, 1894-07-18

oAOOAO ~ CARCAOcN, III 81 1It as We have aQV
use for them.
The Vacechatrman would beg to be allow.
ed to make some remarks from the Chair
The question introduced by the honorable
LIST Member for ChristianSted is one Of very
great Importance, and a great deal NAV be
said in favour Of and against it. He had
experience IN an individual instance. where
he had to take over some assets of a firm. ana
he was then made to understand that the
party could not transfer his entire assets
reaching about 1928, 0OU to one creditor N that
Wfs against the laws Of the COLONY. eycept
the party were in a position to satisfy all the
small creditors. 1t would seem now that he
had tLen been misinformed; but the result was
that $4,000 had to be made a present to GER
tain parties going to the wall. As regards She
matter itself, it Is no doubt unfair that a man
shall be at liberty to mortgage his entire
assets to one credltor;but ON the other hand #
is also very unfair that one creditor, who has car
ried on a man for q number o fyears in his bust
ness and whose stock of credited goods is All
the man had to work on to help himself and TO
pay crod itOrs, shall be cut out it is very
hard that that creditor should not be protect
ed by a lien on all what the man has or gets.
but thar he shall be on the same footing an
all the simple creditors. If such should be tha
consequence t the extension of those enact
ments OF the Mothercountry, it would az
pear to Iuln to be rather unfair procedure.
This Whole matter opens up a chance for a
great dead of discussion, and when a propo-
sal comes before the Colonial Council Mem
bors will have a better chance to weigh and
consider the extent ana importance to be
attached 10 each of the diff rent sides of the
matter; no doubt a great deal may be got out
of the question.
lSt Member for Christiansted (Stakemann)
said he did not of course know from whom
the honorable Vicrchairman had got the IN.
formation to which he had to-day alluded
but he must certainly have been miSinfOrm-
ed. 1t IS another thing that he might have
been told that there could be a question if it
was morally correct to do rs was asked of
the party if it We're not dishonest to favour
one creditor at the expense Of others. be-
cause that one creditor was the biggest
one; and it Wouid seem unfair to have done
so, even though the law admits Of il: but it
could not truly he sal that the law prohibit
ed what was asked for. AS regards the other
point, IT a creditor carries on a party. and this
party owes him more than he possesses, at the
same time as he goes on increasing his liabi-
lities with other people, that is something
unfair to try to protect that one creditor to
the prejudice of the others. OF course. it
must not be overlooked, that il will also be
0
provided that movables belonging to landed
property l1ay still be mortgaged along with
that, including fin. mannres, stock and the like.
We see very often, that parties whose credit
is growing low, takes loans on promissory
notes, the Bank then takes security on nova
bles, /. in. stock iu-trade, meanwhile the party
continues to get goods on credit, and those
goods on their arrival become at once included
in the mortgage, and in the end the bank is
covered, and The other creditors receive no
thing the great point is that a man Should
not be ALLOW eG free hands to continue bust
ness wien he finds himself in an unsafe and
unsound position. Certainly if the Draft be
laid before theCouncil, there will be ample
means afforded for discussing the matter in
all lis bearings, but it's being passed in the
Mother Country ought to be a sufficient qua
rantee for it's usefulness.
LIST Member for Frederiksted's Country
District (Meroin) would say that he most
heartily endorsed all what had been said by
LIST Member for Christiansted (Stakemann). 1t
is certainly very hard that q merchant abroad
shall see the goods he furnishes at the order
of a party taken among the articles mort
gagged to another party. This is really beyond
what is right. And as regards the obligation
on man to give up his assets for Dealing
Administration as soon as he sees his liabili-