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THe DAILY EXAMINER,

JANUARY 15, 1873.

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Tho Causes of Insolvency.

Ar the late meeting, the Retiring Presi- dent of the Dominion Board of ‘Trade

Andrew Robertson : address upon Insolvencies the law re-! Many solvent and respectable traders have lating thereto, and their causes. We] been, during the last three years, brought | — J

ye | commodation paper, and the tacilities extend- \ joint meeting of six members of the Board, | ed tu these firms, while the yet solvent and

A joint meeting ' honest trader has been compelled to put up

six members of the Council, es- 1 this subject, amd reported |

law was necessary, but at} | amendments, | session |

along with pecially consideret that an insolvency the same tite suggesting severa some of which were earried at the last of the Dominion Parliament, one of which was | that in clause 65, with reference tv dis- charges, which is now 80 framed that no in- solvent can obtain, nor cana Judge grant a an insolvent, unless the estate the dollar, or that the in- through the;

discharge to pays lilty cents on sulvent can prove thatit was. negligence or mismanagement ol the assignee that the amount was not paid. This clause was inserted, as it had been found that the Judges were generally inclined to put a more favorable construction on insolvent discharges than was considered desirable from the eredit- ors’ standpoint ; and as but few estates under proceedings in insolveney pay &s much as fitty cents, this will be a practical bar to discharges generally in all estates coming under the Act since the amendment was passed. This clause does not, however, interfere with the credit- or’s right by a majority in number and three- fourths in amount to grant a discharge to an insolvent for any sum under fifty cents which they may agree to take. so that practically the resolution proposed by the Board at the meeting held for the election of delegates to the Dominion Board of Trade can only be of avail, or of use as & check to @ discharge, when estates have paid fifty cents on the dol- lar. Under these circumstances I would res- pectfully suggeat that this resolution should not be pressed at the Dominion Board. 1 do not propose to go into all the changes in the act or of the amendments proposed, but I think it incumbent on me, on the present oc- cassion, to point out what I feel to be a more serious matter, viz: that there seems to bea feeling springing up on the part of some hither- to favorable to a law, that the Insolvent law is making insolvents, and we are, therefore, hearing of proposals to repeal the Act in some quarters, and in others for Its suspension for a hmited period. No one regrets more than | do the enormous increase of insolvencies dur- ing the last three years. There were in the

In- Lia-

Years. solvents. bilities. 1872, er $ 6,464,225 1873, 924 12,334. 192 1874, 956 7,696, 765

Total, 626,495,482 | Or a yearly average of $8,831,827

During the last three years they were in

1875, 1,968 $28,843,968 is/6, 1,728 25,517,991 1377, 1,890 25,510,000

Total, 5,586 $79,871,958 Or a yearly average of §=:1,862 $26,623,936

Thus showing that the failures in the last three yeara are fully three times more than what they were the previous year. I may here say that the figures for 1877 have been kindly telegraphed me from New York by Mr. Wiman in advance of their usual publication by circular. The Insolvent Law has existed in its various shapes since 1864, and it seems to me that no one will or can for a moment

retend that the Insolvent Law during the

t three years caused this enormow increase of failures, nor will any one pretend to say tiat by repealing or by suspending the ‘Law this a:nount could have been greatly dithinished. Would suspension or abrogation of the laws for murder, burglary or theft put a stop to or diminish these crimes? Many consider that failure is a crime, and, no doubt, we have had many criminal failures whieh have gone unpun- ished, aud a strong cry therefore arises, and the law is icoeed Gennes they are not severe- ly punished. But the laws do not always con- v.t. Inthe cases] have named, failures of justice often take place in the teeth of the srongest evidence, yet I feel certain that no man would think his life or property safe by rpealing or suspending the laws enacted to punish murder, burglary and theft, That in- spivenciea are too numerous, nay, that they are probably unequalled at the present time by any civilized country in the world is a question put this last fall in a Manchester paper, and | am sorry to confess that I fear the accusation is too true. Bat will hiding our losses which are > fully exposed to the general gaze by the law help us? Certainly not. Like a cancer ona m 10's face, it is seen and known, and the rea- edy, cutit out, can be easily applied, but if it is in the stomach it cannot be seen by mortal eye, but its existence is as_ well known to the skilled physicians as it is felt by the unfortu- nate patient. So with the Insolvent law; it shows us our commercial cancer. Abolish the law, still the cancer would remain, although unseen, and would ultimately undermine our © mmercial prosperity as surely as the internal cancer brings the fatal end to the suffering pa- tient. Repealing or suspending the law wil not prevent inability to pay, and inability to psy in full surely is only another name for in- solvency. Shall I tell you the cause of failures? L-t me refer you to the Trade and Navigation Returns since we be ome a Dowinion, and what are the facts? We learn that durimjg the five years ending with 1871 the goods entered for consumption averaged $74,493,136 yearly. In the succeeding four years ending 1875 they averaged $120,551, 334, or a yearly average of $15,063,234, an increase every year, or $154,- 272,976 in the four years. in 1876 we are coming down, the amount being $94,733, 218, and wnen we are favored with the returas for 1377 [have no doubt that they will be ina similar direction. As our imports increaaed,so ia two years after came the failures, and we are now su‘tering from the folly of undye in- flation im these years. Yes, gentlemen,let us acknowledge that as s country we have ent-traded, aud our sins hays found us out. We have imported beyond the legitimate, wants of the country, for it must be remem- bered that we have no great outlet for goods beyond our own i Dumjag the days of the American ewal war, and for some time after, considerable quantities of goods were sold to our American pensins, but that time is now and gove. We haye pow to

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lof banking capital in the country

delivered a very able} by the

Jor int RE Ep IH BET ES REED St SSE SS are equally applicable to the mavufacturing industries of the country, unless theyrage ol ;such a nature as to hold their own im the com | petition of the markets of the world. We | have over credited,—a necessary sequence to lonr importation or production ; the plethora

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/ this enormously, and no better exam} | direction could be named than to recall the

history of such a firm as Davis, W elsh & Uo.,

Mr. Veucceeded by Heary Davies & Co., and lastly,

same -handiwork, in Wood & Co.

down by the reckless granting and use of ac- |_made the following presentment Sa

with unforeseen and unexpectet losses caused him by these and other reckless firms, in the mad and disastrous race they were attempting.

Bankers must see to it that, in their anxiety to make profits, that reliability of character 1s not overlooked in favor of capital, and such unbounded capacity as has been shown and they have experienced at the hands of the parties | have named. But our crediting is not confined to bankers. Wholesale traders in all branches are not guiltless. While the banker has his double name and double, nay,

treble guarantee, we find enormous credit

grauted to retailers, and a system of supply accounts established, not only in the cities and towns, but in almost every village in the) country, controlled frequently by men who recklessly part with their goods, and who in the meantime live on the fat of the land, and

act, in so far as the interests of the suppliers

of the goods are concerned, on the principle of the gambler when he says, ‘‘ Heads, I win;

tails, you lose.” They always win! The sup-

plier in some cases also, but generally they win a loss. No more disastrous policy could

be devised to injure the trading community as

a whole, and every effort should be made to

cut out this cancer, and it must be done if re-

spectable country traders with moderate cap-

ital, good character and capacity, can each

fairly earn a living, let alone a competency.

But retailers have aiso their duty to perform.

‘Time was, as I have elsewhere said, when per-

haps some indulgence was required by the

farming community, and in the uewer settle-

ments credit may yet be required; but, as a rule, such is not now the case, and one of the

most important movements which can be made

in the interest of the farming as well as the

trading community, is U. b. D.—cash before

delivery. They are thereby enabled to sell at

less proiit, cause no risk to the retailer, reduce> the risk to the wholesale dealer, who in time

would reduce his risk to his banker. But

there is another element of disturbance which

must not be forgotton—by the enormous

shrinkage in the value of goods and

all kinds of property during the last three years. I believe that I am safe in stating that,

compared with three years ago, the shrinkage on all classes of goods is equal to one-third,

and when it is remembered that all stocks

have been kept unnevessarily large, both by

the wholesale and retail trade, this has largely

intensified. The failures, for it must be re-

membered that while it is easy and profitable te do business in a rising market—on a falling one comparatively few are equal to the task, as it requires strong nerve and decision to face the loss at the proper time, and to make this loss as small as possible goods are often sold to weak men, resulting, in many cases, in weak- ening them still turther, and inthe end a worse loss to the seller than by manfully at tirst facing a proper reduction to a good man.

Gentlemen, | fear that some of you may think { have spoken too strongly, perhaps unkindly; such is not my intention. What I have said I believe to be in the interest of the com- mercial community, and what I believe is at the root of all our troubles. Lhad hoped that ere this time things would have assumed a more cheerful aspect. I believe some are now more hopeful, while others who did not so early feei the storm which has thrust upon us are now feeling its effects. I am sure that every one here cannot but regret to have seen the unexpected and severe disasters which have overtaken mea of years after a lifetime spent in earnest, honest, work, trying to make a liv- ing, and who in their course considered them- scives to have, as they no doubt had, a com- petency. In the fierce race of competition the weakest must go to the wall, but the strongest will at last succumb if it is to be war to the knife as seems to have been the case in the many branches of trade during the last few years. Such seeming prosperity as we had some years ago can hardly be expected for a considerable time. Inflation will, no doubt, again come on us, but it seems to me that it will be along time ere the wave will be so high as we have experienced it in this decade, in the meantime let us profit hy the bitter ex- perience we haye had. Let me suggest that bankers take lower interest and better secur- ity, wholesale dealers restrict credits in amounts and time, as well as imports suited to the reasonable wants of the country and not their own personal aggrandizement; manufac- turers, be content with such as the country can consume or they can find a profitable mar- ket for abroad; retail dealers, keep to a ready eash business and reasonable stocks; and to any one in or out of business, pay as you go, live within your means, and with hope and trust in the future thank God that you are not worse off than you might be. (Hear, hear.)

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Tue steamer Ontario on her recent trip to England encountered the most fearful weather. Of 1,028 head of live stock on board 220 were washed overboard or in- jured so that the poor animals had to be destroyed. When the storm was at its height the owner of a fine drayght stallion, “Star of Denmark,” tried the old experi. ment of cutting the horse loose and letting him ship for himself. Result : The horse did not receive a scratch and was soli on landing for $1,500, while many of the others ty their boxes were killed or badly bruised,

ALL classes of the agmmunity express sympathy with the bereavea iugband and parents of the late Mra. J. B. MeBoyald, The fugeral this morning was very largely attended. The Society of the Children of Mary, to which the deceased lately be- longed, and the Caledeaja Club, of which her husband is a respected member, walked im th: prueession. he services gt the Church were conducted by the Rev. Stephex Phelan end His Lordship the Bishop of Charlottetown. The sudden death of so young and estimable a ledy has cast a gloom over the town.

Tat Marxer.—The Clerk tells us that there was not one good market since Christmas. To-day's market is very small,

ves with.the consumptive .

aity of par pw people. And these remarks} and prices have an upward tendency.

has helped | ile in this |

jaf an early conclave, coupled with this

* > head salting i» oe

| Supreme Court.

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| The case of the Queen at the prosecution | | f Alex. M. Hubley, for the forgery of a Inote of hand for $400 on W. D. Harring- John Currie, was and is still before

‘ton, James Currie and lcommenced this morning, ithe Court. | In the case of Hughes rs. Howatt, which ‘occupied the time of the Court since Sat- urday, the jury disagreed and were dis- missed,

The Grand Jury—before their discharge

Granp Jury Room, Charlottetown, Jan. 12, 1873.

The Grand Jury respectfully request that the annexed account be presented to the Gov- ernment with the recommendation of the Court fer payment. They make the request, because they are convinced of the injustice of requiring men to act as Grand Jurors without remuneration, while all other officers connect- ed with the administration of justice are paid for their services. In Great Britain, where Graud Jurors are invariably drawn from a wealthy class, with ample leisure, the prin- ciple of gratuitous service may be found sat- istactory; but in Prince Edward Island, where no such class exists, this principle inflicts manifest injustice.

For self and fellows,

DionaLp Fseravuson, Foreman.

Surpramg Court. To the Grand Jury for Queen's Co., Dr:

For Service as Grand Jurors for 5

Days, at $5 per day (20 Jurors), $500 00 Foreman, 50 00 $550 00

Grand Jury Room, 12th Jan., 1878.

mee tee OR eee

The Death of the King of Italy.

In the afternoon of the 9th inst. thesacra- ments were aciministered to King Victor Emanuel, who received the priest with great serenity. The King then summoned Prince Humbert (heir apparent) end his wife, Princess Margherita, to his beside, with whom he conversed a few momeuts.

It is stated that King Victor Emanuel confessed to Monsigneur F. Mainelli, Sac- ristan of the Apostolic Palaces, who was sent tohim by the Pope. He was also visited by Monsigneur Cenni, the Pope’s Domestic Prelate. The Austrian Ambas- sador was present with Prince Humbert, Princess Margherita and the State digna- taries when the King received the com- munion of extreme unction from his Chap- lain,Angino. Towards 2.30 in the afternoon the oppression under which the King labor- ed increased and he was caused to inhale oxygen, which seemed to give him a little strength. He saluted those present, bend- ing his head twice, then sighing deeply he expired.

The body of Victor Emmanuel has been embalmed. It is stated that Cardinal Vicar has granted the Basilicaof Santa Maria Mag- giore, for the funeral ceremony. Italian clerical journals declare that the dying King before receiving viaticum asked the Pope's forgiveness for his sins.

‘he news of his death soon spread through the city, and caused great emotion among the people. All shops were closed, and Prince Humbert was proclaimed King of italy. He confirmed the present Minis‘ers in their posts.

The 7'imes’ Paris correspondent says :— “The death of King Victor Emmanuel has produced a great impression here. The sudden disappearance of the patriotic pro- moter of Italian Unity creates fresh anxiety in the minds of French politicians. Victor Emmanuel, despite every influence brought to bear on him, had remained the friend of France, and notwithstanding the cession of Savoy and Nice and the hasty peace of Villa, France, he deemed himself under ob- ligations to France. Although Italy, made distrustful by ultramontanism, had latterly formed such relations with Gerinany as to pass for her docile ally, it is known, and was proved by his recent interview with M. Gambetta, that Victor Emmanuel would not, except at the last extremity, have ac ceeded to any enterprise apparently men acing France, His death deprives this country of this moral security, based en- tirely on the King’s personal feeling and ef- faces the lest trace of an individual grati- tude, which inspired the French nation with instinctive confidence. The prospect

event, excites anxieties which Victor Em- manuel might have warded off, although Pius LX. repeatedly declared that he should live long enough to see the King repent on his death-bed. The two men, it is known could not help liking each other, and the King has even prevented his advisers from taking too severely to heart the attacks which the Pontitf took pleasure in heapin

on him. Here, too, individual good wi

and respect disappear with the King, and there is no possibility of telling how far Italy will now be willing or able to protect the deliberations of the conclave. Higpily the issue ot the late crisis will have served to considerably alternate consequences of the King’s death, and liberality under what- ever Sovereign cannot regard France as ca-

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pebje of sherishing hostile views towards rey. Iiberg! majorities in France and_| Italy will soon havy dispelled eyery trace of | misunderstanding, and the apprintment of | | M. Waddington as French Minister’ af Bee | reign Affairs is peculiarly fitted to further, this unreserved accord. Still Victor Em-| manuel’s death, in existing circumstances, | justifies the painful impression that has been | produced here,*for irrespective of France's | Ttelign relation, it creates a void in Councils in Europe which will be constantly appa-| rent in impending evgzts.” ; - Stor wor

Gilmore's band of sixty five performers, wsi} next spring start for Europe’ to ‘r Sodeah America in a musical tour. Every member has)

already paid in $100, and last week they as- sessed themeg)yes $60 more per man. ey also opened a subscription list, to which there’ was a prompt su ion by sixteen members. of $100 éach.* Alto; the “band will raise’ ‘among themselves - about $10,000, and they.

count on gaperous spirited to“increase the amount to $40 000: Two new uniforms, ———

Y Carnival and Fai ) arnival and Fancy Dress, pal

New Advertisements.

“LECTURE!

rgxweE FOURTH LECTURE of the Course in connection with the Y. M. C, ASSO- CIATION, will be delivered on

Friday Evening, Jan. 18,

BY REV. A. OSBORNE. Subject, .. “ WICKLIFFE.”

Doors open at 7.30; to commence at 8.

Admission 10 cents. Jan. 14—2i

Prines Edward Island Railway,

In connection with the winter Steamship

“NORTHERN LIGHT.”

O* and after MONDAY, 14th Janu-(

ary, the Steamboat Special Train will

leave Charlottetown at 5. @ ML., arriving at Georgetown at 8. a m. on the days upon which the Steamship leaves Georgetown.

Immediately on arrival of the Northern Light from Pictou, the Special Train will leave Georgetown for Charlottetown, connecti (when possible to do sq) at Royalty Junction with the Mixed Train for Summerside. Cc. J. BRYDGES, ) W. McKECHNIE, Gen. Supt. Govt. R’ys. | Superintendent.

Ch’town, Jan. 14—6i

NORTH STAR

COFFEE AND LUNCH ROOMS

—AND—

OYSTER SALOON.

MRS. E. COOMBS,

SUCCESSOR TO J. CARROL.

EALS served at all hours of the day aad evening, at reduced rates. OYSTERS sent to all parts of the City a the very low price of :

30 CENTS PER QUART!

Also for sale by the Barrel, Bushel, or Peck,

to suit purchasers. Ch’town, Jan. 14, 1878-—2 aw

VOCAL MUSIC.

THVE VOCAL MUSIC. CLASS, Scott's

Hall, will meet this evening at 74 o'clock, to organize. - All others wishing to join will also please attend. Terms made known at

meeting. -- A. A. McKENZIE, a Teacher. --

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Ch’town, Jan. 14—

INSOLVENT ACT OF 1875, and Amending Acts.

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Rozert Hoae, Plaintiff. Sy_vaNnus Kerru, Defendant. j WRIT of Attachment has issued in this Cause. B. WILSON HIGGS, Official Assignee. Charlottetown, P. E. Island, } January 14, 1873. \

INSOLVENT ACT OF 1875, ‘and Amending Acts. In the matter of SYLVANUS KEITH, an

Insolvent. A™ persons indebted to the above Insol- vent are hereby notified to pay their ac- counts to me, and to me only. B. WILSON HIGGS, Official Assignee. Charlottetown, P. E. Island, } January 14, 1878. {

SPRUCE BOARDS ! 20,00 ore SANFORD & CO

FEET SPRUCE BOARDS, Ch’town, Jan. 18—3i

ne RD COED

TENDERS,

E Subscriber will receive Tenders up to 4. WEDNESDAY, the 16th, to finish the inside of that Three Story Brick House on oem Queen Street,—the Contractor to find all material. The Specifjeations will be seen at the store of Horne, Pierce & Co, ALEXANDER HORNE. Ch’town, Jan. 10—2i

NOTICH. Tailoring and Cutting.

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| New Advertisements, OUR GREAT

CLEARANCE SALE

WILL CONTINUE AT

Farther hedused Prices,

Several Lots of that

BANKRUPT STOCK!

still on hand, will be sold at HALF PRICE

Remnants at half Price !

WOOLLEN & FUR GOODS

AT COST.

for Men and Boys.

ROBERT ORR & CO.

Charlottetown, Jan. §, 1878.

|CHEAPEST YET!

In Connection with our

Cheap Dry Goods Sale

We will offer our entire Stock of

BOOTS & SHOES,

of about $2,000 worth, at cost to clear,

consisting of—

Men’s Wellington Boots.

Men's Leather Congress Boots, Men’s Felt Congress Boots, Men’s Larrigans & Overshoes, ~ Men’s Felt and Leather Slippers, Women’s Leather Boots,

(Elastic and Laced), Women’s Felt Boots, “ ¢. Women's Slippers & Overshoes, | Misses’ & C ’s Leather Boots...

J. B. MACDONALD, — QUEEN STREET, CHARLOTTETOWN. | Jan. 9—ne pat

WE HAVE A COMPLETE STOCK OF

CARRIACECOODS :

Consisting in: part of Iron, Steel, and Casti Spokes and Rims,

We call special} attention to Henry’s Patext SINGLE PLY

Cast Steel Carriage Springs,

for which we are agents. We warrant each Set.

eo QUR PRICES ARE VERY LOW

BEER & SONS. Ch’town, Jan. 9, 1878. NOTICE! NEVER in the history of the “LonpDon House” have we been selling Dry Goops so LOW as at present, and we would invite these in Town and country, who have not participated in the ExTRaor- DINARY BARGAINS we are giy:

ing, to call at once, We only ask a personal inspectieg

to show that we are, in good faith,

SELLING OFF at the LOW PRICES advertised,

GEO. DAVIES & 60.

Dec. 13th, 1877.—eod2w

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TRAPPING PAPER — All sizes, beet quality, and cheapest in the market.

OHN BELL is now prepared, at his Resi- dégcs, Fijgroy Street, west, near the Kirk, TO MAKE UP TO ORDER, gyery description of |

GENTLEMEN'S & BOY'S CLOTHING |;

Ladies’ Sacques, Military Uniforms, Clergymen and Lawyers’ Gowns, —AND— LARIES RIDING HABITS,

est notice: * oe. Pattern and Garment Cutting a Specialty. = JOHN BELL, Tailor & Cutter. ° Fitaroy St., west, nedr St: Janies’ Kirk, ) = ‘Ch'town, Des, 3}, 1877. > tt |

CARVELL’ BROS. ents N. B. Dec. 5—pat 3i ~ ee

NEW YEAR’S CLASS,

RS. W. W. IRVING to intimate A to the public that she eee her Classes at the late City Hotel, opposite the R. C. Chapel, where, having every facility, she is prepared to give lessons in Oil and Water Color Painting, and Drawing in Crayon ‘ Penotj all their differest branches.

erms e krowr on jon 18, 1877; fees

OLE LEATHER —500 Sides No. 1€3 ec. 5—pat 3i

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COME ONE AND ALL AND CET BOOTS CHEAP_

KING SQUARE HOUSE!

Axles and Springs

“CARVELL BLOG >

GREAT BARGAINS IN CLOTHING |

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