CO129-203 - Acting Governor Marsh - 1882 [10] — Page 341

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Registrar should devote his time and attention to Estates on which the Commissions would be large and not to concern himself much about Estates which would yield him but little for his trouble.

Now that the Registrar takes the management of Insolvent estates as part of his duties as Registrar, it would be only natural to suppose that he would as far as he possibly can encourage the appointment of Creditors' Assignees, and that he should devote more time and attention to the smaller Estates which do not yield much return

for his exertions.

The latter course is I think in the interest of Creditors, but would not show so good returns for fees in the shape of work done.

The present Registrar has in all cases, I believe, urged Creditors to appoint their own Assignee, but out of 20 cases which have happened since his arrival here up to 31st July in only three cases have the Creditors been persuaded to do so.

In Chinese cases more particularly it would be of advantage to the Creditors to do so, as with his present staff it is impossible for the Registrar to examine minutely their books of account. Besides their debtors are frequently scattered over the Southern portion of the Continent of Asia, frequently accounts show Debtors in various parts of China, Anuam, Saigon, Siam, Rangoon, the Straits Settlements &c., which the Registrar has no means of collecting even if he could identify the Debtors and prove

the debts.

In most cases, however, as will have been seen, the Registrar as Official Assignee has to administer the Estate. He has in the first instance to take possession of the, Bankru pts' books, and every thing that he possesses, to examine carefully his Schedule to examine also with great care the proofs of the Creditors, comparing them with the books of the Bankrupt and calling for explanations if there are any discrepancies, and to admit or reject the proofs, he has also to examine the claims of secured Creditors and to arrange for payment of favoured Creditors and those having liens upon portions of the Bankrupts' property, he has to examine the list of Debtors with the Bankrupts' books and to collect as far as he can the debts due to the Estate, to collect rents and to keep up Insurances. Very frequently even in cases of European bankruptcies, the books are not properly kept and in Chinese bankruptcies they cannot often be relied on. The assets collected are often very small, as the Bankruptcies have been staved off until the last moment, and the amount of Commission received is but trifling, but the labour has to be gone through all the same if the Bankruptcy Ordinance is to be worked in the interests of the honest portion of the mercantile community as well as of the Bank- rupt whose Bankruptcy is owing to misfortune. I think that in order to work the Bankruptcies properly there can be no doubt that the Registrar needs the assistance of a skilled European Accountant, a Chinese Accountant, and a Collector also conversant with the Chinese language, Chinese customs, and modes of doing business. Mr. ACKBOYD has paid very great attention to Bankruptcy matters; since his arrival here be has wound up several Estates, some of which have been outstanding for a long time, and

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