THE AUCKLAND FAILURES
The bankruptcies of Mr J. 0. Firtb r miller, and Messrs Gaoige Fraser and Sons, origineeie, have not (says a correspondent) made &ny stir commot dally, as thoao b nkruptcies had been looming for some time past, and arosa from causes extending over many year?, and the oper*t : on of wh ; ch was foreseen. The public were prepared for them. It is protty wall understood that the institutions whose gifts of borrowed money have been so fatal to Mr Firth, had no desire to force him into the Bankrupt-y Court, but rather the contrary, and the negotiations which went on led to the belief that a way of escape would be found for him. Matters, however, became so involved that his only hope of again having that chance m life which be deserves was to get clear of the meßhwork of obligations entailed upon him, and he has boldly faced the difficulty, and instead of shivering on the brink has made the final plunge into the sea of bankruptcy. With his great commercial ability, wonderful energy of character, coupled with th.3 general goodwill fe't towards him it is just on the cards that he will onoa more get hlB foot on the rung of the ladder that lends to fortune. The Messrs Fraser have been tho leading engineers of Auckland for over a quarter of a century, end among our moat honored tradesmen, and the moral \n their case is pretty much the same as m the other ; Hed th«y kept to their legitimate business, they would now be m, affiaenca, Their desire, like Mr Firth's, ''.to build Rome m a day," going into steamers, gold mines, &c, as that gentleman did into a huge principality, has brought about the final catastrophe. In fact, turning over the tablets of memory, I can hardly remember for e : ght years past a bankruptcy of any magnitude m which the bankrupt . had not been doing a good legitimate business, and was on the high road to a well-earned competency, by trha roy*l road of hard work and thrift, till lured into syndicates, and land and mining gambling. In nearly every case m Aaokland where business man have "stuck to their laat," they have done well, and ia oonsequenoe are thoroughly sound commercially. Perhaps there is no better illustration cf thii than m engineering, where a Thamos firm, composed of brothers, though their works are 50 mllea from Auckland, to whioh they have to bring man and material, compete successfully with our looil tradesmen on their own ground, and who are fighting their way up to afAaanae by attending to the two maxims — exoluatve attention to their legitimate business, and putting their oonaolenoea into their work. Some other bankruptcies will yet have to take place, arising out of the speculations of the past, before the air is fairly cleared, and business again thoroughly sound. But when that fa done, our morohaatß and tradesmen, profiting by the sad experience of the past, are not likely to let oonamerolil affairs drift Into the state of muddle from whinh they hava b9en lately partially extrloatod. The three oausea whioh operated to bring about enoh a condition of sffiirs were hfhted lard valuer, borrowed money, and unrestricted credit, and their bitter fruits are Blill experienced la the. community.
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