The Wairarapa Daily WEDNESDAY, DECEMBER 11, 1889. BANKRUPTCY STATISTICS

Wairarapa Daily Times, Volume X, Issue 3383, 11 December 1889, Page 2

The Wairarapa Daily WEDNESDAY, DECEMBER 11, 1889. BANKRUPTCY STATISTICS

According to the New Zealand lazette returns there were during lio year 1888 nearly a thousand letitions in bankpuptssy. A rate or a epavsoly populated 'comuiunjty ike this constitutes a high percentage, mil if it were mnintiiined:.■ for a jeiisratipu it would almost allow ivery person in business in ike .community to file life schedule, The liabilities in the estate's for ifjiio imounted to half a million of money ind the estimated assetsjo a quarto if a million! but the sum paid ji dividends, excluding preferential aw secured claims, was only £50,000 Creditors who understand that i takes half a million in assets t produce £50,000 in dividends 'wil realiso ,fcl|,at two shillings in tin pound is an averags djyjdeml, an that if they can obtain half juto*; in the pound by private arraiigeinen tkey are lucky, When the gram average is ; only two shillings jntb pound, the question naturally askei is how the eighteen shillings, whid go to make up the twenty, 'an actuated for? It is estimated tha the reduction in valuation consequcn upon forced sales represent p.jjpu six of fiheso shillings, While wayij ilia are dark end tricks that arj no altogether vain explaju t);e remainiuf tivelvf! shillings,' The paper Bfoite J2?ats.■■iMft.de by , bankrupts w< somewhat unreliabliyiiid the schedule of debts due to their estates aw extremely difficult id collect, Om now bankruptcy law is perhaps 1 at' improvement on its predecessor, 11 does pay dividends, although Hit sum divided is wonderfully little compared with the Golconda oi assets from which, it is distilled, II is easy to reflect thit half a millioi: of assets ought to realiso moro than fifty thousand pounds worth ol dividends, hut it is somewhat diffieull to devise ways and' means by wbicli a better result can be obtained, Wf presums the clever business men it our largo cities do not m their way clear to make practical suggestions for further amendments in the Bankruptcy, Act, otherwise they would do. so. . large profits and big losses' have been the characteristic features of trade in New Zealand foi many years, aiid as long as traders :aa secure profits which will recoup

thorn for their losses they will be comparatively indifferent to the latter, it will take time yet to restrict within safe limits the enormous credits giren.iu colonial communities, While people live on lounß they fail to realise the supreme; necessity of depending upon" what they actually earn. Colonists have not learnt the value of money when only fifty thousand pounds worth of it can he squeezed out of estates valued at half a million,