SHINGLE AND PHOTOS.

Auckland Star, Volume LIX, Issue 39, 16 February 1928, Page 3

SHINGLE AND PHOTOS.

CAUSE A BANKRUPTCY. » CREDITORS ASK QUESTIONS. ESTATE OF ARTHUR J. BELL. "Well, I don't know, gentlemen; I can't see how this man is going to assist us much." said Mr. G. N. Morris, Official Assignee, to creditors in the estate of Arthur Joseph Bell, photographer, of Auckland, at the conclusion of a lengthy examination *hi« morning. Bankrupt's schedule showed that £26S IS/ was owing to unsecured and £800 to secured creditors. The estimated value of securities was £350, and there were no assets, thus leaving a deficiency of £71S 18/. Bankrupt's Statement. "In 1920 my brother and I purchased the business known as Bell and Sons from my father for £600," said bankrupt. He paid £300 in cash, hi* brother acquired his interest by obtaining a repatriation loan of £300. In the following year they had to quit the premises in the Strand Arcade on accouat of the lease expiring. They went to W instone s Buildings. Later he took an interest in a shingle contract, which failed. At this stage his brother sold his share in the Bellwood Studios for £400, the greater part being used to pay off the Repatriation Department. Later bankrupt sold his oivn share for £400, the whole of which was given to a solicitor to distribute among creditors. At that time lie was indebted to another man and other for £3000, and one of them took charge of bankrupt's interest in Harringtons, Ltd. Up till May, 1926, he made good progress and reduced his liabilities to approximately £800, and his agreement with Harringtons was renewed under revised terms. In November, 1926, he took over Tadema Studios, and made a loss. The contract with Harringtons was terminated on June 13, 1927, and Bell left the place with £150 worth of plant. It was then the companyknown as Graham, Bell, Ltd., was ' formed. Business was not good, and he decided to file. Amongst his main causes for taking this action were slackness of business owing to financial depression, and undertaking too much discount allowance under agreement. Official Assignee: Yon kept no books yourself—private books i Bankrupt: No. Official Assignee: You've had BO fmk account for four years ! Bankrupt: No. In the Shingle Business. In answer to further questions bank rupt admitted that he had dropped £1500 in twelve months between 1920 and 1921. He also ifent into the shingis contract without experience, because he and his brother thought it was a good proposition. He lost about £500 in nine months. The Assignee: What is the position of Graham, Bell, Ltd.! * Bankrupt: It just pays Its way. He went on to say that his wages were £4 per week, and he had a wife and. two boys to keep. It was explained that the ; present creditors had nothing to do with Graham, Bell, Ltd. A creditor; Bell, do yon gamble or go to races? Bankrupt: No. But I do occasionally visit a racecourse. "I don't think there is anything very much against this man. When he took on the other businesses he- discussed his position with his creditors," said Sir. Morriss. The Official Assignee then suggested that the matter of Bell's discharge should be left in his hands, and this was agreed to.