trictly to this branch of the business, I would now,
without doubt, have been a wealthy and successful merchant. At the end
of my first year's operations my ledger showed a satisfactory balance
to my credit. The year 1857 opened auspiciously, and I continued to
prosper almost to the end of it, when a storm swept over the commercial
world, which involved hundreds of firms in bankruptcy and ruin.

From the nature of my business it was scarcely possible I could escape,
and although I succeeded in avoiding bad debts, I incurred indirect
losses to a very considerable amount. In May, 1858, I paid a visit to
the Continent, in order to ascertain on the spot how my connections
there had weathered the recent storm. This visit resulted in a large
increase of legitimate business, and up to this point I had taken no
false step. Shortly afterwards, however, I was induced to embark in two
different and distinct branches of trade, which led to my ruin. The
first was the manufacture of novelties, which, after a large
expenditure, I was obliged to relinquish, in consequence of my not
having sufficient capital to make it profitable. The second was a
mercantile business, managed by an agent resident on the Continent.
This agent was without means, and, as I afterwards found, without the
abilities necessary for the position. He had not long commenced
operations when a war broke out in Lombardy, which furnished his
customers with an excuse for rejecting the goods they had ordered
before prices began to recede. The consequence was that I had thousands
of pounds' worth of goods thrown upon my hands abroad, which resulted
in large direct and still larger indirect losses. It was at this
juncture that I ought to have stopped payment, but, being of a sanguine
disposition, and my regular business continuing to prosper, I hoped the
successes in the one branch would balance the losses in the other, and
I resolved to struggle on. I paid a second visit to the Continent about
this time, which resulted in the formation of a partnership with my
agent, the business to be carried on in his name. The new firm was
debited with all the stock on hand at cost prices, and in all future
business the profits were to be divided. I thought, by giving my friend
an interest in this branch of my business, that I would lessen my
losses on rejected stock and facilitate my escape from impending
bankruptcy. I arranged to draw bills on the firm at three months' date,
payable