£8,500,000 DEBTS.

Taranaki Herald, Volume 16, Issue 14, 16 October 1909, Page 6

£8,500,000 DEBTS.

THE BANKRUPT_TOLL OF 1908. An increase last year in the number of failures and in the amounts lost by creditors is shown in the annual report of the British Inspector-General in Bankruptcy (remarks the London Daily Mail). There were 8138 failures in 1908 as compared with 7599 in the previous year and the estimated loss to creditors was £8,540,008 as compared with £8,888,544. • . :. . In five cases the liabilities exceeded £100,000. There was. an increase of insolvency last year in the coal, metal, wool, beer, wine and spirit, and watch making trades. Failures of women numbered 444, as compared with 439 in, 1907. Of these 190 wero dressmakers, grocers, or draper*. There was a very marked decrease in the magnitude of failures due to speculative enterprise, the liabilities being little more than one-third of those for the Mine class in 1907. One of the failures of the year was that of a man who left Oxford in 1901 owing £4500. His father settled these debts, but at the end of 1906, owing to betting losses and personal extravagance, he was again in difficulties. His father once again settled debts amounting to £12,313. The ton's liabilities when he failed were- £20,392, and the probable value of the assets £1103. In another case the debtor came into personal estate of £60,000. in addition to real property, in 1378. He speculated on the Stock Exchange, losing £24,400 with one firm alone, and £20,000 with another. jHe spent £4000 in building baths to present to a town, and contributed £1000 to 'church restoration. He failed laet year, with probable value of £7200.