Mr Mercer
Houghing 27 Sec. 1862
The Duke
斥
t
Newcastle.
Received.
3 Inclosures.
N. 97.
and Bankruptcy.
on the subject of Insolvency
Submitting Draft of Bill
Copy)
In17657/13
Hong Kong. 3th September, 1862.
390
Siv
The Chamber
of
Commerce have had
under their consideration the urgent necessity which
is found to exist for the institution of a Bankruptey Law in this Colony, by which the assets of any
Insolvent subject to the jurisdiction of the local bourts might be fairly distributed
pro
ratâ
Among
creditons proving their claims. The present system,
as is well known,
permits
an undue advantage
to the creditor who happens to be best acquainted with his debtor's affairs, and is thereby enabled to
sure out a judgment at the precise time when
such a course seems advantageous, or to lay
The Honorable
M. H. Alexander, Equ.
Acting Colonial Secretary.