefore , surprised that the Lord Chancellor has only proposed to set a " patch " on our bankruptcy laws , not to make or even consolidate a code . The nbblerLbrd should not , however , be urged beyond his last , for he must be incapable of any but routine and official greatness . Hi ' s poor excuse for adding another patch to the Prisoners Act ,, the Protection Act , the Bankrupt Act . arid the Insolvent Act , is the difficulty of at

      likely to inherit when he contracted the debts , and the expectation of which influenced the creditor to trust him . All other property acquired after insolvency should be free . The bill will p lace the whitewashed insolvent in this respect on the same footing as the certified bankrupt , and set all the property he subsequently acquires free from the . claims ol . his previous creditors . It restrains , not abolishes , imprisonment for debt on final process ; and a debtor

      likely to abscond , who has fraudulently contracted or vexatibusly . defended a debt , or who has incurred damages in an action of tort , will be still liable to confinement . A bankrupt may , according to the bill , be kept without a certificate for five verms , but he is not to be , as he may at present , for ever deprived , of it . The Lord Chancellor properly refuses to allow the Insolvent Coui't . to take cognisance of offences of the class' of misdemeanours ,

      and will not sanction a man being punished as a criminal unless convicted by the ordinary criminal courts . There are , probably , other alterations equally important projected , but the public cannot acquire an accurate knowledge of them till the bill be printed . So far as it goes and we understand it , it seems an improvement , but providing no more effectual means than are at present in use for winding up insolvent estates , and still subjecting every case of insolvency and bankruptcy to costly proceedings in law courts , instead of legalisingfavourable and quiet compromises and settlements by tlie mutual agreements of creditors and debtors without the help of a court , it falls fur short of what the - mercantile community demands , and will

      by-andrby command . The Lord Chancellor has also introduced a mea sure to improve and consolidate the Winding-up Acts . In this case he recognises the propriety ot doing what he declines to do in the other , ilis conduct , therefore , is not guided by principle ; but by some of those small considerations which states , men discard and lawyers cling to . The acts he proposes to consolidate and improve arc entirely ol modern date , and their many defects , originating with the profession , justify the opinion that lawyers make bad legislators . The Lord Chancellor ' s ' bill may , however , improve the Winding-up Acts * for in their present lonn they are considered to bo little better than a nuisance .

      once getting the assent of Parliament to a new or enlarged , principle , and combining it with an act consolidating the old laws . A statesman would have got this terrible lion out of his path , and given us a consolidated code by procuring from both Houses a j oint resolution that it is desirable to administer _ all insolvency in one court . and on one principle . Having got the assent of both Houses to that resolution , which carries with it all the proposed reforms , he wotild liave been sure of obtaining the assent of both . Houses to the measure which should carry out in a reasonable manner that principle , and consolidate into one code all the laws concerning insolvency . . To such a comprehensive scheme the mind of the Nisi Prius lawyer is unequal , and the Lord

      Chancellor proposes to increase our difficulties by introducing a new law , and leaving the old one unaltered and unrepeajed . In the same rude manner our legislation has been conducted time out of mind , as Mr . Chad wick and . Sir James Stephen lately bore witness , and so it will be conducted to the end of society unless some means be devised for bringing it completely within the influence of that living ; principle of progress—the division and incessant subdivision of labour . We point our remarics more against the system than the individual . Lord Chancellor Thesigerhas done as well as other Lord Chancellors , and as well as could be expected of him .

      "We oan scarcely describe bis mcasxiro from the report of his speech' , muoh loss comment on it . It substitutes one systoin of laws and one oourfc , to bo called the Insolvent Court , for bankrupt traders and insolvent non-traders , but ho only allows the latter to have the benefit of the act , or exposes them to its provisions when they apply fov-it , when they have left the country , or vrneu they have inpurred judgment debts , and failed to satisfy their creditors . At , present , passing through a bankruptcy court sets a . man porfeotly free , and all the property ho afterwards acquires ia his own . The property of a discharged insolvent ; , afterwards acquired , is still liftblo for his former , dobfcs ; Thero aro many diffioultios connected with . plaoing an insolvont on the eamo footing as a bankrupt , suoh us wise from entailed estates , and , property afterwards inherited or subsequently accidentally . acquired . Apparently , however , the prmoiplo which should guido the legislator is that , thc . creditors should have claims oifly on the property whioU tiw idebtor might be

      General Trade Report.

      GENERAL TRADE REPORT .

      London, Friday Evening. Ax,I/ The Market...

      London , Friday Evening . Ax , i / the markets of the country continue to be well supplied , and there being no increased demand there is ho tendency to a rise in prices , Some persons began to speculate on the possibility of war enhancing prices by tlie double operation of increasing consumption and diminishing production , but tUe speculation lias not yet assumed a practical existence , and the corn markets , which would probably be the first to feel it , are quite inert . The price of wheat this week is much the same na last week . Sugar exhibits symptoms of firmness , but , on the whole , the markets are remarkably stea d y and dull . For the merchant this is not-pleasant , for the consumer it is advantageous . His wants are supplied on fair and little varying terms . This has been a quiet week in the manufacturing

      and speculation , have . been moderate . The latest advices from New York state that the receipts of cotton continue to be large , and that in the northern parts prices have somewhat advanced . Manchestkr . — -The markets were rather dull at the outset , but became animated as the week progressed , and as the hostile appearances on the Continent mitigated . But the cause which gave the market its renewed impetus was the last information from India , which went to show that markets there were not overstocked , and that further supplies might be safely sent forward . Buyers are in the

      market for India and China goods , but they do nofc transact as much business as they want on account of the disinclination of manufacturers and spinners to give way in prices . For India 5 O ' s and GO ' s mules and 30 ' s water are in request , and 16 ' s to 24 ' s water for China . The latest advices from India being considered of a very favourable nature , shirtings , madapollams , jaconets , and other cloths suited for the Eastern markets , were freely bought . The German buyers operated , but not to any extent . The export trade to the Mediterranean lias been very slack in consequence of the unsett led aspect of

      affairs . Leeds . —Light fabrics continue in request , but fine goods are slack of demand . The markets maybe considered quiet , but the trade is in a healtby oondition , and prices are -good . The "White and Coloured nails have been tolerably well attended . IIuDDEBSFlErJD . —The shipping trade is dull for the season , but this cannot be wondered at . The home and provincial trade is brisk , and in some d escriptions of goods an advance of price has been obtained . , . IJochdale . —There is an impression that full trade will soon take the plaee of the comparative , slackness that has shown itself lately . Prices are _ considered not quite so firm , but the future is looked forward to with confidence ..

      " Bradford . —Market for wool dull . The high prices of the . finer sorts check trade . The coIo * nial wool sales which are approaching principally engage attention . Leicester and Nottingham . —The hosiery trade continues good ; the lace trade still keeps very dull . BinaiiN . cu-iABi . — -The hardware trade is quiet , but makers do not complain of any serious slackness . Coal Tuade . —The dissatisfaction among the coal-miners m some of the South Staffordshire districts is not quite at an end . The trade generally is very fair . ¦

      .. Belfast . —The spring trade is generally good , and the operatives appear to bo experiencing the benefit as well as the manufacturers and dealers .

      districts generally , but those branchoa of trade and manufactures connected with India and China commerce have felt renewed activity , The warlike preparations on the Continent , in spito of pacific declarations , continue to affect ovory branch of commerce injuriously . Though there is no positive falling off in any particular branch of staple manufacture , still it ia admitted on all sides that tho promise of general activity which the close of last year presented has been entirely dissipated by tho sayings and doings of Powers on tho Continent , who aro waiting , as many people conjecture , but for a decent pretext to attack each other . Until the certainty of unbroken peace is moro confirmed , it will bo in vain to expect that either our home or our foreign trade will experience that expansion which ought to take place uridoj ? the . combined action of unusually cheap money am } bare markets .

      Xavnnx > oor ,. — The cotton business was slack during tho early period of tho wools , but became brisk wJUiiin the hat day or two . Prices , however , con fcinue without u temtion . The sales , both for exnorl

      Bailway Intelligence.

      BAILWAY INTELLIGENCE .

      Tub Half-Yearly Meeting Of Tho Glouceste...

      Tub half-yearly meeting of tho Gloucester and Denu Forest Railway Company was held at Uloueuster on Saturday . A dividend of 12 a . Gd . per almro wns agreed to . The ceremony of raising tho first sod of tho lino of railway which is about to bo constructed at Sirutfordupon-Avon took place on Tuesday . ' The half-yearly meeting of the "West-ond of London and Crystal Palace Railway Company is culled for tlie 2 jUh ins t ., and will bo made special , to . consider " certain proposed arrangements with references to tho Jironiloy and JFurnborough Extension . " Tho Groat Southern of India Railway Company havo notified that tho scrip must bo sont in for registration and for exchange for slum ) certificates by the -JOth hist .,

      under i onalty of forfeiture . The securities of tho Grand Trunk Railwny Company of Canada havo boon unfavourably iill ' octed l > y "j ° ofilclnl explanations respecting tho donuuid lor miditional capital .. ., Tho half-yearly general mooting of slmveliolilora oi tho South-Wostom Railway Company was l > oltl 011 Thursday at tho Waterloo tormlnua . Clmrk ' i * Onatleninii , Esq ., chairman of tho company , proaided . Tlie <' l " having boon road and a dividend for tho lmlf-yuunit tno oliulrinau

      rate of HI . tfis . per annum agreed to , tho statod that tho disputo with tho London and Urigiuou Company was on tho ovo of amicable seltloinom . ¦ ' * very hoatod disouaslon took plaoo upon th , o question oi inovoaBod remuneration to tho directors , which it wns' m length sbttldd should bo QOOOl , a yoar inatoud ol 20 W' . A proposal to inordaso tho salaries of tho amlltow w » negatived . Tho resolution , approving , of tho leasei o tho company of tho undertaking of tho Soils W «' Yoovll Cpinnnny , and tho transit of tho Voruino » Railway absolutely to tho company , toftetbor wit » iiuhi . conforming power on tho directors to deal according *•

  • Citation
    • Leader (1850-1860), Feb. 12, 1859, page 26, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/cld_12021859/page/26/