8. d. s. d. 8. d. r. d. s. d. s. d. 7 6 to 9 6 5 6 to 7 0 4 0 to 5 9 11 0-12 6 8 6-10 1820-1821 107,000 25,500 1821 13,000 17,300 9,800 1821 1821-1822 72,400 19,500 1822 13,500 15,100 8,200 1822 1822-1823 90,000 24,000 1823 21,700 16,800 13,100 1823 9 6-11 0 5 1-23-1824 113,000 25,000 1821 16,300 17,200 12,200 1824 12 0-13 6 8 1824-1825 79,000 22,000 1825 25,300 21,100 16,400 1825 13 0-15 0 8 1525-1826 141,000 41.000 1826 27,800 21,900 22,300 1826 80 9 6 4 1826-1827 90,000 25,000 1827 19,000 18,500 22,800 1827 11 6-13 6 7 1827-1828149,000 42,000 1828 35,820 27,500 31,100 1828 8 0-10 0 5 3 7 1828-1829: 98,000 26,500 1829 23,200 23,100 31,200 1829 768 63 9-6 6 2 6-3 6 1829-1530 141,000 40,000 1830 32,120 25,700 37,600 1830 66-7 6 3 3 4 620-26 1830-1831 116,000 33,600 1831 23,330 24,980 35,970 1831 60-6630- 4 3 2 0-2 6 1631-1632 122,000 = 35,000 1832 25,170 28,920 32,520 1832 56-6 3 3 3 4 62 3-2 9 1822-1833 122 000 = 35,000 1833 25,000 23,000 *35,000 1833 7 07 950- 6030-4 0 Of 7,299,605 lbs of indigo imported into Great Britain in 1831, 6,996,063 lbs. were from India, 149,349 lbs. from the British West Indies, 81,991 lbs. from Guatemala, 16,014 lbs. from Colombia, &c. Of the total quantity imported, 2,490,000 lbs. were retained from consumption. The imports of indigo, in 1832, were 6,353,065 lbs.; of which 2,395,653 lbs. were retained. Indigo of British possessions, not deemed their produce unless imported from thence.- Geo. 4. c. 48.) For further information as to indigo, see Colebrooke's Husbandry of Bengal, p. 154.; Milburn's Orient. Com.; Bell's Review of Commerce of Bengal; Wilson's Review of do.; evidence of Gillian Maclaine, Esq., East India Committee, 1830-31, &c. [Indigo is imported into the United States chiefly from the British East Indies, Manilla and the Philippine islands, and the republic of Colombia.-Am. Ed.] INK (Du. Ink, Inkt; Fr. Encre; Ger. Dinte; It. Inchoistro; Lat. Atramentum ; Rus. Tschernilo; Sp. Tinta; Sw. Blak.) "Every liquor or pigment used for writing or printing is distinguished by the name of ink. Common practice knows only black and red. Of black ink there are three principal kinds: 1. Indian ink; 2. Printer's ink; and 3. Writing ink. The Indian ink is used in China for writing with a brush, and for painting upon the soft flexible paper of Chinese manufacture. It is ascertained, as well from experiment as from information, that the cakes of this ink are made of lampblack and size, or animal glue, with the addition of perfumes or other substances not essential to its quality as an ink. The fine soot from the flame of a lamp or candle received by holding a plate over it, mixed with clean size from shreds of parchment or glove-leather not dyed, will make an ink equal to that imported. Good printer's ink is a black paint, smooth, and uniform in its composition, of a firm black colour, and possesses a singular aptitude to adhere to paper thoroughly impregnated with moisture. "Common ink for writing is made by adding an infusion or decoction of the nut-gall to sulphate of iron, dissolved in water. A very fine black precipitate is thrown down, the speedy subsidence of which is prevented by the addition of a proper quantity of gum Arabic. Lampblack is the common material to give the black colour, of which 2 ounces are sufficient for 16 ounces of the varnish. Vermilion is a good red. They are ground together on a stone with a muller, in the same manner as oil paints. Among the amusing experiments of the art of chemistry, the exhibition of sympathetic inks holds a distinguished place. With these the writing is invisible, until some reagent gives it opacity. These inks have been proposed as the instruments of secret correspondence. But they are of little use in this respect, because the properties change by a few days' remaining on the paper; most of them Lave more or less of a tinge when thoroughly dry; and none of them resist the test of heating the paper till it begins to be scorched."-(Ure's Dictionary.) INKLE, a sort of broad linen tape, principally manufactured at Manchester and some other towns in Lancashire. INSOLVENCY AND BANKRUPTCY. Insolvency is a term in mercantile law, applied to designate the condition of all persons unable to pay their debts according to the ordinary usage of trade. A bankrupt is an insolvent; but persons may be in a state of insolvency without having committed any of the specific acts which render them liable to a commission of bankruptcy. We have, under the article BANKRUPTCY, explained the most important differences in the law as to insolvency and bankruptcy; and have also briefly stated in that article, and in the article CREDIT, some of the alterations which seem to be imperatively required to make these laws more in harmony, than they are at present, with the principles of justice, and more conducive to the interests of commerce and the public advantage. In the present article, therefore, we shall confine ourselves to a summary statement of the proceedings under the existing laws. Under the bankrupt laws, the creditors have a compulsory authority to sequestrate the entire possessions of their debtor; under the insolvent laws, the debtor himself may make a voluntary surrender of his property for the benefit of all his creditors. From this diversity in the initiative process results the greatest diversity in the ultimate operation of the bankrupt and insolvent acts. The proceedings under a commission of bankruptcy being insti * These numbers are partly from estimate; but they cannot be far wrong. tuted by the creditors, they lose all future power over the property and person of the insolvent after he has obtained his certificate; but the proceedings under the insolvent act having been commenced by the debtor himself, he only, by the surrender of his effects, protects his person in future from arrest-not the property he may subsequently acquire, from liability to the payment of all his debts in full. Proceedings under the cxisting Insolvent Act.-In 1813, a special tribunal, called the Court for Relief of Insolvent Debtors," was appointed for the purpose of receiving the surrender of property and effects for the benefit of the creditors of insolvents. It consists of a chief and two other commissioners, appointed by the Crown, and is a court of record, with powers similar to those of the superior courts at Westminster; but it cannot award costs, unless in particular cases. The court sits twice a week in Portugal-street; and no fees are taken, except those established by the court. The commis sioners also severally make circuits, and attend at the towns and places appointed for insolvents in the country to appear: their judicial powers in the provincial towns are the same as those exercised in the metropolis. I. The first step in the insolvent's proceeding is the Petition. Any person in actual custody for any debt, damages, costs, or money due for contempt of any court, may, within 14 days after his first detention, petition the court for his discharge; stating in such petition the particulars of his arrest, and the amount of his debts, and praying to be discharged not only against the demands of the persons detaining him, but against all other creditors having claims at the time of presenting the petition. Persons not actually in custody within the walls of a prison, and during the proceedings thereon, are not entitled to the benefit of the act. In case of sickness, however, and after an order for hearing the petition has been obtained, this condition is not required. Notice of the time a pointed for hearing the petition must be given to all creditors whose debts amount to 51., and be advertised in the London Gazette. At the time of subscribing the petition, the insolvent executes an assignment to the provisioual assignee of the court, renouncing all titie to his property, except wearing apparel, working-tools, bedding, and such necessaries of hims !f and family as shall not exceed the value of 20. During confinement, the court may order an allow ance for the support of the petitioner. The filing of a petition is an act of bankruptcy, and, if a commission be issued within 2 calendar months, vacates the assignment: but this does not stop the proceedings of the court; and any property remaining to the petitioner, after obtaining his certificate, continues liable as if no commission had been issued, The voluntary preference of a creditor, by conveyance of money, goods, bills, or other property, after the filing of the petition, or within 3 months prior to the imprisonment of the petitioner, being then in insolvent circumstances, is fraudulent and void. Within 14 days after the filing of bis petition, the insolvent must prepare a schedule of his debts; also of his property and income from every source whence he derives benefit or emolument, together with an account of all debts owing to him, the names of the debtors, and their places of abode. Las ly, the schedule must describe the wearing apparel and other articles not exceeding 201, which the pe titioner is allowed to retain. Insolvents guilty of omissions in the schedule, with intent to de fraud creditors, or excepting in it necessaries to an amount exceeding 204., or persons assisting therein, are guilty of a misdemeanour, subjecting to an imprisonment for not more than 3 years. 11. The Assignees.-Any time after the filing of the petition, the court appoints assignees from among the creditors, to whom, on their acceptance of the appointment, an assignment is made of the effects of the prisoner. In case of any real estate, the same, within the space of 6 months, must be sold by public auction, in such manner and place as the inajor part in value of the creditors approve: but when sny part of the property is so circumstanced that the immediate sale of it would be prejudicial to the interests of the pri soner, the court may direct the management of such property tilt it can be properly sold; and if the debts can be paid by mortgage in li u of sale, the court may give directions for that purpose. Goods in possession and disposal of the insolvent, whereof he is reputed owner, are deemed his property; but this does not affect the assignment of any ship or vessel, duly registered according to the 6 Gen. 4. c. 110. An account upon oath before an officer of the court, or justice of peace, must be made up by the assignees within every 3 months at the furthest; and in case of a balance in hand, a dividend must be forthwith made, of which dividend, 30 days' previous notice must be given; and every creditor is allowed to share in the dividend, unless objected to by the prisoner, assignees, or other creditors, in which case the court decides. The assignees may execute powers which the insolvent might have executed, as the granting of leases, taking fines, transferring public stock or annuities; but they cannot nominate to a vacant eccles astical benefice. The assignees, with the consent of one commissioner, and the major part of the creditors in value, may compound for any debt cu- to the prisoner; or may submit differences connected with the estate of the insolvent to arbitration. Dividends payable o creditors, unclaimed for 12 months, are to be paid into court to the credit of the estate of the insolveat: in default of payment of the dividends by the assignees, their goods may be distrained; or, if no distress, they may be imprisoned. The assignees, in case the insolvent is a beneficed clergyman or curate, are not entitled to the income of the benefice or curacy; but they may obtain a sequestration of the profits for the benefit of cre ditors. Neither are the assignees entitled to the pay, half pay, pen sion, or other emolument, of any person who is or has been in the army, navy, or civil service of the government or East India Company; but the court may order, subject to the approval of the heads of public offices, a portion of such pay, half pay, pension, or emoluments, to be set aside towards the liquidation of the debts of the insolvent. The court may inquire into the conduct of the assignees, on the complaint of the insolvent or any of his creditors; and, in case of malversation, award costs against them. Assignees who wilfully employ or retain any part of the proceeds of the insolvent's estate, inay be charged with interest, at a rate Lot exceeding 20 per cent. per annum. III. Discharge of the insolvent-On the day appointed for bearing the petition, any creditor may oppose the discharge of the pri soner; and, for that purpose, put such questions and examine such witnesses, as the court shall admit, touching the matters contained in the petition and schedule; or a creditor may require, and the court direct, that an officer of the court shall investiga e the accounts of the prisoner, and report thereon. In case the prisoner is not op posed, and the court is satisfied with his schedule, it may order his immediate discharge from custody; or it may direct him to be detained in custody for any term not exceeding 6 months, to be com puted from the time of filing the petition. But if the prisoner has destroyed his books, or falsified entries therein, or otherwise acted fraudulently towards his creditors, or wilfully omitted any thing in his schedule, he may be imprisoned for any term not exceeding three years: or where a prisoner has contracted debts fraudulently, by means of a breach of trust; or put creditors to unnecessary expense; or incurred debts by means of any false pretence, or without probable expectation, at the time when contracted, of ever paying them; or shall be indebted for damages for criminal conversa ion with the wife, or for seducing the daughter or servant of the plaintiff; or for breach of promise of marriage; or for damages in any action for malicious prosecution, libel, slander, or trespass; the court may imprison for 2 years. The discharge extends to sums payable by annuity; the annuitan's being admitted as creditors to the estate of the insolvent, at a fair valuation of their interest. But the discharge does not extend to any debts due to the Crown, nor for any offence against the revenue laws; nor at suit of any sheriff or other public officer, upon any bail-bond entered into for any person prosecuted for such offence; unless the Treasury certify consent to the discharge. Insolvents under writ of capias or extent, must apply to the Barons of the Exchequer to be discharged. When the prisoner is not discharged, the court may, on application for that purpose, order the creditor at whose suit he is detained to pay any sum not exceeding 4s. weekly; and in default of payment, the prisoner to be liberated. IV. Future Liabilities of the Insolvent.-Prior to adjudication on the petition, the insolvent is required to execute a wariant of attor ney, empowering the court to enter up judgment against him, in the name of the assignees, for the amount of the debts unpaid; and when the insolvent is of sufficient ability to pay such debts, or is dead, leaving assets for the purpose, the court may permit execution to be taken out against the property of the insolvent acquired after his discharge; and this proceeding may be repeated till the whole of the deli, with costs, is paid and satisfied. But no person after judgment entered up, is liable to imprisonment for any debt to which the adjudication of the court extended. When an insolvent is entitled to the benefit of the act, no execution, except under the judgment before mentioned, can issue against him for debts contracted prior to his confinement; but he may be proceeded against for a debt which could not be enforced at the period of his discharge. An insolvent, after his discharge, may, on the application of an assignee to the court, be aga n examined touching the effects set forth in the schedule; and if he refuse to appear or answer questions, he nay be recommitted. No uncertificated bankrupt, nor any person having had the benefit of the insolvent act, can have it a second time within five years, unless 3-4ths in nun ber and value of the creditors consent thereto, or unless it appear to the court that the insolvent, since his bankruptcy or discharge, has done his utmost to pay all just demands; and that the debts subsequently incurred have been unavoidable, from inabi lity otherwise to acquire subsistence for himself and family. Married women are entitled to the benefit of the insolvent act, and inay petition the court on executing a special assignment. The Insolvent Act, of which the above is a digest, was continued by an act of the session of 1830, the 1 Will. 4. c. 38., for 2 years, and "from thence to the end of the next session of parliament." It is important to remark, that the act of Will. 4. prohibits, while the insolvent acts are in force, any debtor from being discharged on his petition under the 32 Geo. 2. c. 28., commonly called the "Lords' Act." Our next object will be to present a brief exposition of the BANKRUPT LAWS. BANKRUPTCY.-Blackstone defines a bankrupt-" A trader who secretes himself, or does certain other acts tending to defraud his creditors." But an intention to defraud is not now held to be essential to constitute a bankrupt; who may be either simply an insolvent, or a person who is guilty of certain acts tending to defraud his creditors. There are, as already observed, some important distinctions between the bankrupt and insolvent laws, not only in their application to different descriptions of individuals, but also in the powers they exercise over the estates of persons subsequently to their being brought under their adjudication. The benefits of the Insolvent Act extend without distinction to every class of persons actually in prison for debt; the benefits of the Bankrupt Act extend to traders only. But persons relieved under a commission of bankruptcy for the first time are for ever discharged from all debts proveable against them, and their property from any future liability; whereas, if relieved under the Insolvent Act, their persons only are protected from arrest, while any property they may subsequently acquire continues liable to their creditors till the whole amount of their debts is paid in full. It follows that the Insolvent Act affords merely a personal relief; while the Bankrupt Act discharges both person and property, and even returns the bankrupt a certain allowance out of the produce of his assets, proportioned to good behaviour, and the amount of his dividend. Having already treated of insolvency, we shall now proceed to describe the proceedings under a commission of bankruptcy, as regulated by the act of Lord Brougham, the 1 & 2 Will. 4. c. 56., and the 6 Geo. 4. c. 16., which are the last general acts on the subject, and by which former statutes have been consolidated, and several important improvements introduced; leaving, however, untouched, many of the radical defects inherent in this branch of the law. The chief points to be considered, are-1. The persons who may become bankrupt; 2. Acts constituting bankruptcy; 3. Proceedings of petitioning creditor; 4. New Court of Bankruptcy; 5. Debts proveable under the commission; 6. Official assignees; 7. Assignees chosen by creditors; 8. Property liable under bankruptcy; 9. Examination and liabilities of bankrupt; 10. Payment of a dividend; 11. Certificate and allowance to bankrupt. 1. We may become Bankrupt.-Generally all persons in trade, capable of inaking binding contracts, whether natural-born subjects, alicas, er derizors, are within the jurisdiction of the bankrupt laws; but the statute expressly includes builders, bankers, brokers, packers, Carpenters, scris ners, ship insurers, warehousemen, wharfingers, shipwrights, vienliers; keepers of inns, taverns, hotels, and coffeehouses, dyers, printers, bleachers, fullers, calenderers, cattle or sheep salesmer, factors, a tents, and all persons who use the trade of mer chandise by hargaining, bartering, commission, consignment, and otherwise, and also all persons who seek their living by buying and sel me, letting for hire, or by the manufacturing of goods and comthritis. Persons who cannot become bankrupt, are, graziers, farmers, worsen for hire, labourers, receivers general of taxes, and sbscribers to any commercial or trading company established by charter or act of parliament. A clergyman, unless a trailer, cannot be made a bankrupt; nor an attorney, in the common course of his profession; nor an infant, nor a luz tir, nor a married woman, except in those cases where she may be melan! taken in execution for her debts.--(8 T. R. 545.) Artile act of buying or selling is not sufficient to make a trader; as a scho'master selling books to his scholars only, or a keeper of born's fraying dead horses and selling the skin and bones.--(6 Moore, Sr.) B. the quantity of dealing is immaterial, where an intention to deal generally may be inferred.-(1 Rose, 84.) A buyer or seller of hol, or any interest in land, is not a tra ler within the act; and on fals pope it has been decided, that a brick maker, selling bricks male in his own fiell, or the owner of a mine selling minerals from bur own quarry, is not liable, because such business is carried on only as a mode of exowing the profits of a real estate.-(2 Wils. 169.) Trailers having privilege of parliament are subject to the bankrupt laws, and may be proceded against as other traders: but such persa cannot be arrested or imprisoned, except in cases made felony by the statute. 2.9 to constituting Bankruptcy.-In general, any act which is inten ted to delay or defraud creditors, is an act of bankruptcy; such as a bater enorcaling blaise'f from his creditors, leaving the country, cau hinsel to be arrested er his goods taken in execution, or maka, av falulent conveyance, gift, or delivery of his property. A trater keeping base coaanits an act of bankruptcy, if he give a general orfer to be denied. So is closing the door, and not admitting persis till ascertained who they are from window, though no actual der: 1-1 Bar. & Cres. 54) But it is no act of bankruptcy if the deral be on Sunday, or at an unseasonable hour of the night, or to prevent interruption at dinner time. Traders held in prison for any really subsisting debt for the period of 24 days, or who, being arrested, make their escape out of prison or custody, commit acts of bankruptcy. A penalty due to the Crown as a subent debit, and the time is computed from the first arrest, where the party lies in prison immediately, and the day of arrest is incled, ani the whole of the last day. Fillaz a petition, in order to take the benefit of the Insolvent Act, is as vit of bankruptcy, and a fiat may be issued any time before the petron is heart by the Insolvent Court, or within 2 calendar months. A trader may nike a declaration of his insolvency, signed and attested by an attorney or solicitor, and afterwards to be filed in the Bankrupt Office; and the secretary signing a memorandum thereof, as authority for advertising it in the Gazette. Upon this act of bankruptcy no commission can issue, if not within two calendar months after such advertisement, and unless such advertisement be within 8 days after filing declaration; an! no docket can be struck till 4 days after advertisement, if the commission is to be executed in London, an if in the country. Such declaration of insolvency being concert! between bankrupt and creditor, does not invalidate the com The exeention by a trader of any conveyance by deed, of all his estate and effects for the benefit of all his creditors, is not an act of ankruptcy, unless a commission be sued out within six months after, provided the deed be attested by an attorney or solicitor, and execute! within 15 days after, and notice thereof within 2 months, bez ven in the Gazette, ami 2 daily newspapers; or, if the trader reside more than 50 miles from London, notice may be given in the Gazete, aul neurest country newspaper. 3. Procedings of Pentioning Creditors.-A person being a trader. and having committed an act of bankruptcy, the next step in the proening is to petition the Lord Chancellor to issue his fiat. No fiat -! GE the petitioning creditor's debt, if 1 person or 1 firm, Ruous to P90; if 2 creditors, to 1501.: if 3 or more creditors, to 2001. or upwards. The petitioning creditor must make an affidavit before a Master in Chancery, of the truth of his debt, and give bond in 2001. to prove it, and the act of bankruptcy. If the debt prove in sufficient to support a fiat, the Lord Chancellor, upon the application of another creditor who has proved a sufficient debt, contracted pos terior to that of the petitioning creditor, may order the bankruptcy to be proceeded in. The petitioning creditor proceeds at his own cost until the choice of assignees, when his expenses are paid out of the first money re ceived under the bankruptcy. Creditors entitled to sue out a fiat against all the partners in a firm, may elect to petition only against one or more of such partners; and the commission may be superseded as to one or more partners, without affecting its validity as to the other partners. Creditors who have sued out a fiat compounding with the bankrupt, or receiving more in the pound than other creditors, forfeit the whole of their debt, and whatever gratuity they received, for the benefit of the other creditors, and the Lord Chancellor may either order the commission to be proceeded in or superseded. 4. New Court of Bankruptcy-Formerly the bankrupt business of the metropolis was transacted by 70 commissioners, appointed by the Lord Chancellor. They received no regular commission. Lut derived their authority from a letter written to them by the Chaucellor, informing thein of their appointment. The whole proceed. ings under a town commission, from its issuing to the winding up of the bankrupt's affairs, were managed by these commissioners, who acted by rotation, in lists of 5 each. In place of these an entire new court has been substituted, consisting of a chief judge, with 3 puisie judges, and 6 commissioners. There are also 2 principal registrars, and 8 deputy registrars. The secretary of bankrupts is also conti nued as one of the officers under the new system. The judges, or any 3 of them, sit as a Court of Review, to ad• dicate in all matters of bankruptcy brought before them, subject .3 aa appeal to the Lord Chancellor. The 6 commissioners sit occasionally in 2 subdivision courts of 3 commissioners each. The powers of the single commissioner are nearly the same as the oid commissioners. The examination of any bankrupt or other person, or of a proof of debt, may be adjourned by a single commissioner to a subdivision court; and disputed debts, if all parties consent, may be tried by a jury. An appeal lies from a single commissioner, or a subdivision court, to the Court of Review; and a decree of this court is final, unless appealed against within 1 month. The London commissioners under the old law had a jurisdiction for 40 miles round London, which is continued to their successors. Commissions in the country beyond this distance were directed to barristers, or, if these could not be had, to solicitors, resident near the spot where the commission was to be executed. Under the new act, the judges of assize name to the Lord Chancellor such barristers and solicitors in the county as they think fit for the office; and it he approve, they are to appoint them permanent commissioners for the execution of all bankruptcy business in the county; and hats, notrected to the Court of Bankruptcy in London, are directed to them. Let us now proceed with the powers and duties of the commas sioners. Commissioners are empowered to summon persons, examine then on oath, and call for any deeds or documents necessary to establish the trading and act of bankruptcy; and upen full proof thereof, to adjudge the debtor a bankrupt. Notice of such adjudication must be given in the Gazette, and 3 public meetings appointed for the bark rupt to surrender; the last of which nicetings to be the 42 day after. A bankrupt refusing to attend at the appointed time may be appre hended; and on refusing to answer any question touching his business or property, may be committed to prison. By warrant of the commissioners, persons may break open any house, premises, door, chest, or trunk of any bankrupt, and seize on his body or property; and if the bankrupt be in prison or custoly, they may seize any property (necessary wearing apparel excepted) in the possession of such bankrupt, or any other person. Authorized by a justice's warrant, premises may be searched not belonging to the bankrupt, on suspicion of property being concealed there; and persons suspected to have any of the bankrupt's property in their possession, refusing to obey the summons of commissioners, or refusing to answer interrogatories, or to surrender documents, with out lawful excuse, may be imprisoned. The wife of the bankrupt may be examined, or, on refusal, committed. Persons summoned are entitled to their expenses; and those attending, whether summoned or not, to assist the commissioners in their inquiries, are protected from arrest on any civil suit. 5. Debts proveable under Commission.-At the 3 meetings ap Clerks and servants, to whom the bankrupt is indebted for wages, are entitled to be paid 6 months' wages in full, and for the residue they may prove under the commission. Indentures of apprenticeship are discharged by bankruptcy; but in case a premium has been received, the commissioners may direct a portion of it to be repaid for the use of the apprentice, proportioned to the term of apprenticeship unexpired. rupt, within 14 days after, deliver the lease to the lessor, he is not liable for rent. In general, all power which the bankrupt might law fully execute in the sale and disposition of his property for the benefit of himself, may be executed by the assignee for the benefit of creditors. All contracts, conveyances, and transactions, by or with any bankrupt, and all executious and attachments levied, without notice of an act of bankruptcy, for more than two months before the issuing of the commission, are valid. All payments whatever, either by or to the bankrupt, without notice of an act of bankruptcy, are protected down to the date of the commission; and purchasers for valuable considerations, with notice, cannot be molested, unless a commission issue within 12 months after the act of bankruptcy. The circumstance of a commission appearing in the Gazette, and a fair presumption that the person to be affected thereby may have seen the same, is deemed sufficient legal notice of an act of bankruptcy having been committe!. Debts upon bill, bond, note, or other negotiable security, or where credit has been given upon valuab'e consideration, though not due at the time the act of bankruptcy was committed, are proveable under 9. Examination and Liabilities of Bankrupt.-A bankrupt, not the commission. Sureties, persons liable for the debts of, or bail for surrendering to the commissioners before 3 o'clock upon the 42d day the bankrupt, may prove after having paid such debts, if they have after notice, or not making discovery of his estate and effects, not decontracted the liability without notice of any act of bankruptcy.livering up goods, books, papers, &c., or removing er embezzling to Obligee in bottomry or respondentia bonds, and assured in policy the value of 101, is guilty of felony, and liable to a discretionary of insurance, are admitted to claim; and after loss, to prove as if the punishme t, from imprisonment to transportation for life. The loss or contingency had happened before commission had issued period for surrendering may be enlarged by the Lord Chancellor; against the obliger or insurer. Annuity creditors may prove for the and the commissioners, or assignees with approval of commissioners, value of their annuities, regard being had to the original cost of such may grant an allowance for support of the bankrupt and his family annuities. Plaintiffs in any action having obtained judgment against till he has passed his last examination. During his attendance oa the bankrupt, may prove for their costs. commissioners, the bankrupt is protected from arres'. When there are mutual debts between the bankrupt and a creditor, they may be set off against each other, and the balance, if in favour ot the creditor, is proveable against the bankrupt's estate. Interest may be prove! on all bills of exchange and promissory notes over due at the time of issuing commission, up to the date of the com. inission. Proving a debt under the commission, is an election not to proceed against the bankrupt by action; and in case the bankrupt be in prison at the suit of a creditor, he cannot prove his debt without first discharging the bankrupt from confinement: but the creditor is not liable for the costs of the action so relinquished by him. No debt barred by the statute of limitations is proveable under the commission. 6. Official Assignees.-An important alteration introduced by Lord Brougham's act, particularly to commercial men, is the appointment of official assignees. They are 30 in number, merchants and traders resi tent in the metropolis or vicinity; and are selected by the Lord Chancellor. They are to act with the assignees chosen by the crediters. All the real and personal estates of the bankrupt, all the monies, stock in the public funds, securities and proceeds of sale, are transferred and vested in the official assignee, subject to the rules, orders, and direction of the Lord Chancellor, or a member of the Court of Bankruptcy. The official assignee gives security for the trust reposed in him; and is required to deposit all monies, securities, &c. in the Bank of England. The official assignee is neither remunerated by a percentage nor a fixed salary, but a sum is paid to him for his trouble, at the discretion of the commissioners, and proportioned to the estates of the bankrupt and the duties discharged. 7. Appointment of Assignees by Creditors.--The official assignee is empowered to act as the sole assignee of the bankrupt's estates and ellects until others are chosen by creditors, which must be at the 24 meeting. Every creditor to the amount of 101., who has proved his debt, is eligible to vote; persons may be authorised by letters of attorney to vote, and the choice is made by the major part in value of the creditors: but the commissioners may reject any person they deem unfit; upon which a new choice must be made. When only 1 or more partners of a firm are bankrupt, a creditor to the whole firm is entitled to vote, and to assent to or dissent from the certificate; but such creditor, unless a petitioning creditor, cannot receive any dividend out of the separate estate, until all the other creditors are paid in full. Assignees may, with consent of creditors declared at any meeting duly summoned, compound or submit disputes to arbitration, and such reference be made a rule of the Court of Bankruptcy, or they may commence suits in equity; but if 1-3d in value of creditors do not attend such meeting, the same powers are granted to assignees with the consent, in writing, of commissioners. Assignees to keep a book of account, where shall be entered a statement of all receipts and payments relating to bankrupt's estate, and which may be inspected by any creditor who has proved. Commissioners may summon assignees, with their books and papers, before them; and if they refuse to attend, may cause them to be committed till they obey the summons. An assignee retaining or employing the money of the bankrupt to the amount of 100% or upwards, for his own advantage, may be charged 201. per cent. interest. Commissioners at the last examination of bankrupt, to appoint a public meeting, not sooner than 4 calendar months after issuing commission, nor later than 6 calendar months from last examination, of which 21 days' notice must be given in the Gazette, to audit the accounts of the assignee; which accounts may be delivered on oath, and the commissioners may examine the assignee touching the truth thereof. 8. Property liable under Bankruptcy.-The official assignee is vested with all the real and personal estate of the bankrupt, and with all such property as may be devised to him, or come into his possession, till the time he obtain his certificate. The commissioners may sell any real property of which the bankrupt is seised, or any estate tail, in possession. reversion, or remainder; and the sale is good against the bankrupt, the issue of his body, and against all per. sons claiming under him after he became bankrupt, or whom by fine, common recovery, or other means, he can cut off from any future interest. All property which the bankrupt has in right of his wife passes to the assignee, except such as is settled for her own sole benefit. Any property pledged, or securities deposited, may be redeemed for the benefit of the creditors. If a bankrupt, being at the time insolvent, convey his land or goods to his children or others (except upon their marriage, or for a valua bie consideration), or deliver securities, or transfer debts into other names, such transactions are void. A landlord after or out of bankruptcy, cannot distrain for more than one year's rent; but he may prove under the commission for the residue. The assignee may accept any lease to which the bankrupt is enti. fled, and his acceptance exonerates the bankrupt from any future lability for rent; or if the assignee decline the lease, and the bank The bankrupt is required to deliver up his books of account to the assignees upon oath, and to attend thein on reasonable notice; he may inspect his accounts, assisted by other persons, in presence of assignee. After certificate is allowed, he is required to attend assignees, in settling accounts, at 5s. per day; and may be committed for non-attendance. A penalty of 1001. is imposed on persons concealing bankrupts' effects, and double the value of the property so concealed; and an allowance of 51. per cent. to persons discovering such concealment, with such further reward as the major part of the creditors may think fit to grant. The bankrupt, or any other person, wilfully swearing falsely, is liable to the penalties of perjury. If the bankrupt intend to dispute the commission, he must present a petition to the Court of Review within 2 calendar months; or, if out of the United Kingdom, within 12. At any meeting of creditors, after the last examination, the bank. rupt or his friends may tender a composition; which, if accepted by 9-10ths in number and value of the creditors, at 2 separate nieetings, the Lord Chancellor may supersede the connaission. In deciding on such offer, creditors under 201. are not entitled to vote; but their debts are computed in value. Fersons residing out of England nay vote by letter of attorney, properly attested; and the bankrupt may be required to make oath that no unfair mears have been eni. ployed to obtain the assent of any creditor to such arrangement. 10. Payment of a Dividend.-Not sooner than 4, nor later than 12 calendar months, the commissioners are to appoint a public meeting, of which 21 days' previous notice must be given in the Gazette, to make a dividend; and at which meeting, creditors who have not proved, may prove their debts; and at such meeting commissioners may order the nett produce of bankrupt's estate to be shared among the creditors that have proved, in proportion to their debts: but no dividend to be declared unless the accounts of the assignees have been first audited and delivered in as before described. If the estate is not wholly divided upon a first dividend, a second meeting must be called, not later than 18 months from the date of commission; and the dividend declared at such second meeting to be final, unless some suit at law be pending, or some part of bankrupt's property afterwards accrue to the assignees; in which case it must be shared among the creditors within 2 months after it is converted into money. Assignees having unclaimed dividends to the amount of 501., who do not, within 2 calendar months from the expiration of a year from the order of payment of such dividends, either pay them to the cre ditors entitled thereto, or cause a certificate thereof to be filed in the Bankrupt's Office, with the names, &c. of the parties to whoin due, shall be charged with legal interest from the time the certificate ought to have been filed, and such further sum, not exceeding 201. per cent. per annum, as the commissioners think fit. The Lord Chancellor may order the investment of unclaimed dividends in the funds; and after 3 years the same may be divided among the other creditors. No action can be brought against assignees for any dividend; the remedy being by petition to the Lord Chancellor. 11. Certificate and Allowance to Bankrupt.--The bankrupt who has surrendered, and conformed in all things to the provisions of the bankrupt laws, is discharged by the certificate from all debts and demands proveable under the commission; but this does not discharge his partner, or one jointly bound, or in joint contract with him, nor does it bar a debt due to the Crown. The certificate must be signed by 4-5ths in number and value of creditors who have proved debts to the amount of 201. or upwards; or, after 6 calendar months from last examination, then either by 3-5ths in number and value, or by 9-10ths in number. The bankrupt must make oath the certificate was obtained without fraud; and any creditors may be heard before it is finally allowed by the Lord Chancellor. Any contract or security given to obtain signatures to the certificate, is void. A bankrupt, after obtaining his certificate, cannot be arrested for any debt proveable under the commission; nor is he liable to satisfy any debt from which he is discharged, upon any promise, contract, or agreement, unless made in writing. In case a person has been bankrupt before, or compounded with his creditors, or taken benefit of Insolvent Act, unless the estate produce 158. in the pound, the certificate only protects the person of bankrupt from arrest; and any future property he acquires may be seized by assignees for benefit of creditors. If the produce of bankrupt's estate does not amount to 10s. in the pound, he is only allowed out of the assets so much as assignees think fit, not exceeding 3 per cent., or 3001. in the whole; if it produce 10s, 5 per cent., not exceeding 4007.; if 12s. 6d. is paid in the pound, 7 1-2 per cent., not exceeding 5001.; if 15s. in the pound and upwards, 10 per cent, and not exceeding 6001. One partner may receive his allowance, if entitled, from the joint and his separate estate, though the others are not entitled. A bankrupt is not entitled to certificate or allowance, if he has lost by gaming or wagering, in 1 day, 201., or within 1 year next preceding his bankruptcy, 2001; or 2001. by stock-jobbing in the same period; or, in contemplation of bankruptcy, has destroyed or falsified his books, cr concealed property to amount of 101.'; or, if any person Laving proved a false debt under the commission, such bankrupt, bring privy thereto, or afterwards knowing the same, has not disclose it to his assiquees within 1 month after such knowledge. Lastly, upon request by the bankrupt, the official assignce is re quired to declare to him how he has disposed of his property, and account to him for the surplus, if any but before any surplus can be admitted, interest must be paid, first, on all debts proved that carry interest, at the rate payable thereon; and next, upon all other debts, at the rate of 41. per cent., to be calculated from the date of the commission. I. Account of the Number of Commissions of Bankruptcy issued from 1790 to 1821. II. Account of the Number of Commissions of Bankrupt and Fiats issued each Year, from 1822 to 1-32 both included; distinguishing Town Commissioners and Fiats, and showing how many Country Commissions and Fiats were opened in each Year.-(Parl. Paper, No. 342. Sess. 1833.) II. Total Number of Persons discharged from Prison under the Acts for the Relief of Insolvent Debtors since the Constitution of the present Court in 1820; and the Number who have been ordered to be detained in Custody for contravening the Provisions of the Acts for the Relief of Insolvent Debtors.—(Parl. Paper, No. 141. Sess. 1831, and Papers published by Board of Trade.) N. B.-The Court makes no orders of detention; and the following Table shows all the judgments given to the 30th of June, 1831. [By the constitution of the United States "Congress shall have power to establish uniform laws on the subject of bankruptcies through the United States." This power, however, has only been exercised for a very short period. An act establishing a uniform system of bankruptcy was passed on April 4th, 1800. It was limited to five years, and thence to the end of the next session of Congress, but was repealed by the act of December 19th, 1803. The power of Congress in respect to bankruptcies has been adjudged not to be exclusive. So long as Congress refuse to exercise it, the respective states may pass bankrupt, or, what amounts to the same thing, insolvent laws; but such laws must not be of a nature to impair the obligation of contracts made prior to their passage. State insolvent laws are, moreover, invalid as to all contracts, whether prior or posterior to their existence, to which citizens of other states are partics.-See Kent's Commentaries on American Law, Sect. 37.—Am. Ed.] INSURANCE, a contract of indemnity, by which one party engages, for a stipulated sum, to insure another against a risk to which he is exposed. The party who takes upon him the risk, is called the Insurer, Assurer, or Underwriter; and the party protected by the insurance is called the Insured, or Assured; the sum paid is called the Premium; and the instrument containing the contract is called the Policy. |