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extensive operations have succeeded in reducing the annual average of insolvency, have also, after distributing a moiety of the profits among their members, been enabled to accumulate large reserved funds. In consequence also of their great success, several other debt assu. cos. have been lately estab. in France, and others are in progress.

The business of this Co. will be divided into three departments: (1) The Debt Guar. department; (2) the Rent Guar. department; (3) the Dividend and Composition Guar. department. The RENT GUAR. department will be spoken of under that head.

The operations of the Debt department comprise :

1. The guarantee of gross ann. returns for a certain term, at an average rate of subs.

2. The guarantee of special risks upon a proportion of a trader's returns, or individual or single transactions, including bills of exchange, promissory notes, bonds, and other monetary risks.

3. The collection, recovery, and purchase of debts, and other approved monetary securities, and also of dividends arising upon debts proved under bankruptcy or insolvency, or admitted under any deed of composition or assignment.

4. The granting of temporary advances in times of commercial pressure or emergency to members or debtors whose solvency the Co. has guaranteed, and the discount of bills, notes, or other securities, granted by the Co.

5. The formation of a reference department, by the collection of accurate information for the gratuitous use of members assured in the gross (and of other members upon payment of a fee), respecting the various systems of commercial fraud, the practices and persons of swindlers, and of all parties unworthy of credit.

The rate of the subs. will be determined according to the nature of the trade and credit given; the amount and term of the guarantee, and the other particulars, rendered in the form of proposal.

TABLE OF SUBSCRIPTIONS FOR THE GUARAntee of GroSS ANNUAL RETURNS. 1. Merchants, brokers, and manufacturers selling to merchants, manufac., and others: Class of Risk. A. 25. Od. to 5s. od. p.c. on gross returns.

B.

2s. 6d. to

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6s. 6d. to 25s. od.
7s. 6d. to 30s. od.

p.c. on

ditto.

p.c. on

ditto.

The Rules provided:

3. Manufac. and wholesale houses selling to wholesale houses, retailers, and others:

These subs. include all charges of management.

1. That if a trader proposing for a guarantee has not been in trade for the term of three years, or does not come within the scope of any of the above classes, the board of directors shall in such case have power to determine the rate of subs.

2. The guarantee of gross ann. returns embraces the guarantee of the total risks of a trader, at an average rate of ann. subs. for a term of one year and upwards; such subs. falling or rising, according to the claims made for losses in each year.

Example.-Suppose a trader proposing to guarantee his gross ann. returns, amounting to £100,000, be accepted, and guaranteed for a term of three years, and it is agreed that the rate of subs. shall be 10s. p.c. This subs. will be charged on each year's transactions; and if the claims made in any year do not exceed three-fourths of the ann. subs. payable thereon, then such rate of subs. by the ann. division of profits may be reduced to not less than the lowest rate of the particular class of risk upon which such guarantee may have been granted, such reduction being made by way of set-off against the subs. of the following year; or should the claims on such guarantee exceed in any year three times the amount of the ann. subs. payable thereon, such subs. (for that year only) will be proportionately raised according to the rules, by which arrangement, on the principle of a sliding scale, the trader parti. in the profit or loss of his own transactions; this fluctuation operating as an encouragement to prudence, or as a fine upon carelessness.

The subs. on gross ann. return guarantees are payable in the following manner. The whole will be due on effecting the guarantee, but the members are only required to pay down a portion thereof, equal to 2s. 6d, in the pound on such subs. (unless they prefer to pay any larger part or the whole amount); credit being given for the balance at int. at the rate of £5 p.c. p.a., in which case the whole or any portion thereof, with int., may be called up by resolution of the directors, of which not less than 14 days' notice shall be given.

A trader proposing for a guarantee for a term of three years and upwards might have his ann. subs. assessed at from 5 to 10 p. c. less than the average ann. losses of such trader for the previous 5 years.

The guarantee of special risks comprehends :

A floating guarantee (with power of withdrawing and substituting one debtor for another) for a specified amount and period, and at an average rate of subs, upon the solvency of any present or future debtors of the member guaranteed, such debtors to be named from time to time, during the term of guarantee, so that such member may have guaranteed at one and the same time a certain number of debts not exceeding in the aggregate the total amount for which such guarantee shall be granted. A special guarantee of any specified person or persons for agreed amounts and periods, at rates of subs. varying in each case, including bills of exchange, promissory notes, bonds, and other monetary risks.

The subscriptions on special guarantees (floating or otherwise), are payable in the following manner:-The whole may be paid down if preferred; or if the term of guarantee be a year or beyond, by half-yearly or quarterly payments; if the term of guarantee be six months or beyond, but less than a year, the one-half down, and the remainder in three or four months as agreed; but if the term of guarantee be less than six months, the whole of the subs. must be paid down at the granting of the guarantee, and in all cases where credit is given for any portion of the same, the members shall pay int. thereon at the rate of 5 p.c. p.a.

The cost of guarantee (say the promoters) cannot operate against the adoption of these

advantages, by reason of the amount of subs. paid or agreed to be paid, for the risk which attends all commercial sales is a constant element in the regulation of prices, and as every enhancement in the price of goods sold on credit is a prem. for self-assurance, such amount, or a less sum in the shape of subs., being paid to this Co., who then become liable for the sum guar., will confer upon a member the advantage over a non-member of perfect security from loss, and therefore superior power of competition.

The Dividend and Composition Guarantee branch is thus introduced and explained : The inadequacy of the present legal means for the management of a bankruptcy, with the frightful waste of property attendant thereon, in small estates consuming the entire assets, and in all a large proportion, are too well known to require comment. To avoid these anomalies of the Bankruptcy Court, it is a frequent practice with persons in embarrassed circumstances to call a meeting of creditors, at which, upon investigation of the insolvent's affairs, a composition is accepted in discharge; but difficulties and dissatisfaction often arise owing to the time that must necessarily be consumed, and the uncertainty that generally attends the effectuation of such arrangements, to the mutual detriment of creditor and debtor. These evils are removed at once by this Co. granting an immediate payment or guarantee of the dividend or composition, and in many cases also allowing the debtor to retain possession of his stock and premises. The operations of this department comprise :1. The guarantee of the payment of the debts or liabilities of a debtor in full, or such a rate of composition in full discharge thereof as an investigation of the estate and assets of such debtor will warrant; payment to be made by instalments extending over any period, or other arrangements, as may be agreed upon and sanctioned by the creditors; such arrangement being effected by a realization of the said estate and assets, or else upon such debtor obtaining satisfactory securities, either by bills of exchange, promissory notes, or otherwise. 2. The immediate payment of the whole or any part of a composition previously guaranteed by the Co.

Finally: "The constitution of the Co. being purely mutual, the whole of the profits will be divided among the members, according to the rules-one-half to be applied ann. in reduction of future subs., and the remaining half to be applied in the formation of a reserved fund. The excess of such reserved fund beyond the sum of £50,000 will be divided in like manner triennially.”

The following is the form of "agreement" by way of pol. used by the Asso.:

A. No. 1.-Gross Ann. Returns.
Guarantee No. . . . . B.

Term...

years.

Mem. of Agreement made the

18...

...

day of

Gross Ann. sum, £
Ann. Consideration, £

Class of Risk, by

rate, £ ..p.c. 18. between the undersigned three Directors of the Solvency Mut. Guar. Co., on behalf of the said Co., of the one part, and . trading under the firm or style of members of the said Co., hereinafter designated as the said members, of the other part. Whereas the said members carry on at..... the bus. of..... and have delivered into the office of the said Co. a statement and declaration in writing, dated on the.. .. day of. signed by the said members, containing a statement of the amount of their bus. and losses therein during the 3 years preceding such declaration, and of such other particulars as are required by the rules and bye-laws of the said Co.; and the said members are desirous of being guar. by the said Co. in respect of their future ann. sales, according to the terms of the D. of Sett. and the rules and bye-laws of the said Co.; and subject also to the several provisions hereinafter contained and hereon endorsed. And whereas the said members have contributed to the funds of the said Co. the sum of 5s. in part payment of the consideration for this guarantee, and have further agreed to pay to the said Co. the sum of £.. being the remainder of the consideration chargeable thereon, together with int. in manner hereinafter mentioned: Now it is hereby witnessed, that in consideration of the said sum of £.... so paid and agreed to be paid by the said members as aforesaid, it is hereby agreed by and between the said members and the said directors on behalf of the said Co. in manner following, that is to say, that if the members shall pay, or cause to be paid to the said Co., the remainder of the aforesaid consideration with interest thereon, in such manner and at such times as are hereinafter mentioned, and shall fully comply with the provisions of the aforesaid D. of Sett., and the rules and bye-laws for the time being of the said Co.; and further, if the total amount of the sales made by the said members in any or any one of the years to which this guar. is hereinafter made to extend shall not exceed £ .., then and in such case the subscribed funds of the said Co. standing to the credit of the debt guar. fund mentioned in the said D. of Sett., after satisfying all guar. granted by the said Co. previously payable, and all other prior charges on such fund, shall, according to the provisions of the said D. of Sett., rules, and bye-laws, be subject or liable to pay or make good to the said members, their executors, etc., nine tenth parts of the loss or damage to be occasioned to the said members in respect of any goods sold by the said members during the term of two years, from the unto the.... by reason of any or any one of the purchasers of such goods being duly found and declared bankrupt, or taking the benefit of any Act for the benefit of insolvent debtors, or making an assignment for the benefit of their or his creditors, on compounding with them under the sanction of the said Co., within such time aforesaid and during any future period in respect whereof the said members shall contribute to the funds of the said Co., and the said Co. shall consent to receive further payments at the rate aforesaid; but subject always to the provisions contained in the said D. of Sett., rules, and bye-laws, and also to the provisions hereinafter contained and indorsed hereon, etc. And the said members hereby agree to pay to the said Co. the further sum of £. ...., being the remainder of the ann. consideration payable hereon up to the 31st Dec. 18 and also the sum of £.... in each and every succeeding year during the term of this guar., at the times and in the amounts hereinafter mentioned, etc., with int. upon such respective sums after the rate of £5 p.c. p.a. from the date hereof to the time or respective times when such sums shall be paid. In witness whereof, etc.

The main conditions of the pol. were:

4. Every guar. shall be made for a specific term, but all guar. upon gross ann. returns, floating risks, or rent, whatever may be the orig. term of the same, shall upon the expiration of such orig. term be treated as a renewal of the contract of the like nature and conditions, unless either the member interested therein or the board of directors shall give two calendar months' notice of an intention not

to renew the same.

6. All guar, or contracts shall be dated on the day when the same shall be completed and issued by the Co., and shall take effect from such date, unless some other time shall, under the especial authority and sanction of the board of directors, be expressed or indorsed thereon. Provided, however, that a member guaranteed upon gross ann. returns or floating risks shall have no claim for any loss accruing within two calendar months of the date of such guar. ; but such proviso shall not extend to any renewal of guar. or contract where the membership shall have not been interrupted.

In 1853 the General Indemnity Ins. Co. was founded, for the purpose, inter alia, of carrying on the bus. of guarantee against losses arising from robberies, forgeries, frauds, debts, insolvency, and non-payment of rent." The portion of the scheme relating to the guarantee of debts was set forth as follows:

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The principle of assu. against commercial losses has been already applied in this country. The average of such losses, spread over a number of years, gives an average per-centage upon the cap. employed to the full, as constant as the averages upon which F. assu. is based. The immense amount of these losses, which have been estimated at £65,000,000 p.a., shows the necessity of providing against them by extensive and well-considered combination.

The objects purposed by this Co. in this department are-I. To make good commercial losses arising in consequence of non-payment of debts by debtors who are traders. 2. To afford pol. -holders assistance in recovering debts, and winding up insolvent and bankrupt estates. 3. To make advances in order to prevent the immediate effects of losses included in the pol.

The rates of prem., of which fuller particulars are given in the special prosp. of this department, are divided into 10 classes, and vary from 25. to 30s. and upwards p.c., the differences being determined by the nature of the trade, and length of credit given. Each pol. is granted for a term not exceeding three years.

There was no essential difference between the details of classification in this Co. and the preceding. The Co. came to a somewhat disastrous end in 1857, but whether through this or any other special branch of its bus., did not appear.

In 1853 Mr. Francis pub. his Annals, Anecdotes, etc., of Life Assu. He noted the formation of these Commercial Credit Ins. Cos. He said, "Within the first nine months insurances have been effected of more than £3,000,000." Then he adds:

The theory of chances is as applicable to commercial transactions as it is to life. The close observer will not have failed to notice that the periodical epidemic-whatever form it may have assumed-has its representative in the commercial crisis. Every 6 or 7 years mercantile epidemicsanalogous to the cholera, the influenza, or the typhus, of an unhealthy season-which seem to defy all calculation, and to level the lofty as well as the low-revolutionize our money system. So fixed have they become in their appearance and re-appearance that they have ceased to be exceptional; there is now plenty of information on which to base some estimate of the ann. losses of special classes from bad debts.

We do not think his reasoning makes good his proposition.

In Oct. 1854, a firm of merchants in the City was charged at the Central Criminal Court with attempting to obtain from the Commercial Credit Mut. the sum of £299 9s. 9d. "by false and fraudulent pretences." The case was very complicated, and tended to show the risks to which the bus. was exposed. In the end a verdict of "not guilty" was returned by the jury.

In 1856 the Solvency Mut. underwent a change of constitution, and became merged into the Mercantile Guarantee and Assu. Co., which had been projected and in part estab. in 1854, prob. in view of the fact that not only the guarantee, but the actual use of some cap. was required in the conduct of such a bus. This will presently more fully appear. In the mean time, in something less than four years, the Solvency Mut. had effected commercial guarantees, covering £22,000,000; its ann. income had reached £32,000, and it had paid in claims 112,000. Hence not only a considerable bus., but a large experience, had been obtained. The Commercial Credit Mut. appears also to have passed out of existence this same year, 1856.

The Mercantile Guar. and Assu. Co. had, as stated, been projected in 1854, no doubt in view of the change actually made in 1856. The Co. had authority to raise a cap. of £250,000; but it had other branches of bus. than that immediately before us, viz. L. ins. and Fid. guar. The "Debt Guarantee Department" was held prominently forward. The prosp. said:

The Co., as respects this branch of bus., is not to be regarded as a new inst., but simply as an extension and re-construction, on the proprietary system, of the Solvency Mut. Guar. Co., which, since its complete regis. in 1852, has, even under the limited powers afforded by its purely mut. constitution, and in the face of vast difficulties, achieved a position and attained an amount of bus. which it is confidently asserted has never been equalled by any inst. within the same time. This success, it is believed, will be greatly augmented by the employment of share cap. in making advances to pol.holders on account of bad debts immediately they occur; in discounting and purchasing dividends and compositions upon embarrassed estates; and in discounting the trade bills of those who are first covered by the Co.'s guarantee.

Mr. Charles Stuart Cansdell remained the Man. of the enterprise. By 1858 the bus. of the new Co. had assumed the following proportions:-The commercial guarantees effected amounted to £4,200,000; the ann. income was £12,000; the claims paid were £7,000. The bus. was conducted more cautiously than it had been in the first instance.

In 1858 the case of the Solvency Mut. v. York came before the Court of Exchequer. The defendants had delivered to the so. a declaration in writing containing a statement of the amount of their bus. and losses thereon, during the three years preceding, and that they were desirous of being guaranteed by the so. in respect of their future ann. sales in their bus. according to the D. of Sett. of the so. and the rules and bye-laws thereof. The so. had agreed to enter into the guarantee upon the terms in the pol. mentioned. It was agreed between the defendants and the so. that if they should pay the sums thereinafter

mentioned, and comply with the provisions of the D. of Sett., the subs. funds of the so. should be liable to pay the defendants nine-tenths of their losses in respect of goods sold by them during the term of three years and one month from the 1st Dec. 1853, to 31st Dec. 1856, and during any further period the defendants should contribute to the funds of the so., and the so. should consent to receive further payments; but subject always to the provisions contained in the D. of Sett., and also to the provisions thereinafter contained and indorsed thereon. One of the provisions indorsed on the agreement was that every guar. upon gross ann. returns should, from the expiration of the orig. term, be treated as a renewed contract, unless either the member interested therein or the board of directors should give two calendar months' notice not to renew the same. The ann. prem. to be paid was £43 135.; the ins. was upon gross ann. returns; no notice had been given on either side not to renew. The breach of contract now before the Court was the non-payment by the defendants of the prem. for 1857, and part of the prem. for 1858. The defendants pleaded that from and after 31st Dec. 1856 they had refused to continue membership; also that from the 31st Dec. 1856 the so. was amalg., "and the bus., funds, and property of the so. were trans. to another co." :-Held, that the stipulation for notice was part of the contract; and as no notice had been given, the agreement continued for another three years; and as regarded the amalg., there was nothing to show that the so. had therein exceeded its powers.

In Jan., 1860, an order was made for winding up the Solvency Mut. Guarantee, the affairs of which had never been closed. There then arose a somewhat serious state of affairs. The asso. was mut.: all the pol.-holders were partners. The question of liability came before the Courts of Equity in 1862, in Hawthorn's case, heard before V. C. Wood. The point turned mainly upon the 4th condition of the pol. already given; and while in this particular instance it was found that the pol.-holder had given sufficient notice of withdrawal from his contract, and had thereby escaped being a contributory by not being a pol.-holder at date of winding up, the principle of the liability of the actual pol.-holders was not attempted to be controverted.

In 1861 another case came before the Court of Exchequer, on demurrer, relating to the affairs of this Asso., viz. The Official Man. of the Solvency Mut. Guar. Co. v. Froane and another. The question here also turned upon condition 4. It was held that in the event of no notice being given to terminate the contract, the guarantee became a renewed contract for only one period of two years from the expiration of the original term, and was not from time to time renewable beyond such one renewal.

In 1868 the Commercial Indemnity Corp. of Gt. Brit. was founded; but its object was more particularly to ins. Trade Profits in the event of loss by fire or explosions. We shall therefore speak of this project in detail under PROFITS, INS. OF.

In 1871 the Debt Ins. So., "for wholesale houses only," was founded. It presents some remarkable features. The prosp. says:

The benefits and advantages conferred upon all classes of the community by the ins. of fire and life are now open to wholesale houses by the ins. of trade debts. The method of ins. is precisely analogous to that of F. assu. It secures the due punishment of fraud against creditors, and the recovery of their property in the most efficacious manner.

Then we come to the more specific purposes:

The object is to ins. creditors a cash dividend of a certain amount in the pound at the time of a debtor's failure; and, in addition thereto, all dividends which an estate may yield beyond such cash dividend.

Its advantages are that-1. Creditors obtain at least 1os., 12s. 6d., or 15s. in the £ in cash at the time of a debtor's failure; and all dividends which the estate may yield beyond the amount so paid. 2. The ins. will not interfere in any way with trading transactions between debtor and creditor. 3. Creditors avoid all costs and charges for legal proceedings, etc., in the recovery of their debts and dividends.

Its terms are-1. Payment by the creditor of a separate prem. for every debt ins. A "debt" is the amount owing to the creditor at the time of failure. It may be the result of any number of transactions, but must not exceed the sum assu. 2. Debts from £10 to £200 may be ins. from one month to a year, and may be increased or decreased at any time.

Insurances will be limited at present to accounts in the following counties:-Beds, Berks, Bucks, Cambridge, Essex, Hants, Herts, Hunts, Kent, Leicester, Middlesex, Norfolk, Northampton, Oxford, Suffolk, Surrey, Sussex, and Wilts.

Prems. for 12 months ins. on £10, 135.; on £20, 195.; on £30, 255.; on £40, 315.; on £50, 375.; on £60, 435.; on £80, 55s.; on £100, 675., "for traders of moderate standing; with higher and lower rates for others, according to the circumstances of their position, and the rate of dividend ins."

Next we have the "conditions of ins.," which are as follows:

1. A "debt" is the amount owing to a creditor at the time of the debtor's failure. It may be the result of any number of transactions, but must not exceed the sum ins. 2. All notices of failure must be sent in forthwith upon their being received. The proof of debt and proxy form, duly filled up and sworn, must follow at an early date, prior to the meeting of creditors. 3. On the payment of a claim the creditor shall sign an undertaking to execute any deed, power of attorney, or authority that may be required, by or on behalf of the So., for the recovery, general management and compromise of the debt, and to recover, receive and retain all dividends payable in respect of the debt upon which such claim is paid, subject to all claims recovered beyond the amount guaranteed being paid over to the creditor when recovered; the creditor shall not be liable for any expense in the preparation of the said deed, power of attorney, or authority. 4. Interest at the rate of 20 p.c. p.a. shall be payable to the So. by the creditor on all dividends, and on all securities for dividends, which he may have received in respect of any ins. debt, until the same shall be paid over to the So. 5. Should the amount owing to the creditor at the time of failure be in excess of the sum assu., one-third of such excess shall be deducted from the sum payable under the ins. 6. To meet the case of a bill of sale or other prefer. ential security, an equitable proportion of the amount of the prem. paid may be returned at any time,

and all responsibility for any debt contracted after that date be declined. When an ins. is so declined, the goods supplied within the terms of the ins. will be still guaranteed. 7. If any other services than those of the assurers have been made use of for the recovery of any debt, no claim in respect of such debt will be admitted or paid. Creditors are liable to no costs or charges for the recovery of any debt or dividend. 8. No claim shall be paid in respect of any debt which shall have been allowed to remain more than one month overdue, without having been sent to the office for recovery. Nor if the debt be not sent in immediately a failure takes place, and the recovery thereof entrusted to the sole management of the insurers.

The following is the "form of proposal for the assu. of a debt" in use by this So.:

To the Debt Ins. So., 40a, King William Street, London Bridge, E.C.

...

Date, Christian and Surname of Debtor, . . . Address,. Amount of "Debt" to be Assured, £ . . For ... months. Amount now owing, £ . How much secured? ... How much overdue?... How long overdue?... How long has the debtor been in business at his present address?. . If in business previously, and where?... Has he ever failed? . . . When?... Where?.... What was the dividend paid?... The following persons may be among his creditors, viz.-... Proposed by M

of

A payment of is. must be made with this proposal, which will be returned if the ins. be declined by the Society.

The three asso. spoken of in the early part of this art. as existing in France have some time since passed away. We have seen that at least one of them had undertaken to supply to merchants and others information regarding the credit of merchants and traders in different towns in France. The others prob. entered upon similar functions. It was this branch of bus. that completed their downfall. They were sued before the Tribunals of Commerce for damages in respect of wrong information furnished, and had repeated decisions against them. There have been estab. in more recent years several other asso. having analogous objects. We hope to supply some information regarding these under FRANCE.

The careful reader will not fail to observe the change in the practical aspect of the bus. which characterizes its later developments. The grand aspirations of theory have had to succumb to the stern realities of facts. The bus. is a most risky one, and instead, as was first assumed, of being able to protect the merchant and trader from the direct hazard of trading, by the asso. taking upon itself to indemnify the burthen of the loss, it seems that the most asso. of this character can accomplish is to mitigate disaster when it occurs, by making advances against the proceeds likely to be recovered from bankrupt and insolvent estates. Under this state of matters, the ins. portion of the project falls very much into abeyance. The fact remains that nothing but commercial honesty can insure commercial credit.

The following table, compiled from returns made to the House of Commons, shows that during 7 years of our most excited commercial history, the greatest fluctuations were experienced in 1864, when they were 17 p.c. below the average, and in 1868, when they were 25 p. c. above the average; the total of the fluctuations being 42 p. c. :

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We observe that the directors of the Debt Ins. So. pronounce that "the elasticity of the principle of the assu. is equal to a much greater emergency.' It might be so if the principle of selection against the office could be effectually guarded against.

The modification of the Bankruptcy Laws affects the apparent uniformity of results. The last new Bankruptcy Act-the 32 & 33 Vict. c 83-known as the Bankruptcy Act, 1869, came into force 1st Jan., 1870. The number of bankruptcies, as returned by the Comptroller in Bankruptcy, was only 1351, instead of many thousands, as in the preceding years. But then, during the year, no less than 4288 petitions for liq. by arrangement were presented; and 1616 deeds of composition with creditors were regis. Thus we have a total of 7255 "failures," or about one-half of the ordinary average. The liabilities in the 1351 cases amounted to nearly £8,000,000, and the assets were estimated as rather under £2,000,000. In nine cases, after paying law expenses and settling with preferential creditors, the trustees had no funds for dividends. The total amount received by the trustees in the 1342 cases was £1,109,947, of which £41,972 went in law costs.

From the Comptroller's rep. for 1871, we gather the following particulars. During the year there were 1685 petitions presented for adjudications of bankruptcy, and 1238 persons were adjudicated bankrupts. Besides this, 6290 persons presented petitions for liq. by arrangement, and in 2872 of these cases there was a resolution regis. for a liq. by arrangement. There were 2170 instances in which a resolution was regis. to accept a composition. Thus, there is a gross total of 6280 cases in which the affairs of a debtor have been wound up under the Act. From another part of the report is obtained the

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