Tuk Dainy EXAMINER.

AUGUST 11, 1879.

BANKRUPTCIES.

Tue following article from the Saturday Review contains a lesson for the Dominion

as well as for Great Britain. It is worthy

of careful perusal :-

‘*The present Bankruptcy Act came into operation at the beginning of 1870, and that year the total number ot bankruptcies of all classes was 6,353; last year the number had risen to 12,584. In the nine years, that is, there was an increase of 6,181, or as nearly as possible one hundred per cent., being at the rate of }1 per cent. per annum. The 12,534 debtors who last year failed in their obligations to their creditors owed altogether in round numbers 30 millions sterling; while their whole assets were reckoned at no more than 9 millions; less than one third of the liabilit- ies; and the Comptroller states that the valuation is likely to prove excessive, as prob- ably the assets will not realize over 64 mill- ions. The costa and other deductions are esti- mated to amount to another million and a half, so that the total loss to creditors ina single year may be set down at 25 millions. And it is to be borne in mind that the Irish and Scotch bankruptcies are not included in these collossal figures; in other words, they are not swollen by the City of Glasgow failure.

‘We have seen that the number of bank- ruptcies has doubled during the last nine years ; but what is even more remarkable is that the increase went on quite as rapidly during the inflation period that followed the Franco-}’russian war as during the years of depression which have since ensued ; in other words, that the growth of bankruptcy has gone on alike in prosperity and adversity, and that consequently it has been unaffected by the state ot trade. The conclusion is inevi- table that the cause is in the existing bank- ruptcy law. Another point, not less serious, nor less deserving of attention, is that the growth has occurred exclusively in the ami- cable bankruptcies. As our readers are aware, a person who is unwilling or unable to meet his obligations may be adjudicated a bankrupt, or he may liquidate by arrangement with his creditors, or he may compound with them. Itis a startling fact that, while the aggregate of all three classes has doubled in the last nine years, the adjudications have ac- tually decreased from 1,353 to 1,084, or about 20 per cent. At first sight this would seem to prove ‘that winding-up under the Court is not popular, and that an ami- eible liquidation is preferred tors. But this only shows how musleading statistics may be in the absenve of adeqnate knowledyve to interpret them aright. As a matter o: fact, the correct inference is that the principle upon which the existing bank- ruptcy law was based has broken down upon trial. However true it may be as an abstract proposition that a man is the best judge of his own interests, and may be trusted to pursue them, it is by no means true, and certainly does not follow, that creditors are the most competent parties to take charge of bank- ruptey proceedings. Creditors have businesses of their own to attend to, which usually re- quire their whole care. When a debt is small, it is not worth the while of a busy man to trouble himself about it. By doing so he will probably lose much more than he will gain; very possibly he may have to neglect import- ant transactions. If, on the other hand, the debt is large, it is extremely undesirable to call publie attention to the circumstance. The creditors are themselves tracders,and credit is to them the condition of success. But, if it be widely known that they have lost heavily by a bankruptcy, they may fall under sus- picion, They may find their bills looked shyly on, may have bankers callinguponthem to increase their margins, and may experience a difficulty in obtaining advances. Hence it may be the most prudent thing that a trader can do, to hide a bad debt, or, if that is im-

ible, to say as little as may be about it. And the larger the debt, and the weaker the creditor, the more obvious is this prudence. Hence we saw the Glasgow Bank bolstering up firms long after they had become insolvent. And the same was done by the West of Eng- land Bank. At the present moment, indeed, proceedings in every respect similar to these are going on all over the country. Every man of business, with ordinary intelligence, and having good sources of information, knows of

main on board the Druid.

| years 6¥ei $00 per dent, But thé liquidations iby arfangements, as was to have been expect- ‘ed, show far greater abuses than the compos- jitions. In the case of these what was paid lat least went to the creditors, for the reason, as we have already observed, that it was pot worth the while of agents to trouble with*uch small transactions; but the liquida- tions they were able to manipulate for their own benefit. Accordingly we are told that ‘*nearly half the liquidating debtors gave up nothing more than enough to defray the ex- penses of carrying a resolution allowing them to liquidate,” ' ‘

‘* We have said that | the number of bankruptcies has been exclusively in the composition and liquidations; but .t has been much greater in the latter than in the former, and for the stated above. At anything more were needed to prove that the state of the law is the prime cause of the mis thief, it may be found in the fact that ‘in some of the largest commercial centres, as Lon- don, Birmingham, Manchester, &c., the num- ber of insolvencies increased very rapidly through the years of highest prosperity to a practical maximum in the years 1572 or 1873, with no further average increase through the worst years to the year 1873.”

the increase im

reason

Ths Reception.

As the day approaches, cordiality and unanimity —so necessary to a successful de- monstration—are steadily increasing. We have no doubt now that the reception will

‘be worthy of the City and the Island. It

will be learned with regret that the Vice- Regal party will not occupy Government House during their visit ; for it may be thought abroad that we are unable to offer His Excellency and the Princess suitable accommodation. Butit is said that Govern- ment House was never in a_ better state of repair than it is to-day. The Gov- ernment have spared neither expense nor trouble in refitting it with the necessary promptitude. We are informed that every suggestion of the Lieutenant Governor has been adopted, and that everything asked for by him has been furnished.

or S

H onor

We are sure that His exceedingly regrets the mistake or

misdirection by which it happens that the distinguished visitors of the Province will,

instead of going to Government House, re-

But our citizens

by credi-| will not, on this account, we are sure, relax their efforts to make the reception a splen- did suecess. In fact this unpleasing circum- stance rendegrs it all the that nothing else should be left undone to add to the credit of the city and the Pro- vince.

more necessary

a

The Vice-Regal Party at St: John.

A St. Jehn despatch of Friday says: —

It was intended that the Marquis and Princess should visit some of the public in-

stitutions, but as His Excellency was quite

fatigued, they did not leave their residence. It was intimated that they would come out in the afternoon, and great crowds collected on the road leading from the house. As the Marquis remained indisposed, ihe Princess drove to the city in order to keep the engagements. She was cheered along the route. Captain Harboard, A. D. C., and Mrs. DeWinten occupied seats in the barouche, and Mayor Ray and Warden Jack went ahead in a carriage.

The General Public Hospital on Water- loo Street, was first visited. The Commis- sioners were present and showed Her Royal Highness through the building. ‘The Prin- cess was pleased with what she saw, and she spoke for a few moments to some of the patients.

The Roman Catholic Orphan Asylum, on Cliff Street, was next called at. His Lord- ship, Bishop Sweeney, received Her Royal Higiness at the door and escorted her into a large and prettily decorated room, on the first floor, where’a number of the ladies had assembled.

Toe ph ae

a sate Soe a A A ballad sachets FSi s alla, - sn fe ~ A ‘ KA FE at a AR pacar —————.

ain Hacevtion Notes. Tre tuWn is rapidly “‘ sprucing up.”

Work on the six arches in course of con- struction is progressing well.

Mr. Brown has already placed some of the mottees on the Government arch m front of the Province Building.

The City School Board meet to-night. It isexpected that they will arrange to illuminate Queen Square School Building and the new School Building, West Kent street. Li illuminated, these buildings will present a splendid appearance.

The merchants around Queen Square are preparing to make their establishments look gorgeous on the night of the illumination. ~ ‘Pie Reception® Committeee of the City Council confers with that of the Govern- ment this afternoon.

The Government have thoroughly repair- ed, repainted and _recarpeted Government House. A splendid suite of furniture is being placed in it to-day by Mr. John Newson.

temember the children’s meeting at Market Hall this evening.

heve come over to help us with the trans- parencies, ete.

— + ~- owe = _—

HOTEL ARRIVALS.

RANKIN HOUSE.

Aug. 9.-H B Baker, Boston; J Simms Harris, Pictou; S Snider, Brantford; Mr and Mrs Courtney, child and servant, Ottawa, B. Holden, Toronto; Burton Myres, Norfolk, Vir.; G H Williams, Halifax: Charles L Rood, Pictou ; F T Babson, Gloucester, Mass; AD Foster, Boston; F C Trescott, Washing- ton.

SEASIDE HOTEL,

Aug. 6.—Mrs E J Hodgson, Charlottetown; Geo W Hodgson, do; W L H Carvell, do; Hon W W Sullivan, do; R R Fitzgerald, do.

Aug. 8.—Johv Ball, Charlottetown; Miss Ball, do.

Aug. 9.—Henry Blatch, Charlottetown; J G H Brown, do; Miss Brown do; W A Me- Lennan, Montreal. :

Aug. 10.—J G Harris, Pictou, N 8;C L

Rood. do.

Married.

At St. Dunstan’s Cathedral, on Monday morning, the 11th inst., by the Rev. Stephen Phelan, Thomas P. Gorman, Esquire, editor and proprietor of the Summerside Progress, to Mary Kate, daughter of the late

Landing at Lord’s Wharf, for Sale Cheap.

F. 8S. HANFORD & CO. Ch’town, Aug. 11, 1879—3i

‘TH A H Campbells are Coming,”

CEAD MILLE FALTE,

JOHN H. LEAH, From St. John, N. B.,

W ITH an Artist from England, is prepar-

ed to furnish TRANSPARENCIES OF ARMS, MONOGRAMS, MOTTOES, &c., similar to those that gave such great satisfac- tion in Halifax, St. John and Frefiericton. All work executed in the highest style of art, and at the lowest price. Orders at the Re- vere House or at Connolly’s Stables.

,

‘* A chiel among you takin’ notes.’

ne - . ™ mec Pen prea Ae etme nee

Several artistic gentlemen from St. John }

”

FRAN

cee ee AN en tae neem ne eae

KLIN HOUSE.

erect Dee Ree EEE a get i Rg aR a ta mans - ame or enero: ae

F#X\HIS New, Large and Cor for the accommodation of House has all the advantages (free

ONLY TWENTY MINUTES WALK FROM

10.

nmodious House, beautifully situated in the suburbs, will =

uests on the 13th inst. ‘ hi om from dust and heat) of a country residence ; and it is

Terms Moderate.

THE COURT HOUSE. :

é

HENRY COOMBS,

August 11, 1879.

Proprietor.

——

“Eur

wl Meauuaelanes”

70:

CITY STEAM BAKERY.

newest machinery,

and the inhabitants of the whole Island, with all kinds of Bread, Crackers,

70:

PHE Proprietor of this Establishment, after having fitted up his premises with the etc., is NCw prepared to supply the citizens of Charlottetown,

Biscuits,

Confectionery Cakes, Pastry, ete., Cheaper than ever. He warrants all goods manufactured by him to be of the purest nature, and alirays fresh.

Pionics aud Tea Parties Supplied at the Shortest notice, Orders from the Country Promptly Attended to,

WEDDING

MADE TO ORDER. ALL SIZES AND

———:0:

CAKES!

DESIGNS.

——

All Biscuits and Crackers put up in boxes or barrels, without extra charge ; and are

always fresh, not being over a week old when delivered, which is a great advantage to customers, as imported Crackers (very often) are not fresh when brought here by importers.

The following is a

list of Crackers and Biscuits always on hand :

BISCUITS, CRACKERS, ETC.

SODA BISCUIT, in boxes

Joseph McDonald, Esq., of and_ niece of the WINK ye .

Very Rev. James McVonald, Vicar General FRUIT . "

and Rector of St. Dunstan’s College. COFFEE * : TEA "

a » DYSPEPSIA — : *

Spruce Boards, Scantling, WINE CRACKERS, :

Studding, Lats and SUGAR “

ra MI » a6 ‘é

—— MEDFORD ‘ "4

TTC HS OYSTER ae

25 OOO feet SPRUCE BOARDS, SEED SUGAR CAKES, os

9 TOY GINGER BREAD, “

20,000 3x3, 3x4, 3x6 SPRUCE, CINNAMON BISCUIT Rg

25,000 LATHS, JANE NETHY ’ ;

4,000 CLAPBOARDS, ABERNE

Being hot from the Ovens daily. Buns,”

|

‘

FAKCY BISCUITS.

ORANGE CRACKERS, in boxes, re | LEMON “ “ fe: ALMOND ‘“ ‘“ FILBERTS “ z

QUEEN “ 1 WASHINGTON ae FINGERS ‘ JUMBLES ‘

GINGER SNAPS, + LEMON“ “

JENNY LINDS, “ CORNHILLS, «“ CRACKNELLS, “ MACCAROONS, “

%

t

A Large Supply of Pilot Bread Kept in Stock, Such as: FAMILY PILOT,

BOSTON = THIN CAPTAINS PILOT,

NAVY BREAD, NO. L PUA: cee oral

|NO. 2 PiLOT. , ”

DOMESTIC BREAD A SPECIALTY,

Also French Rolls, “Parker House Rolls,” “Bath ‘“London Buns,” ‘‘French Twists,” ete. cil

PASTRY AND CAKES

Fruit Pound Cake, Plain do. do., Sultania Plain do., Maderia do. do., Sponge Cake, ean 2 a }

Ornamental Wedding, with Almond Frosting, any size from $ lbs. Up

August 5, 1879.

JOHN QUIRK.

SF

J. B. MacDonald

_ HAS JUST RECEIVED

— Tes —

The orphan children sang

Tae 2d

| ; ee August 1, 1879. , ; ' q re 3 several such cases. Yet the existing Bank-|, piace welcoming the Princess and Mar > Li, ol Uy uptey act was based on the assumption that —— ne Oe ee ers sseeialiill t t t i the best way to prevent fraud in trade is to quis. Her Excetlency conversed for some | Wir = CKED SALE aSés en S meéerican g a S . . i give creditors full control over their insolvent time with the Superioress,) Mother Augus- — 1 e rey s j debtors. It is one more illustration—unfor-|#me, and with His Lordship, exhibiting AY REW LONDON. i CASE GENTS’ STRiW & CHIP HATS, : f tunately there are too many—-of the mistaken much interest in the affairs of the institu- | : ; 8 application of the fundamental principles of{tion. 30 p G Whi & C | d Shi i Plitical economy. A visit was next paid to T. Rankine & For the Benelit of Ali Concerned, ozen ents ite 6 oure . irts, Uy ‘* As the whole number of bankruptcies has |Sons’ celebrated biscuit factory on Mill St., heist if doubled, and as, at the same time, those on/and Her Excellency was shown through the rHXO be sold at PUBLIC AUCTION. on ad DOZ, GENTS’ LINEN COLLARS (New Styles)

creditors’ petitions have decreased, it follows that the liquidations by arrangement and the composition have more than doubled. The reason of this is, as we have just seen, that creditors will not take the trouble or do not deem it expedient in the great majority of cases to institute proceedings, and. that these are conducted solely in the interest of the de- faulting debtors and of the class of solicitors and aceountants who devote themseives to this peculiar kind of business. The debtor puts himself inthe hands of one of these gentlencn, who undertakes to see him through. The latter canvasses the creditors, | will receive an address from the St. An-| New London, Aug. 11, 1879— expatiates upon the cost of ditigation, per-|drew’s Society. g E eee oe suades tiem that an amaicable arrangement is A dinner was given by the Governor |

the best, and obtains a sufiicient number of S PETE R’S SCROELS a

extensive establishment.

Parks & Sons’ cotton mill was also visit- ed, and Her Excellency, by her own re- quest, went through the building from one end to the other and made many enquiries regarding the operations that were being carried on. She then returned to her res:- dence.

The Vice-Regal party will leave to-mor- row morning at 10 oclock in the steamer ‘** David Weston” for Fredericton.

Previous to his departure His Excellency

: er ~~ a = : i Just. at a.m., at New London fMar- ; ; Hor, the Wrecked Schooner ee 2 Cases Gents Paper Collars,

25 DOZ. GENTS’ MERINO & COTTON HOSE,

tw as eee oe i ner Mishel ale "behead 40 fer” Pes Two 2 i - SHS N BYVZ PRINTS, 2 CASES NEW WHITE COTTONS, ee SSvovo. 5 Doren Women's & Children's Cotton & Merino Hose,

Hundred and Fifty Quintals of CODFISH, a WILL BE SOLD AT THE LOWESTPRIC S. , ;

aed BA nt aS

a peo 2

quantity of SALT, and a lot of FISHING | VUTFITS. Terms Cash.

ag aa A cane ~r ems

venient place that can be chosen. He then W — Jack were Te the ‘fnvited 4 | : : : ee appoints himself trustee, and does as he | guests. iM d | t S t b } Queen Street, Charlottetowr, June 26, 1879—her pleases with the estate. There is no super- ‘ah on ay; > ep em er. — metre : — vision, no power of control, no audit Buctouche. | | ing of accounts even. It is not surpris- eo

ing, then, that compositions are seldom effected, and are growimg rarer ani rarer, when liquidation is likely to be protitable to the canvasser. If he were to allow of a compos- ition, he would get nothing for his pains. And it is equally little surprising that the liquidations should yield results disappointing

FURTHER ACCOUNTS OF THE

-—- — } ae oa ha : ae site iin awante | N BOYS’ SCHOOL there are three depart- ' MOLASSHS AND SUGAR | SAL q SA T Y spestaares tac ee ments. Subjects taught: Latin, Greek, 7 5 2

i

German, French, Mathematics, History, Geo- | - : 2660 BUSHELS

graphy, Singing, and all ordinary English | Cadiz Salt

Over a hundred buildings were completely | destroyed. Eighty families are homeless and | many lost all their clothing and provisions. | The devastation cannot be described. For a} distance about ten miles in length and about)

subjects. . There is a Junior Department for, Girls and younger Boys.

OW LANDING, Wharf, ex Ada hadoes,

on Peake’s No. 2 R., direct from Bar-

a m3 , sth li. it iit a it i te hl i 8 Sind ceca a acs N

a

™

pees

ee

a

aging Is. 6d. in the pound, or about one four- teenth part of the amount they owed their creditors, while only four in every hundred offered to pay more than half of their debts.” And the vast increase in the composition has been precisely in the worst classes. In fact, those in which not more than a shilling in the pound was paid have increased in the nine

Girouard, a boy by the name of King, and one squaw ; there are several wounded. What is most needed are provisions, clothing and ma- terials for building, such as nails, glass, ete.

<< — -_-

Our policemen should look after the horses that are turned out regularly, in the early morning, to graze along the streets.

sons having relatives or friends abroad, anJ | desiring to keep them informed concerning | | P. E. Island, cannot do soin a better or cheav | er way than by subscribing to Tue Weenur | EXAMINER. Sent, postpaid, to any address | )™m Great Britain, the Un‘ted States, or the'|

rue WEEKLY EXAMINER. — Per-|

HOGSHEADS—

BRIGHT GROCERY SUGAR!

For sale low while landing.

MATTHEW, MACLEAN & HEARTZ,

Dominion, on receipt of One Dollar, ' August 6, 1879.—4i

to the creditors. Accordingly we find last|a quarter of a mile wide, everything was or Terms, ete., apply to bok cise

year that ‘‘out of 4,010 compounding debtors|swept clear. The fields are literally sown) GEORGE W. wo ae | Puncheons, Tierces and Barrels FOR SALE BY : 1,911, or nearly one half, paid compositions | with shingles, boards and broken timbers for | ; Grafton Street. ‘ . re : not. exceeding 2s. 61., and probably not aver-|miles. The killed are Mrs. Duplecy, Mrs. J. August 9th, 1879-—eod pat Choice Barbadoes Molasses. i. C. HALL,

Grafton Street.

\MPLOYMENT.—In every vi and i4 township of P. E. Island not yet u- pied, ONE ACTIVE, intelligent Lady or Gentle. man can obtain a most respectable and vei profitable engagement. Address, with particulars, D. DOWNIE & CO., Box 1964, Montrea}