On tfie New Bankrupt Laws of Scotland. 



1S16.] 



Bess and rotundity may be produced by 

 brickwork ; or the tubes may be built iu 

 lie chimney, which would not only con- 

 ceal them from view, but also effectu- 

 ally prevent them from fallingf on the 

 heads of passengers. W. N. 



Bedford-row; June 18, 1816. 



For the Monthly Magazine. 



I"j^OR some time past the alterations 

 : which it has been proposed to 

 introduce into the Bankrupt Law of 

 Scotland, have been the subject of ge- 

 neral discussion among mercanlile men. 

 Those alterations, of w hich the following 

 is a sketch, wore established by an Act 

 which lately received tiie royal assent; 

 and the public ought to know that it 

 is to the exertions of the Chamber of 

 Commerce in Glasgow, aided by the 

 mercanlile interest of several of liie prin- 

 cipal towns in lingland, and the labour 

 of Mr. Alexander Campbell of Glas- 

 gow, that they have been finally cai ricd 

 into effect. 



\st. Trustees who fail to deposit the 

 funds iu Bank, in violation of the Act, 

 arc, in future, to forfeit to the estate a 

 penalty of 20 per cent, on these, instead 

 of 7J, as was provided in the late Act. 



2d, The funds of the estate are not to 

 be deposited in any Bank, where the 

 factor or trustee shall be an acting 

 partner, manager, or ca,sliier. 



3</, The commissioners are to meet 

 periodically, (once in three months, at 

 least,) to examine the trustee'saccounts, 

 and to see that the funds arc duly depo- 

 sited in the Bank, and that none are 

 drawn out of it but lor the purposes 

 of the estate. 



Ath, Previous to the meeting, when 

 the commissioners are chosen, and when 

 a composition may be offered, the trus- 

 tee is to make out a full state of the 

 Laiikniijt's affairs, with a valuation or 

 appraisement of what Hie estate is worth, 

 HO as creditors may be enabled to judge 

 of the fairness of tiie offer. 



6(/i, The commissioners may, at any 

 time, make out reports to the creditors, 

 jso as tlicy may know how the aH'airs are 

 managed by the trustee. 



Gth, Notice of the bankruptcy — of the 

 meetings for electmg factor and trustee 

 — of compositions — of the paynn'iits of 

 dividends — and of the trustee's applica- 

 tion for a discharge, are not only to be 

 insertcil in the I'.dinburgii (iazette, but 

 also in the London Gazette. 



7//i, Printed notices are also to be 

 sent to every creditor who has claioicd,. 



McNTHLV Mag. No. 287. 



of the payment of dividends and of the 

 ofler of a composition. 



8t/i, Creditors who hold securities, 

 are to deduct their value in voting, and 

 only to vote on the balance of their debt, 

 so far as uncovered. 



Qth, The trustee isnotto be discharged 

 by the court, without first calling a 

 general meeting of the creditors, and 

 getting his accounts audited. (By the 

 late Act, as w ell as the Lord Advocate's 

 Bill, no previous meeting is neces- 

 sarj-, but only intimation made on the 

 M alls of the court, which the creditors 

 iniglit know nothing of.) 



XQtk, At the end of three years, tlio 

 trustee is to make up a state of the 

 affairs, (if not woimd up before) and 

 also of the unclaimed dividends, and to 

 call a general meeting of the creditors 

 to receive instructions as to the final 

 close of the sequestration. 



Wth, A printed report of the affairs 

 to be made out at the close of the se- 

 questration, and distributed to the cre- 

 ditors for their satisfaction. 



12^/*, Cunent sequestrations are to 

 be proceeded in, according to this Act, 

 so far as it does not interfere with the 

 proceedings that have been already 

 had; so that any seipiestration which 

 has been pending for above three years, 

 may now be brought to a conclusion, 

 and all unclaimed dividends accounted 

 for to the creditors. 



13iA, The law is only to continue 

 seven years, instead of being made per- 

 petual. 



l-\th, The factor, trustee, and com- 

 missioners, to be ap|)ointed by tiie cre- 

 ditors, according to thelast Act, in place 

 of being appointed by the slieriff, as was 

 at one time proposed. 



Besides the above new clauses, there 

 are a variety of others, which, though of 

 less iuiportanee, are considered as cal- 

 culated greatly to improve the law. 



Z. 



7'o the Editor of the Monthly Magazine. 



SIR, 



YULR correspondent Medivvs, ia 

 page 401 of your last number, hag 

 favouied us with his advice for glandu- 

 lar obstructions of the neck. Of the good- 

 ness of his motives there is no reason to 

 doubt, hut it ajpears to me that there is 

 nothing whatever new in his prescrip- 

 tion ; for ahnost every geii-^ral medical 

 writer reeomniends the Spongia vata. 



I sliould be happy to cnnsidcr the pre- 

 scription itself, in a literary view of it, as 

 blameless as the writer's motives^ but 

 C f«cl 



