WELLINGTON BANKRUPTCIES.

Ashburton Guardian, Volume XXIX, Issue 7251, 9 August 1907, Page 2

WELLINGTON BANKRUPTCIES.

Per Press Association. WELLINGTON, August 8 Mr Justice Button, sitting in bank ruptcy yesterday, conducted: a public o:. animation into matters concerning ..he bankruptcies of Percy Stevens, grocer of Wellington, and William G. A J ??^ n >. painter and paperhanger, also or Wellington. The chief points brought out in Stevens' evidence were that ho began business last year with a capital of £150, and when he' became bankrupt. he owed £516, and his stock, plant, vunutiiro and book debts .were valued; at £413. He admitted having: misrepresented his position to his creditors in order to obtain, credit, saying ■■thaV this course was suggested to him by the man who sold him the business. Hib Honour directed that the bankrupt should not be deemed to have passed hia public examination until the Court by order had declared that his affairs had been sufficiency-investigated,-and.; that his examination was finished. Tustin .raid that his business had been established forty years, and carried on by himself for the'past eight years.. Yov some time he had been carrying it on with borrowed capital, and lie must have paid £'9 a week away in interest. Ho thought' all along he could pull through, but saw iiow that he had been too optimistic. He regretted that a large amount of his indebtedness was to personal friends. The •deficiency between his assets, and liabilities was between £4000 and £3000.. He had worked for forty-three hotels in ■ Wellington and probably. sgent 10s to 15s per day, but'it all came back in price of work.- He had lost money, on several contracts. ."As far. as my personal expenses are concerned, I have never drawn more than £350 per annum,- and of that sum T have paid £2 per week for rent and have brought) up and educated eight children;" said the, bankrupt. ' "As a matter of fact 1 should not have been able to manage at all'had it not been that some of the elder children helped to pay the household expenses." Witness said that he was at nresent employed at £2 per week as clerk in the Wellington Loan and Discount Office. His whole assets realised £425, and -that was the whole amount available to pay off his £5000 worth of debts. Evory possible penny had been .realised by way of mortgage on his life'insurance policy of £1000 to pay his creditors. His Honour made an order similar to that in Stevens's case.. -. '■ ". -■. •. ': •.. ■■; ■/■ ,-. v,.