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Curious Reasons for Going Bankrupt.

An official report as to the general working of the Bankruptcy Act in England states that the total number of receiving orders made and proceeded with during the past year was 4,826, showing a decrease of thirteen on the figures for the previous year, and an increase of ten on those for 1886. The weather has to bear the blame for some insolvencies, and often from different points of view. Thus, an innkeeper fails “ owing to the long, bad winter.” A waterproof garment manufacturer fails “ because the fine summer of 1887 was unfavorable to the waterproof trade.” On the other band, photographers, florists, and drapers attribute their failure to tho bad summer of 1888. An innkeeper alleges as the principal cause of his failure the “ intemperance of his wife and children.” Some debtors again have been brought to the ground by their “ large families,” while others attribute their failure to the “expenses of burying their children.” There is a considerable class of debtors who do not hesitate to admit their entire dependence upon friends. One, whose deficiency amounts to L 1,621, attributes his insolvency to “ discontinuance of assistancofromfriends on pressure bycreditors.” Another justifies contracting debts because he “hoped to borrow Ll5O from his brother-in-law.” A publican failed because of “delay in obtaining a legacy.” Among the miscellaneous causes of failure several publicans at Whitechapel attribute their insolvency to the Whitechapel murders; a solicitor ascribes his failure to “ bad debts, the new Bankruptcy Act, high rates of interest, ill-health, and my own determined independence ” ; a schoolmaster lost his connection through “political boycotting”; and a “ gentleman ” failed through being “without income ” —a cause of suffering which, even in happy England, is only too common.

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Curious Reasons for Going Bankrupt., Issue 8026, 1 October 1889

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Curious Reasons for Going Bankrupt. Issue 8026, 1 October 1889

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