Insolvency.

INSOLVENCY .

ON Wednesday , the 15 th inst ., Bro . J . Townloy Trotter , F . S . A . A . ( an officer of the Asbbnry Lod <* e , No . 1450 ) , delivered a most instructive lectnre on the above snbject before tho Manchester and District Society of Incorporated Accountants , of which ho is a member . The meeting was held at tho Association Chambers , High Street , Manchester , waa well attended , and his auditors paid very great attention to the many points of interest which tho lecturer

introduced . Brother Trotter began by reminding bis audience that fche snbject which ho bad chosen waa of considerable importance to the accountancy profession , and particularly so to those who made a speciality of bankruptcy nnd private arrangements . He admitted that the legislative assembly , in passing tbo Bankruptcy Act of 1883 , were doubtless of opinion that ifc wonld affect a very great

improvement upon the then existing state of things , and he conceded tbe point that they were perhaps justified in so thinking , but professionally , having had to deal with its various provisions , he asked , " What was ita effect 1 " nraotioe ? " pointing ont at fcho eame time that it had given rise ^ satisfaction by creditors , the same feeling had been engendered ,,. . bo minds of debtors , whilst accountants

themselves were far from satisfied . Of tbe Bankruptcy Aofc of 18 oi ) , Brother Trotter said tbat though ifc was a first class one in principle , yet ifc waa capable of being grossly abused , anil had beon so abased nofc only by debtors , to whom it lent an easy facility of gittfng throngh that process whioh was termed " whitewashing , " buc by solicitors and accountants ( so-called ) , for in thoso days ic was no

unusual practice of unscrupulous persona to adopt a brass plate with tho legend " Public Accountant . " Such practices , however , would be difficult of auccesa in the present days owing to the existence of two societies of accountants , since formed . The lecturer said that a very cogent reason for a desired alteration of the act was the lack of proper supervision of Trustees' accounts , and the want of a

provision in the act making taxation of Trustees charges compulsory . The malpractices of the good old days Brother Trotter fairly exposed , showing how , by a system of bribery , the Committee of Adjudication could fix the remuneration at any sum they chose ; the debtor could obtain a ready discharge , nnd nothing farther would be heard of a liquidation after fche initial meeting .

Glancing at the 1883 act , Bro . Trotter pointed out its many defects and abuses which required legislative attention , and demonstrated how to make it a comparatively easy matter for an unfortunate bufc woll-intoutioned debtor to meet a state of insolvency , while ho showed on the ofcher hand how effectually to check the practices of the fraudulent . Tho lecturer proposed fco bring in a short

amendment bill , the principal objects of whioh would be in the first place fco repeal such portions of tho Bankruptcy Act of 1883 , as now make Deeda of Arrangement into Act of Bankruptcy , and to render it impossible fco register any deed unless it haa been executed or assented to iu writing by a majority of the unsecured creditors , aud to bind the minorities in all cases whero deeda have been executed or

assented to in writing by three-fourths in value of such unsecured creditor ? . In order to make it possible for the signatures or assents of creditors to be obtained before registration , the amendment actus proposed by Brother Trotter would increase tho time allowed for such registration from 7 to 21 days . He pointed out that there wore many unreasonable creditors who decline to assent to anything , and

who wait their opportunity to score an advantage over their follow creditors . This stato of a { fairs he proposed to abolish . He also pointed oafc abuses iu solicitors' nnd trustees' costs , and auctioneers ' claims , and though be acknowledged thafc he did not make sweeping charges against the whole of these professions , yefc he would protect thorn from being brought iuto disiopnte by making malpractices

impossible , or afc lenst , difficult . He cited the following cases in support of his contention : first , where solicitors , for preparing a deed of arrangement , and attendance of only an ordinary character incidental to the proceedings , havo charged £ G 0 or £ 70 , and in one instance , where tbo assets realized wero £ 100 , the solicitors' bill wus £ 168 . In this latter case there was a Committee of Inspection , who ,

although disgusted with the bill , declined to instruct tbe trustee lo tax it , on acconnt of tbe very great expense which would be incurred even if the bill were reduced . Another case he mentioned was one in which ho was personally instructed for the creditors , whioh , in the statement of affairs , prepared b y an accountant of standing ( afterwards appointed trustee ) , showed 20 s iu the £ , bnt on account ol

trustees' and other subsequent charges , only left a sufficient balance to pay a first and final dividend of ls 6 d in the £ . In another case , where the nssets realised were £ 900 , the solicitor charged £ 350 , the trustee £ 350 , aud there remained only £ 200 for distribution amongst unsecured creditors . Brother Trotter said ifc wonld not be difficult to multiply cases of this kind , and contended

thafc legislation shonld come to tho rescue , demonstrating how this could be done . He pointed out many abuses connected with the auditing of accounts , showed how to obviate or reduce the present enormous labour devolving upon trustees under private arrangements , and save the expense of ad valorem duty aud affidavits , whilst at the same time the Board of Trade would bo furnished with greater

facilities for the preparation and issuing of their official returns . Brother Trotter contended that a short bill on the lines indicated by him , would effect a great improvement , creditors would find themselves infinitely more the masters of their own affairs , honest but unfortunate debtors would have abetter chance of receiving fair and reasonable treatment at the hands of their creditors , and gentle . men of tho profession of accountants wonld fiud themselves in n

paradise as compared with their present position . Farther ho suid that such au outrageous practice as fchat now existing nnder the sanction of the law of surcharging a trustee as a trespasser , who has honestly and ably performed his duty in tho administration of nn estate , incurring , in some instances , great personal risk with a view to that end , would be practically impossible . An animated discussion arose at the conclusion of the lecture .

Correspondence.

CORRESPONDENCE .

We do not hold ourselves responsible for tho opinions of our Correspondents . All Letters must bear the navn < j and address of the Writer , not necessarily for publication , but as a guarantee of good faith . Wo cannot undertake to rctura rejected communications .

QUEU 1 V To the Ediio * of ihe FKKEMASOX ' CHRONICLE :. DKAR SIR AND BKOTHKU , —For tho information of myself and many other bretlnen , I would bo obliged if you could tell us authoritively ho * v uiuny de ^ rets and now many orders aro recogtiidod in Freemasonry . Awaiting tho favour of your reply , t remain ,

Yours fraternal Ir , MASTER MASO . ? . London . 10 th March 1893 .

[ From tuc above noto it would appear tbat onr brother has failed to compl y with tlio recommendation of tho Worshipful Master at his initiation , when he was presented with a copy of tho Book of Constitutions , for the very first regulation states : —By the solemn Act of Union between the two Grand Lodges of Freemasons of England in

December 1813 , it was " declared and pronounced thafc pure Antient Masonry consists of three degrees and no more , viz ., thoso of tho Entered Apprentice , the Fellow Craft , and tho Master Mason , including tho Supreme Order of tho Holy Royal Arch . "—EDITOR E . G . ] ,

Mark Masonry.

MARK MASONRY .

SINCERITY LODGE , No . 35 .

r pHIS Lodge held ita annual meeting at St . Georgo a Hall , Stone--L house , on Monday evening , tho Gth inst ., when Brother George Dansterville Junior Warden wa-i insfc'dled Worshipful Master fur tho ensuing year . Brother G . Dansterville is widely known and greatly respected amongst Freemasons , consequently a goodly number of visiti ' iis ? brethren honoured the Lodge with their presence . The

Installed Masters prjs-eut included Bros . George Strode-Lowo Deputy Provineinl Grand Master Devnrohin ' , A . W . White , Sho ' . t > H . Hare , C . . 1 . Withnl , \ V . . 1 . rnni ! elly , U . Br ' wkwo . d . A . Roberts , and A . Trout . Tho Worshipful Ma-tor appointi-d tils Olliunrs , : u follow : —Bros . J . ChnpTiiiu T . I' . M ., . 1 . l ' arU > T S-iiioi- W . irleti , 11 . W . Muyne . lunior

Warden , S . llimh Dull' Mtiunr Ovor .-twr , J . . 1 . 11 i » lcomb *» Senior Orcn-oer , J . Austin J . inior 0 / "r-of >" , J . l $ ov „ Senior I ) lie i'i , J . Cory doll Registrar of Work-, tt « . T . W . L « rmn ChanUiii , A . W . White Traisuter , tYa-ik 11 . I ' l-min See . ru ? , try , . 1 . W . inwii ^ ht . l-mer Guard , aud J . Gitiloy Tyler . Tho bri'thr n adjourned to the Masouic Club , Plymouth , for tneir annual supper , wiiero au excellent repast was

provided by thc club steward ( Rro . is . Iiurvey ) . Ihe usual Masonio toasts were cnthus-in-fclcully given and received . In addition to tbe above mentioned the following brethren were present : —Brothers •! . Kint < m Bond , J . Handle , J . Buchan , J . Park , George IJ . Chirk , K M . H . Somerville , J . B . MouMer jnn ., Uniiry T . C . Tucker P . G . W ., M . W . Riddle , J . E . Camming , C . F . Duustcrville , J . Skinner , and Harcourt Foden .

Masonic Sonnets.—No. 42.

MASONIC SONNETS . —No . 42 .

Bv BRO . CHAS . F . FORSHAW , LL . D ., 295 , 1214 , 2417 ( E . G . ) , 24 , 761 ( S . C . ) THE TONGUE OF GOOD REPORT .

Lot none without the Tongue of Gocd Report E'er be allowed to know our Mystic llitos ; That they may never to a Lodge resort , To nse our Signs or see our Sacred Sights . But still , oh Brethren , let no tnulice bide

tteaide tho Secrets of our Hallowed Tie ; Let nothing petty iu the bo „ oiu bide To binder him who would our Art descry . Put far away all private pangs of spite ,

( Jar Craft will doubtless all ma lite improve ; And think : md feci when he has seen the Light , And passed tho gates of tho Masouic grove , That if our pathways he will tread ariglio They will inculcate llopo and Truth aud Love , ! Winder House , Bradford . 13 th March 18 U 3 .