The Sequestration of Archibald Constable and Company

The Sequestration of Archibald Constable and Company

Alloway discusses the sequestration of Archibald Constable and Company. The sequestration was brought about by a "crash" in the English money market from Oct 1825 to Jan 1826. Constable and Company was overextended with loans based on trade and accommodation bills, borrowing from banks far...

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Bibliographic Details
Published in:The Papers of the Bibliographical Society of America 2009-06, Vol.103 (2), p.221-243
Main Author: Alloway, Ross
Format: Article
Language:eng
Subjects:
1826-1831
Bank accounts
Bank assets
Bank loans
Bankruptcy
Banks
bibliographical
book trade
Business structures
Cadell, Robert
Constable
Constable, Archibald
Creditors
Debt
Debt financing
Economic history
Insolvency
Legal proceedings
Money markets
Perjury
publishing
Publishing industry
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Summary:Alloway discusses the sequestration of Archibald Constable and Company. The sequestration was brought about by a "crash" in the English money market from Oct 1825 to Jan 1826. Constable and Company was overextended with loans based on trade and accommodation bills, borrowing from banks far more than its ability to repay. Constable's grand publishing plans regularly drained the firm's finances and though Robert Cadell had regularly attempted to limit financial risk (and Archibald Constable's own personal withdrawals), as junior partner he had no real power to do so. The only viable strategy was to borrow more money to cover debts that came due in the hope that the income from publications eventually would bring financial equilibrium.
ISSN:0006-128X
2377-6528
2377-6528