offer too, his general creditors five shillings in the pound. The creditors, who know their business, acquiesce; and, pocketing their dividend, are quite prepared to trade with the same enterprising builder on some other 'freehold property' where 'cash advances will be made.'
The secret of their confidence is this, that builders' tradesmen carefully insure themselves against such 'accidental' losses by extravagant excess of prices; and these heaped up prices do, to some extent, affect the entire building trade. Of course, then, the great public pays, but is 'too occupied with business' to consider. In one trade there is a discount or commission of from thirty-three to forty-eight per cent. [1]beyond the ordinary business profit, and the other trades are liberal in a corresponding way.
When on a Tuesday morning news arrives from the estate that all the work is stopped — for speculating builders are most careful to obtain advances for the payment of their men on Saturday — the 'architect' is naturally sorry; more particularly if, on very careful scrutiny, the carcasses appear to be in every way defective, thoroughly ill-built, requiring much upholding, and, in fact, not worth the cost of the material. The freeholder is philosophical, or foolish, as the fates permit; his ground rents are still unsecured, and his advances have resulted in a pile of hideous brickwork, an advertisement of evil on his property. The lawyer and the 'architect' explain the nature of the case, and the result is that the carcasses are sold for what they may be worth, and our proprietor goes softly for his time of mourning. He has realized the loss that, in conjunction with the profit which his men of business tell him must soon come, is held to constitute a sound and healthy character of business, as distinct from mere reception and acquirement.
- ↑ We might quote a trade in which the discount is full fifty per cent. In bankruptcies the tradesman thus can take ten shillings in the pound and yet secure a profit.
