tors who wish to be released from their
debts on easy terms." And yet in the legislation which ensued these facts
were entirely ignored or lost sight of.

[Sidenote: 1869.]

It is indeed a curious illustration of the difficulties which have attended
bankruptcy legislation in England that the very measure (the act of 1869)
which was introduced to remedy this deplorable condition of affairs, was
twelve years afterwards denounced in parliament by the president of the
Board of Trade (Mr Joseph Chamberlain) as "the most unsatisfactory and most
unfortunate of the many attempts which had been made to deal with the
subject" and as "the object of the almost unanimous condemnation of all
classes." How was this? Under the act of 1869, the procedure under a
bankruptcy petition was certainly rendered effective. Meetings of creditors
were presided over and creditors' claims were, for voting purposes,
adjudicated upon by the registrar of the court; the bankrupt had to pass a
public examination in court, which although chiefly left to the trustee
appointed by the creditors, afforded some opportunity for investigation;
and the bankrupt could not obtain his discharge without the approval of the
court and in certain circumstances the consent of the creditors. An
independent official, the comptroller in bankruptcy, was appointed, whose
duty it was to examine the accounts of trustees, call them to account for
any misfeasance, neglect or omission, and refer the matter to the court for
the exercise of disciplinary powers where necessary. These provisions were
well calculated to promote sound administration, but they were,
unfortunately, rendered nugatory by provisions relating to what were
practically private arrangements on similar lines to those which had
rendered previous legislation ineffective. In some respects the evil was
aggravated. Deeds of arrangements were nominally abolished, but under
sections 125 and 126 of the act a debtor was empowered to present a
petition to the court for liquidation of his affairs by "arrangement," or
for payment of a composition, whereupon a meeting of creditors was summoned
from a list furnished by the debtor, and without any judicial investigation
of claims, a majority in number and three-fourths in value of those who
lodged proofs of debt, and who were present in person or by proxy at the
meeting, might by resolution agree to liquidation by arrangement or to the
acceptance of the composition. Such resol