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underlying principle, in the opinion of my Committee, is that expressed in the preamble of the "Alien Enemies (Winding-up) Ordi- -nance 1914 viz: "It is expedient that provision should be made for the winding up of the affairs of such Alien Enemies in order to pre- svest lens to the and to ether persons”. The underlining is that of my Committee. It is this principle which my Committee firmly maintains is not being observed,
8.
My Committee do not suggest the Liquidators should be instructed to wage war on German trade. It would appear to be no
part of their province to do so. This aspect is dealt with in my separate letter of date. But they do suggest the Liquidators should not assist German trade and influence by refraining from taking the natural steps to enable the local obligations of liquidating firms
to be discharged.
9.
My Committee can see no distinction between the case of
those liquidated firms who are, or appear to be, lemally insolvent and the estates of bankrupts.
In each case the dominating objects are the payment of, and the protection of the interests of, creditors and the speedy
realisation of the assets for this purpose. Because under the
not present circumstances it is possible to realise assets outside the
Colony, which, as remarked elsewhere, are notoriously kept from the
Liquidators, my Committee see no reason for making the distinction
indicated in your letter especially since it operates in favour of
the liquidated firms and not at all in the interests of their
creditors which they have wholly abandoned to the Liquidators and
to the Governmeri tə
10.
classes.
11.
The liquidated firms divide themselves into four general
(1). Firms clearly locally insolvent.
(2). Firms whose local solvency is problematical.
(3). Firma locally solvent but with existing unpaid
creditors.
(4). Firms locally solvent with no existing creditors.
As regards the first class the principles of Bankruptcy
ought