The Sun.
London, England, 1857-01-29 00:00:00

LOND itSDAY EVENIN3 .JANUAit 29,

ME.CANTILE LA ►Y CONF.& ,EN GE.

Yesterday the members of the Mercantile Law Con-
ference met at Willis's-rooms, for the
.purrse of takiee
the law of bankruptcy into their ,coneidiiraqoo. Lord
Brougham occupied the chair. There were &so present
—Lori Stanley, M.P., Mr. Headlam, M.P, Mr. Crau
. furd, M.P,, Mr. A. Pellatt, M.P., Ur. Tife, M.P., Mr.
Alderman Salomons, Messrs. Holland, Turner, Rankin,
Croitthwaite, Ray, Heath, Lloyd, Wells; Hastings,
Hawes, Wordsworth, stc.
The NOBLE CHAIRMAN) in opening the proceedings,
said that it gave-him very great .satisfactiou to have. he
rionour of: meeting. the -conference, assembled as it, was
from all parts of the country, as well as from th.
City .of London, and that on a subject of the greatest
pe.-eibte importance. He would, not detain them
from the: business of the day by dwelling on the im-
portance of the. occasion. It was enough to say that
tnese wheal he addressed were met .o give the remit
of their practical experience of the working of the flier
cautile law of the country. If anything could add te
the necessity ofattention on the part of Government and
the Legislature to the experieoCe of mercantile men on
the subject which most nearly affects them, it was the
fact that of late years very material changes had been in
traduced into the mercanti.e law of this eountry, but the
effect of these changes, for good or evil, they had n :t as
yet an adequate opportunity of 4rrning themselvee
At the head of the subject-matter set down for conside
ration stood the law of bankruptcy, with insolvency, and
the other changes of the law of dfbtor and creditor,
torching part of the new system which had been fntro-
duced within little more than a quarter of a century. A
great change had been made by the Act of 1831. Sub-
sequent important changes had been made by the Acts
trained in 1840 and 1841; and a further change, which
he trusted was . also a further improvement, had been
introduced in 1849 by the„,a9t_Avroegliecalled the Bank- -
-ruptcy Consolidation Act. They tad now to consider
h'ow tar benefits had arisen from the changes to which
he referred—how far errors ha been comm,tted, and
therefore mischief had been inflicted—aed how far
improvements might be introduced in 'the law. As
regarded measures of amendment generally, objections
had been urged against the course pUrsued by the
Law Amendment Society which appeared to him wholly
groundless. It ,was said that, they did not proceed
upon any fixed system—that they ought to introduce
a new code of mercantile laws instead of going: to
work piecemeal, and introducing a variety of proposals.
Now, in the first place, he denied the truth of what was
'allege:;. He asserted that they had proceeded almost
constan'iy upon a uniform syste.n. One great principle
would be found to pervade and gioNern all the changes
which he himself had proposed before the existence of
the Law Amendment Society, and many of which he had
happily succeeded in bringing about, and ail the changes
which that society had since been the means of carrying
into effect. That principle was the substitution of natural
for technical proctelurn—natural procedure, with itsiecai-
, culable benefit, for technical procedure with its iucalculahle
evils. If he were asked way they had not introduced a
system of law, his an •wer would lie that that would be all
very well if the existing system of jurisprudence were a
mass of absurdity and contradiction. it there wasaeothing
valuable iu the existing system the sooner it were swept
away and another substituted fur it the better. Bat the
contrary was the truth. Even the stoutest law suieuders
admitted tbat Olen was net the ca,e. Mr. Bentham himself
was one of thii first to aditi, that there was in the Eng•
fish system of jurisprudence far wore of what was valu-
able than of what was reprehensible, and it followed
from this than,instead of asking to Sweep away the 'whole,
they should retain the nine-tenths of it which were good,
and try to improve, as tar as possitt.e, the. remaining
one-tenth. (Cheers.) Again, it was said that the im-
provements which were proposed, not merely by the
Law Amendment. Society, but by all those who desired
cnanges in the political, social, or religious sy-tems of
the country,' did not go far enough. His answer as
that they went as far in most cases as they ought to go,
and as far as was practicable and safe. It was, he thought,
better for them to take one step, and make sure of their
footing, and before proceeding further to wait until that
step had been safe and beneficial. There was, no harni

done by the delay. He had touched on the Act of 1849
by way of illustrating the many important changes
which had taken, place in the mercantile law. He, had
no doubt that many objections bad been made, both
in tbe.courts and out of them, to the working of that

act, and many also to the form of it. These objections
had been, however, greatly ez.iggerated, It must, how-
ever, he was free to confess, be admitted tnat•late events
in the mercantile world bad exposed a conflict in the

administration of the law of insolvency as regarded th•
Bankruptcy Act and the Winding-up Act. (Hear, near.)
Ills own impression was, that al these ,yitc-Ats were

beneficial upon the whole, and that he great difficulty
aroge from the conflict of their jurisific..ion, aod that if
the law of bankruptcy a.,d •hla v t.f winding-up were

„ .
adtitinistirx,l by the ,taute c.Aurt sod the same ttibuosi,
99 out, of 100 existing grievances w:tutti cease. In this
view he was confirmed by one of the learned Comtni,

stoner,. of the C ,urt of Bankruptcy (Mr. S. rgeant
Goulburit), who had told them that his colleagues were
of the same opinion, and that Mr. C ,samissomer Ho!.
royd had brought it forward in the late important judg-
ment which he had given. He bad nut as yet had the
opportunity he trusted to have, of perusing the judgment
in question, which, he heard, had been very carefully
taken, and therefore be could not venture an opinion
upon it. He thought they had, in some respects, met A

a very happy moment, becattse were was now a general
disposition to devote attention to that most imprtaut
subject, the amendment of our laws. Various ineai•ures

carrying out this most desirable project were nut

col) in contemplatin, but also in p;ep;ration. Nut
only her Majesty's Government, but also parties wholly

unconnected with the Ministry, indeed many of them in
Opposition to it, were agreed in the necessity of making
,olue changes in the 'law as it at present stood, and he
e ni4l only hope that those changes would be for the
better. He would not, however, have them rely muck)
upon prefessions and promises, come they from what
quer er they might, come they from men in (Zee, or
come they from men looking for office. (Cheers.) Such
promises and professions cost little, and wise aud
erudent men would be very apt to take them as of very
dare value, perhaps to, take them (it he might so
speak) at their cost price. (Cheers and laughter.) For
himself be would say that he participated so much
in that feeling that he looked more to a little per-
f irwance than to a great deal of promises. He had,
nowt ver, no reason to doubt the perfect good faith and
sincerity of those from whom those professions and
promises bad proceeded. Although things were thus
favourable to their cause—the improvement of the law
—yet he could not help repeating what be bad said
before, that they should not rely on promises end pro-
fessions. There was an old saying which was this—
" When the weather is fine and fair take with you
your cloak and your umbrella, but when it is rainy
just do as you please." Now, he was very much of
that mind with regard •te law amendment. When all
.was, fair and clear overhead, he watched carefully it
those who made promises were'active in carrying them
into performance, and after he had so watched them,
if he found that they were fulfilling what they had pro-
mised, he did all he could to 'back them up with all
his power—such phwer as a meeting like the present
was, best calculated to lend to him. (Cheers.) He
cud not resume his seat without referring to the
great benefits which had resulted from their conference
in 1852, which he hoped would be exceeded by those
which the present meeting would give rise to. (Cheers.)
Mr. IlAsmos, 'the secretary, then read the report of
the committee; of which the following i a ceeY
" The great success of the Mercantile Law Conference,
held in November, 1852, and the legislative results which
followed its deliberations, induced the council of the Law
Amendment Society to take into consideration, at the com-
mencement of their present session, the expediency of con-
vening auother meeting of a similar nature. The council
felt that the same reasonswhich had operated so powerfully
to produce and carry through successfully the first confer-
ence were still inexis once to exercise the same influence
over another. It is true that considerable amendments have
seen made daring the last four years in the mercantilelaW
of the 'United Kingdom, but it is equally true that those
amendments bear but a small proportion to the defects
which still require a remedy. The c uneil have croustand v
received communications frog; 4iribloila qusztera, whi -h
showed that considerable dissatisfaction is felt by the cern-
mercial voniffifinity as to the law or its rehrinsisfi Hoe,
or both; and were there no other eviderre Of the teed
existing fur further improVemehta in our Levis, dile thee.
tisfaction, arising in a body of men so little prone to agit
tion and so desirous of stability as the Mereantile classes,
seems in itself a tolerablY Conclusive demonstration. Law;
if cheap, simple; and well adapted to its -purposes, would
work smenthly and silently, as the recognised arbiter in
case et dispute, and as the fiattiral medium for the atiger-
Sion of right and the redress of wrong. It is only when it
departs from its true nature and fails properly to execute
its appointed ends—When it becomes slow, eumbrods, ex-
pensive, uncertain, and oppressive—in other words, when
it imperatively requires reform, that there is any livelihood
of the public mind being agitated in respect to it. A gene-
ral complaint against the working of a law is a proof that
the law is defective; we may not at once see the evil, but
we may be confident that it ekistS Somewhere. Pure law
is no more likely to be couiphiii4,l of than pure air or pure
water. Impressed, therefore, with the dissatisfaction which
appeared prevalent on the subject of our commercial laws,
the council in Novemberlast addressed a letter to the Chem-
bers of Commerce throughout-the llnitad IrJugdoni, ask-
ing their opinion as to the expediency of bol,ring a Mercan-
tile Law Conference for 1857. The answers received were
issuet:tdoe invitationsth e ~plcswthti
so favourable that the council resolved to appoint the corn-
"aw)itt&e, who s.se now addressing you; and to nitro them
" preparation fit a conference, and the committee
aeco r dinglY Proceeded to the days for the meeting, to
miss. This appeal
. retteclals‘)e.eii'"63l
with regard to the
topics law, snd also to solicit suggestions
in:ltillahra#:::etireeri.afet:leteraCe,:aellelwerooettitt trti wi)llociefe4slleniles:-
forwarded to the committee d do well to dis-
hes been most fully answered, but
energy, and enterin
wattle of five millions of
to-clay, and the number° towns which are represented
and nature of the communications
facturing, and trading interestsi
arel'he
asn a Ul
followsei of these:
.11abit,mts, and concentrating
; 2.1 towns, comprising up-
' he wealth,
se of our shipping, firann-
uf:have s e. n tB de
leflaesgta, t eßs
ire
this conference.
(we public body,towns, several
which have sepplied representatives from more
iningham, Bradford, Bristol, Dublin, Gin:43;ow, udders-
field, Hull, Kidderusiuster, Leeds, Lei
ces tor, Liverpool,
London, Manchester, Newcastle, Norwi.ch, Plymouth,
Southampton, Wolverhsimptou, aud Wore tt
Oe It• he AMA.

ber of communications received is so cereidera.ble that the
committee are unable to fulfil their istintion of enumerat-
ing and describing'thens to the conferetce. Several will be
reariaspapers
to during the proceedings, ind it is hoped th .t
all will be printed with the authorised rcport which the com-
mittee intend
tained n
eightl4Bs ihandpsu ofbl sal: subjects shortly.
the various subjects forwarded • to the
comet
mittee has been a more difficult one. The circulars
originally forwarded to the different bodies invited con-
tained wTehree taskselected
arrang-
inga;i
li
hdvi
been o f h
eh
a
e
and f jg
kindppy to
offi tardip itchsa
that
whiledesirable
g g
aensitli
ot
nh chosmv
euibi teteens
sent up on, some point or other under each of these heads,
scarcely any point has been urged whisk cannot be classified
under one of them., Numerous and vinous, no doubt, the
suggestions are; but on the main poled-s there seems to be
a singular agreement, and the committee believe that the
course of discussion they are about torecommend is likely
to bring prominently forward 'these topics in which the
great majority of the delegates presentare most interested.
The principal subjects, they would observe, will be opened
by papers, a mode of proceeding whirl tends to being the
discussion to a definite issue, and to present that issue in
a clear and intelligent way. The first subject in the bit is
the law of bankruptcy, one on which the committee have
received communications from every tingle public body re-
presented here to-day;-as -Well as from a numbet of private
individuals.. There cannot be a question thatthe present
administration of this branch of our law, greatly as it was
improved by the Bankruptcy Act of 1331, and afterwards
by the ,Bankruptcy Consolidation of 1849, requires imme-
diate and searching revision. The committee will not enter
ij
most
whih
satisfactorya an prepared by thelee !s Charieber
into the details of this queition being relieved from the
c'been
of doing so by, the fact that a paper wilt- be read on
thee t
a s unbd
of Commerce, and whisk will no doubt treat of it in the ful
e-
way. Mr. Coin. Ayiton has fa-
voured the conirnittee with a paper tinder the same head,
which will also be read to the conference. The committee
have thought it advisable that on the same morning during
which bankruptcy is considered, other topics which can be
' -classed under the same general head of the law of debtor
and creditor should be taken. Mr. Craufurd, M.P.; will
ordiuglyreada,brief paperesa 445 u dasuserstassgxecutio n
aTaiutery measure, which has been too long delayed.
A discussion will also be taken on the United Kingdom
Writs Bill, which is articulated by the Liverpool Chamber
of Commerce and by other public bodies. Under this class
of subjects the committee may allu•ie to that of imprison-
ment for debt, .concerning Which they have received seve-
ral suggestions, among others a bill from Mr. A. Pellatt,
M.P. In the evening of to-day a paper will be read by the
Liverpool Chamber, on that. most important and popular
subject, the establishment of tribunals of commerce. Con-
siderable difference of opinion prevails as to the expe- ,
diency of these tribunals, at least if established after the
continental fashion ; but there can lee little doubt as to the
j ustice of the demand by the mercantile classes for a cheaper,
more frequeut, and more satisfactory mode of disposing of
commercial litigation. On the morning of Thursday, after
a short paper by Professor Levi on a commercial code, the
Manchester Commercial Association have undertaken to
bring forward the subject of a general registration of part-
nerships. There is no topic more occupying the minds of
mercantile men at the present-moment. A. strong impres-
sion prevails that such a measure, if it can be practically
worked out, is most desirable if not essential to the secu-
rity of. traders; and it is the highest satisfac ion to the
committee that this important subject is in hands so well
calculated to do it justice, it being well known that the
association, in conjunction with the Manchester Law So-
ciety, have prepared a bill to carry out such a registration.
The next paper read will be on the 17th section of the
statute of Frauds, by Mr. Robert Slater, a well-known
merchant in the City, and one of the late commiseiouers
of au inquiry into the expediency of assimilating the com-
mercial laws of England, Scotland, and Ireland. This sub-
ject. has now been long discussed, and seems to divide the
mercantile world. Tire essminittee hope that the considera-
tion of it at this conference may tend to its ultimate settle-
ment. There are various other topics of a less general na-
ture which the committee think may be more advantage-
ously debated by a small number than by a numerous and
mixed meeting. They therefOre recommend that several
small committees be appointed, composed of one member
from each deputatiOn interested in the particular subject,
and that these committees should, afterdue deliberation, re-
port to the conference before it terminates. The committee,
in conclusion, cannot but express their deep obligation to
the various bodies who have supported them on this occa-
sion, and to the gentlemen who have sacrificed their time
and occupations to be present here. They are well aware
of the influeutial nature of this conference, and of the
important, results which are likely to flow from it; but at
the same time they are impressed with the conviction that
these results will not be of eday'.S accomplishment, and that
much care, caution, labour, and oversight will be requi-
site if the full fruits of this meeting are in their' maturity
to be gathered in. They would recommend, therefore, that
the committee who have superintended the arrangements of
the conference be authorised to continue their functions its
the accredited representatives of the powerful gathering
present here, and that to their number should be added the
president and chairman of every Chamber of Commerce and
other public body represented at the conference. Such a
committee as this 'will speak the voice not of a town or a
county, but of the kingdom at large; it will afford a rally-
ing point for all mercantile law reformers, and may lay the
foundations for an organisation which will at last move
the Government and the Legislature to efforts worthy of
the national greatness, and, calculated to bring the laws of
the United Kingdom into permanent harmony with the re-
quirement* of justice and souse, and with the cuetomsand
energiess, of trade.''
Touarnu, of Manchester, then moved, and Mr.
CROSTAWAITE, td*Dublin, decoiede,l the proposition that th e
report should be adopted and the committee requested to
continue their labours, which was unanimously agreed to.
Mr. Commissioner AYBTON, of the Leeds Bankruptcy
Court, next read the following paper :
The matter which I have the honour to bring before this
important meeting is the improvement of the bankrupt
laws. Your time is so precious that I have endeavoured to
make my paper as short as possible,
which will partly ac-
count for some obscurity and abruptness in style. There
are important questions of principle and many matters of
detail in which improvement may be made, bat which I
must omit ; the time will not allow me even to mention
them. The question which I propose to consider is, whether
the present system of administration of the bankrupt laws
requires any and what practical amendment ? The two
great complaints which it has fallen to my lot to hear as e
—first, that it is too expensive ; and second, chat the pu-
nishments inflicted are uncertain and inadequate. But ex-
pense is the great complaint. Now, the Court of Bank-
ruptcy, being a mercantile court,
its expenses are taken
out of bankrupt estates, and fall exclusively upon those who
suffer by bankruptcies ; and if those preens- allege that
the expense of their, own court is ton great, I apprehend
that the complaint is entitled to be heard with respectful
attention, and that it is the duty of practical men to point
out the remedy, if there be one. In working
only 1501.—at i
least 1061. will be swallowed up in expenses.
As the assets increase, so the expenses swell up, though
ghnut
- 1 y
with the smallest possible amount of assets —that 1 with
only is, bankrupt
in the same ratio, to 200/., 3001., and 4001., till in such
cases as the Royal British 13autt the ocilivary working
,ex-
't will he
penses will be as missy thousands of pounds. The expense
of the Court of Bankruptcy is now greater than
a few years hence—firer, because the large sum (about
will, of course, cease as the aunuitauts die; and, second,
28,000/. annually) now pail for peustbris and compensations
because the permanent expenses of the court are to be
diminished by reducing the commissioners to four in Lon-
don and to seven in the country, thus saving the expense
annually.' That the, gross expenses of the court are too
of seven commissioners and seven registrars, or 18 0001.
great is apparent from the fact that its expenditure has
exceeded its iscome for many years. In order to enable
this meeting to form en opinion on this question of ex-
pause, lam compelled to bring forward a few figures. I
know how distasteful figures sometimes are; but on the
present occasion my apology is' that figures cannot be
avoided if a e wish to form anything like an accurate judg-
ment. The fund for payment of the compensations and
for the salaries of the existing officers of the Court of
Bankruptcy is. raised by a stamp duty of 101. on every
petition fur. adjudication, and a percentage on the divi-
dend paid in,ea.ch bankruptcy. The following table will
give a tolerably correct idea of these annual expenses :
Compensations and pensions (about)
Accountant in bankruptcy and clerks 6,360
Five London commissioners (2,0001. each) lO,OOO
Eleven country ditto (1,8001.)
Taxing master and clerks
1,650
Seven asondon registrars(l,oool.) 7,000
Twelve country ditto (8001.)
Five London ushers (1001.) • - 500
Eleven country ditto (801.)
Chief Registrar's clerks (four) 905
Travelling expenses of country c,mmissioners and
registrars (about)

1,000

£85,715
Tn additiOn to which sums, the solicitors, o cial assignees,
and messengers, have to be paid. Row much these receive
I cannot accurately state, but I believe that the following
will be below rather than above the mark :

••.•.. _____
BEITIMATE—ANNUAL.
Solicitors' bills, Loudon and country £loo,-00
Thirty official assignees (1,20)Z. each) 36,000
tievouteen messengers (8001. each)

'2149,600
The first item Is 28, •. u-lear for compensations and
pensions for abolished offices. Before the reform of the
bankruptcy system by Lord Prougharn in 18 s 2 fees were
payable on issuing commiz,sions, and payable to some 700
commissioners of bankruptcy, distributed over the country.
The Legislature thought fit to abolish these fees and coin-
missionershipe, and, with great justice, gave pensions and
compensations to those Who suffered by the abolition. But
is it not unjust to saddle these compensations upon bank-
rupt estate in the present day 1 The mercantile worli
with justice complains at having to pay far two sets of
officers—the old ones who were abolishe,i, and the new ones
who were created. Aosaming that the working expenses of
the present Court of Bankruptcy ought to be Dade out.of
bankrupts' estates, surely it would be proper tab Ws st"
of 28,000/. for compensations, from which bankrupt estotes
derive no advantage whatever, should be charged upon the
Consolidated Fund. As rep) is the working expenses of
the Court of Bankruptcy, from returns made to Perlis-
' went last year I have prepared a table of the expenses of
the court in which I act in Leeds, which I have averaged,
and which will, I hop, give some idea of the expenses of
iwoiking a bankruptcy :
BANKUPTCLES WOUND UP IN MR. AMON'S COURT,
LEEDS, IN 1833, 1854, 1855.
Number of bankruptcies ~ l2l 401
Average time of working ...... 3A years.
Gross sum collected
Amount divided
ruptcY
Solicitors' charges in bank-
manta.........
Official assignee's charges.
Percentage or remuneration ..
Ditto . suits, actions, indict- 90,
Stationery, licc. Total Averafi",
44,3 i 7 2 10 366 14 8
- 14,320 14 3 118 6 11
,627 16 8 2748 19 9
... 428 1 0 334 8
10
1 2
postages, &e ........................ 134 5 3 0
Miscellaneous
Percentage to chief registrar 3,103 6 6
97 11 0 016 ,
25 12 11
24 10 0
5,690071 12
12 45 476 187 5
Messenger ................. L 3,569 12 .7 411
Broker
_Kent
1 811 5
23 610
Taxers

I

Wages
52 136
25 061 12 1 815 11
Auctioneer
Miscellaneous
,The average of solicitor's bills ie 1211. ; but from this is
to be deducted a stomp duty of 101. paid on each petition,
reducing the average of each bill to 111/.. This sum of 10/-
must be added to the per centage paid to the chief regis-
trar, making the average 271. Each Court of Bankruptcy
—691 3 134
01
consists of the following `officers :-I,'A commissioner; 2,
A registrar to assist the commissioner; 3, An usher; 4,
An official assignee ; 5
pro-
pe ty ; 6, A broker, whom A7atkee: saeulgislr'ofwhoz
the property
by the messenger ; 7, An auctioneer, who sells the pro-
perty ;. 8, The creditors' assignees ; 9, The solicitor ; 10,
s eie th e
seized
The bankrupts' accountant. Besides this staff there are-
-11, An accountant in bankruptcy ; 12, A taxing master in
Loudon; 13, To keep all in order,' there is a costly appeal
to the Lords Justices, and from them to the House of
Lords; 14, And over all is the Lord Chancellor, assisted
by a secretafy of bankrupts. This large army of officers
contrasts unfavourably with the number of persons found
necessary under a, deed of assignment, in which case 2111
that are essential appear to. be— 1, A solicitor ; 2, Some
trustees ; 3, An accountant:

THE REGISTRAR&
It has been asked whether the registrars are necessary ?
.In the country districts there is, eventually, to be but one
commissioner in each district, who must sit d:.ily ; in case
of bis illness, and to enable him to take vacation, the regis-
trar can act for him,; and the:country registrar has to tax
the bills of costs of the solicitors ; it therefore appears to
me that the'country registrars cannot be dispensed with.
In London it is different.: the commissioners there sit for
each other, and there is a taxing master in London. It
therefore appeare to me that the London regiStrars.may be
dispensed with.
THE TAXING MASTER.
As regardertlie very able taxing master in London, it
appears to me that his office is wholly unnecessary if the
London registrars are continued; and, it the master is con-
tinued, mai think he should be, then I perceive no neces-
sity for the registrars.
•

THE MESSENGER.- ••
- Another item of expense is the messenger, whose busi-
ness is by no moans pointed out by his name, hie duty being
not to carry messages, but to seize the bankrupt's property..
The messengers are useful and meritorious officers ' • they
occasionally incur considerable responsibility, and, their
duties require temper,. discretion, integrity, and a certain
knowledgeiof law ; consequently they ought to be well re-
munerated. But I think that they, are too highly paid, and
that, if the office is retained, the scale of their allowanc,s
or fees ought to be redneed ; but I perceive. no sufficient
;reason why the ,oface of messenger should not be abo
lished. In former times, when the Commissioners of Bank-
.ruotcy sat only now and then, at long intervals, having
little if any control over the assignees, in those days the
messenger, who was answerable to the commissioners, was
not merely,usetul, but absolutely essential. They are still
useful, no doubt, but by no means essential, because the
official assignee in no respect resembles the old creditors'
assignees ; he is a responsible man of business, constantly
under the eye of the commissioner. ' I therefore propose
that the office of messenger be abolished, and his duties
transferred to the official assignee, who can eta ploy compe-
tent persons to take possession of the property. I cannot
perceive that this will be any- hardship upon the official as-
signee.' The estate vests in him, and if the same estate were
vested in trustees un, ler an assignment, they would mind it
no hardship to put proper persons in possession on their be-
half.

TIE BROKER.
The broker is a new officer, who sprung up in the Court
of Bankruptcy I do.not know how. Formerly the messen-
ger made a list or inveutoty of the pi operty which he
seized ; latterly it was thought that this inventory should
be made by a separate persow—sothe broker, and thus the
broker came to be a recognised officer, and as the poor men
must live, his employineut in at cases Caine to be a matter
of course. The office should be abolished. If, in particular
cases, the commissioner or the assignees should find it ex-
pedient to have an inventory or valuation made, there will
be no difficulty in finding a broker in the next street. There
is no necessity for a permanent officer.