OUTLINE OF THE HISTORY AND ORGANIZATION OF BOARD OF TRADE OF ENGLAND. Prior to 1782 there existed in England a body known as the Board of Trade and Plantations, whose duties were, when requested, to consult and advise the Government on commercial questions. Being advisory, with no administrative powers and only intermittently consulted, it became a body of no practical importance, and was abolished by 22 George III (c. 82, s. II, XV, 1782), and its duties transfered to a committee of the privy council. In 1786 a large committee was appointed for the consideration of all matters relating to trade and foreign plantations, the appointment being based on the act of 1782.1 This new committee was, like its predecessor, purely advisory. It was entirely discretionary with the Government officials whether or not they should consult the committee at all, or act on its advice if obtained. During the early years of its existence the business of the committee was done by resolutions passed at a board consisting of such members as chose to attend, the average (according to the minute books from 1786 to 1797) being only seven or eight. As the president was the only member who was regularly present, and as he was competent to act alone (the order in council by which the committee was appointed not requiring a quorum), the business was gradually drawn into the president's hands, more especially as the board's administrative functions began to arise. Thus, while the board of trade presents outwardly the appearance of a permanent staff, under a secretary, there exists behind it a dormant committee of the privy council, which, while seldom heard of, is nevertheless recognized. It was not until 1840 that it was intrusted with any great administrative powers, when, by 3 and 4 Victoria (c. 97), the duty of settling and approving the by-laws of railways was imposed upon it. From that date the regulative powers have been increased. The president of the board is usually a member of the cabinet. The board of trade has become an administrative and regulative body, the duties imposed upon it being so numerous 1 Order in council, 23d August, 1786. and varied that seven departments have been created to perform them, namely: I. The statistical and commercial department, which, in addition to the preparation and publication of commercial statistics, advises other offices when requested, and these requests have in late years been more frequent. II. The railway department, which, besides administering railway legislation, performs duties not obviously connected with locomotion, such as the control of various matters connected with the metropolitan gas companies, patents, trade-marks, etc. The joint-stock companies registration office is under this department. Annual reports and such special reports as may be ordered by Parliament are compiled by the staff. III. The marine department. IV. The harbor department. V. The finance department. The bankruptcy acts, 1883 and 1890, and the companies (winding-up) act 1890, have placed the money produced by the realization of the assets of bankrupts and joint-stock companies which are in compulsory liquidation under the control of the board of trade, and this department has the custody of these funds.2 VI. The fisheries department. VII. The bankruptcy department. The companies (winding-up) act of 1890 applied to the winding-up of insolvent companies some of the leading principles of bankruptcy law, namely, that of the official custody of the assets at the initial stage of the proceedings, with liberty to the creditors and contributories of the company to later substitute their own liquidator. The act also applied to winding-up of companies another principle, that of an official investigation into the causes of failure and the conduct of those responsible for the trading and financial transactions causing the insolvency. The act also provided for a public examination of promoters, directors, and officers, and for reports similar in some respects to the reports upon the bankrupt's conduct and affairs under the bankruptcy acts. For the purpose of carrying this into effect official receivers are attached to the courts which have winding 125 and 26 Vict., c. 89, companies act, 1862; 63 and 64 Vict., c. 48, companies act, 1900. 2 Companies (winding-up) act, 53 and 54 Vict., c. 63, 1890; companies act, 63 and 64 Vict., c. 48, 1900. up jurisdiction, and the board of trade is intrusted with power of control over the accounts and proceedings of liquidators of companies similar to that exercised over trustees in bankruptcy.1 1 Companies (winding-up) act, 53 and 54 Vict., c. 63, 1890; companies act, 63 and 64 Vict., c. 48, 1900; Chitty's Digest of the Laws of England; Encyclopedia of Laws of England, 2d ed., vol. II; companies act cited. |