The Sun.
London, England, 1868-03-24 00:00:00

IMPERIAL PARLIAMENT

HOUSE OF LORDS—LAST EVENING.
The LORD CHANCELLOR took his seat on the Woolsack
at five o'clock.

BANKRUPTCY ACT REFORM BILLS.

The LORD CHANCELLOR said that he would now
go into a detail of the nature of these bills, which it" was
not convenient to do when first introduced. He would
remind their lordships that the last consolidated measu:•
iu bankruptcy was in 1849, and no alteration took place
until 1859. His noble and learned friend, then Lord
Chancellor, who introduced the bill of 1859, added to it
four extremely important measures. One was the total
abolition of imprisonment for debt. It made also a dis
tinctiou between trader and non-trader. It regulated the
proceedings of trustees, and also provided for composi-
tion with creditors. In 1861 another bill was
introduced, which provided very similar dis-
tinctions. (Hear.) It was found, however, that
there was sums inconvenience in the working of this hill,
and some dissatisfaction was expressed. A select com-
mittee was appointed, which sat during the years 1861-65.
In the latter that committee reported their opinion as to th. 4
alteration in the bankruptcy laws in 32 clauses, and with
the exception of one or two clauses his bills were imilar.
His act was a consolidated one, and when thoy were
drawn any one having them in his hand would
know what was the whole of the bank-
ruptcy laws. lie would go through the different points
which he wished their lordships to adopt. The first was
the question of imprisonment for debt. Of course they
knew that after judgment execution could bo taken, and
the debtor might be taken into custody. Under the
rew bill they proposed to abolish imprisonment
for debt altogether, that is to say, at the
option of the creditor. Their lordships would then ask
what they would provide instead of imprisonment for debt
after judgment. They proposed that he should be required
to give security, like an absconding debtor, or be put into
prison in default of doing so. lie would then resort to
the Court of Bankruptcy. Of course there would remain,
finally, the imprisonment from County Courts
This brought him to the system of imprisonment from
these courts. He proposed that no committal should be .
made in any County Court except by the Judge himself,
and then only in open court, and that every County Court
should make an annual return to Parliament of the num-
ber of persons so committed. Individually he would be
glad to see imprisonment for debt abolished, but at pre-_
sent it would be difficult to abolish it all at once, though
he thought the course he recommended would lead to
reduction of the hardship. His lordship then went on to
point out the provisions of his bill as regarded persons
made bankrupt on their own petition, and the checks
which he proposed to impose on this increasing practice,
and also the grounds on which he would give the Court
the right to suspend the order of discharge in certain
cases. lie proposed no new courts nor new Judges; but
oa the contrary, that the district courts should be ab-
sorbed and closed as each Commissioner led.
Lord WESTBURY, like the Lord Chancellor, dwelt
most strongly upon the evils and inconsistencies of the
present law, and pointed out the frauds which were almost
openly committed under it. If a really competent tribunal
was erected under the new acts, the frauds and plunder
now complained of would be prevented, and confidence in
the administration of bankruptcy would be restored, for '
creditors would feel some assurance of receiving what an
estate was capable of producing without being subject to
the present enormous deductions.

Lord CHELMSFORD, after coinciding with the pre-
vious spealy.rs as to the great difficulties which lay in the
way of satisfactory legislation on this subject, gave a gene-
ral support to the principles of the bills, and agreed, as had
been suggested, that they should be referred to a select
committee, where they might receive the consideration of
noble and learned lords who had devoted special attention
to the subject, and who would put the measure in the best
possible shape.

Lord ROMILLY thought the bill saemed to go in the
right direction, but did so very timidly. He agreed in all
the condemnations that had been passed on the present
state of the law, but was still not at all sanguine about the
success of this bill, and could not help thinking that the
Lord Chancellor was right when he said 'his bill would
probably not be found quite satisfactory. If the bill came
before the house from a select committee, he would pro-
pose several amendments in it which, in his opinion, were
required to place the measure on a proper basis.
The LORD CHANCELLOR, in reply, very briefly de-
fended the principal clauses of the bill, and said that the
chief evils of the existing system of bankruptcy were too
much official interference and too great expense. In that
sentence all the defects of the law of bankruptcy wore
comprised, and the best way was to make the creditors
themselves the masters of the estate, through the inter-
vention of a trustee appointed by themselves.
The bills were then read a second time, and their lord-
ships adjourned.

IIOUSE OF COMMONS—LAST EVENING,
The SPEAKER took the chair at 4 o'clock.
NEW MEMBER.
Mr. E. A. LEATHAM took the oath and his seat for Hud.
dersfield: