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 abroad, for such amounts as my partner could see his way to meet at maturity. I also had a private arrangement with my partner for obtaining what I called accommodation bills. These were in the form of promissory notes, issued in my favour, and payable in London by myself; they were not to enter into the books of the firm, and I was to be entirely responsible for them. I may here also explain that the partnership between me and my agent was not known, except to the customers of the firm abroad and to my own clerks at home. Thus, under the pressure of large obligations I was not at the moment in a position to meet, joined to an extreme horror of the very idea of bankruptcy, involving as it did the loss of a lucrative and steadily-increasing branch of my regular business; I resorted to an expedient to preserve my character and position which I afterwards found the laws of my country declared to be a serious crime, to be expiated only by the complete and utter ruin of both.