The Sun.
London, England, 1859-11-23 00:00:00

the court. They thought that the operations of
the court should be simplified, and that the official
assignee should not necessarily be the Terson to
administer the estate. Then they thought that
after the first proceeding in bankruptcy the credi-
tors should .be. able to take their cases into the
County Court, making no stipulation of any sort as
to the value of the estate. The other leading
principle was that they thought that the punish-
ment of fraudulent debtors should be more stringent
than at present. He .did not think that the mer-
cantile interests would ever support any bill which
did not embody those principles. He denied that
this was a legal question. On the contrary, he
held that it was a commercial and economical ques-
tion ; and it was on that ground that the deputa-
tion had waited Upon the Prime Minister instead of
upon the Lord Chancellor. (Hear, hear.)
Mr. S. MoRLEY said that the feeling of the mer-
chants in the city of London coincided with the
statements made by Mr. Hastings. It was.a com-
mercial and not a legal question, and if the Govern-.

ment consulted Lincoln's-inn and the Temple in-
stead of the city they would find their path beset
with difficulties.

"After some remarks from Mr. Hadfield, M.P„
Mr. Miller, M.P., and the representatives of several
Chambers of Commerce,
Lord VALMERSTON said the Government would

feel very much obliged to the deputation for com-
ing from so many important centres of commerce to
consult him upon the subject, and to give the Go-
vernment their opinion as to the defects of the pre-
sent law, as well as to p•topose a remedy which it
-would-be-expedient to apply to those defects. No•
body could over-estimate the importance of the
matter to which the deputation had called his at-
tention, because, in a great commercial country like
this, where so large an amount of people depended
upon commercial transactions,- and where the pros-
perity and resources of the country were so much af-
fected by those transactions, it must be evident
that it was of the utmost national importance that
they should be regulated'upon principles of equity
and proper despatch. The matter had occupied the
attention of leading men in, this country for some
time; He could not undertake to promise that Lord
John Russell would in the next session undertake
the matter, for those who read the daily news-
papers and saw what was passing in every quarter
of the globe knew that his lordship had enough
upon his hands connected with his department
without embarrassing himself with-other ques-
tions. The gentlemen of the deputation saw on
his left hang the Attorney-General, who was a
most able champion of the commercial interests
in these matters, and when they urged that this
was a commercial and not a legal question it
occurred to him that, though it might be commer-
Oat in its operation, they would be none the worse
off for having the assistance of legal men in the
concoction and consideration of a measure to carry
out the purposes they had in view. He could
assure them that this matter had engaged the
earnest attention of the Government. More than
that it would be inexpedient on his pal t to enter
into, for he could not go into details. The Attorney
General would tell them that it was the intention
of himself and his legal colleagues to deal with this
matter. He (Lortk Palmerston) had every reason
to believe that a satisfactory arrangement would be
entered into with regard to this matter. (Hear.)
The ATTORNEY-GENERAL, who was most enthu•
siastically received, said—Gentlemen, I can assure
you it has been to me a source of great pleasure to
attend this meeting on the invitation of my noble
friend. I can also assure you that the important
matters you have placed before his lordship's con-
sideration have been for a long time the subjects of
my most anxious attention. It has also, as he has
told you, engaged the attention of my noble friend.
Indeed, he has gone so far as to direct the attention
and of my legal colleagues, gentlemen practically
acquainted with the whole question, to the prepara-
tion of a measure likely to satisfy the reasonable
wants of the commercial community, and he has
placed us in communication with that portion of
his Government which has special charge of all
such matters ; and we, let me add, have lost no
time in examining the question, and getting the
intended measure into a state of preparedness to be
submitted to the anxious consideration and deter-

mination of the Cabinet. (Hear, hear.) What that
determination may be I cannot take upon myself to
say, but. I may tell you what are my own individual
views, in file spirit. of which the bill is being pre-
pared ; but I beg that you may be kind. enough
to remember that I merely state my individual
views, or what are at present the impressions
on my own mind, although these may, before the
bill passes through the Legislature, receive con-
siderable modifications. • Still, it may be satisfac-
I o•sy to the gentlemen present to ascertal.n that be-
tween their views and mine there is no material
difference. (Hear, hear.) I agree with you that
this subjeCt is not to be regarded as purely and ex-
clusively one of a legal character, but that it is one
in which e:-,:elnercial interests arc ahiefly involved,
and that it should be so disposed of that the law of
bankruptcy and insolvency may be brought into
harmony with the convi6tions and feelings of the
commercial community, and the whole system of
its administration based upon their interests and
made consistent with the principles of justice. In
fact, gentlemen, your opinions ought to be em-
bodied in the law. (Hear.) I entirely disapprove
of adding to the present number of enactments upon
the subject, and also of that part of the present
system which leaves large and important commer-
cial districts without a competent commercial tri-
bunal. Since I entered Parliament, it has ever
been my aim, so far as my humble efforts could go,
to reduce the whole body of our laws into a state
of simplicity, order, and consistency, but in our
bankruptcy laws as they now stand there is neither
simplicity nor order. In my opinion, the foolish
and illogical d!stmetions between traders and non-
traders ought to be abolished, and addressing my-
selc to the tisk before me I have come to that de-
termination. (Hear, hear.) Another matter on
which I have an individual feeling is that a few
simple tests ought to be laid down on the existence
of which the creditors would be entitled to take
possession of the property of the insolvent for
equal distribution. (Hear, hear.) I think that
the Court, in the interim, that is, up to the time
of the adjudication, should, by its officials, take
care to preserve and protect the Toperty for
them, and that for that purpose, and for that
purpose only, some official person, be he official
assignee, or call him by what name you please,
should be employed, but from the moment
that the insolvency is declared I consider _ the

property of the bankrupt to be the property of his
creditors, and that they are the best judges of how
it ought to be administered. (Hear, hear.) You
must, however, in this matter not lose Sight of ex-
perience. There are many in this room who can
remember what took place before 1831. I am sorry
to say that I am old enough to do so. I can well
remember that prior to that period there were very
great complaints made by the commercial com-
munity of the want of some system of bankrupt
administration. Indeed, your present complaints
arc not louder; but let us from their result draw
some kind of lesson and caution. You then sur-
rounded the Government of the day with your
complaints, and the result was the introduction of
that cumbrous reform which you are now wishing
to have removed. You were, in fact, overloaded
with a cumbrous machinery which interferes with
your interest, and your anxiety now is to get rid of
that very thing which was introduced to meet a
similar anxiety. I only mention this to show how
necessary it is for you to proceed with caution with
respect to the object which you have in hand. My
opinion is, that it is entirely unnecessary to overlay
the proceedings with the expense of officials, and I
think it monstrous that they should feed on the
property of the creditors. After the property has
passed over to the creditors, and that who are the
creditors has been ascertained, for which purpose
judicial interference will be still necessary, they
ought, as 1 thi'ik, to have the utmost facility of
administering the estate, and of withdrawing it from
the interference of the Court, if they should think
it necessary, that interference being only required
to compel a complete'diselosure of the bankrupt's
property—(hear, hear)—and, let me add, to direct
criminal proceedings when it is apprehended that
there has been anything like concealment: I quite
concur with the deputation that the criminal law
with respect to fraudulent bankrupts ought to be
made as stringent as is compatible with the spirit
of our criminal law generally, and also that it
should be administered by the ordinary tribunals of
thebut
thecotin
completiont country.
I have mentioned to you only the
general principles of the measure I am preparing,
e to me the subject
of the most careful attention, That measure, so
far as it has grown to completeness under my
hands, has been based on the views' I have men-
tioned to you, and embodies the advice which we
have received from several quarters. When ready
for legislation it will be submitted to the Cabinet
and fully considered, and, so far as the expression
of my own opinion will be a sufficient assurance,
you may rely that its consideration will be ap-
proached, not with a view of protecting or consult-
ing legal interests, but to make the measure satis-