A BOOT IMPORTER'S BANKRUPTCY.

Auckland Star, Volume XXXV, Issue 38, 13 February 1904, Page 6

A BOOT IMPORTER'S BANKRUPTCY.

A' meeting of creditors in" the estate of Jas. Sutherland, boot importer, Queen street, vras held in the office of the Official Assigne, Mr. E. Gerard who presided, yesterday afternoon. The Assignee presented a report prepared by Mr. Wylie, accountant, on behalf of the creditors, which disclosed that the whole capital invested by bankrupt was £46 7/5, and for the period prior to June 16 last, when bankrupt, on the strength of a wrong balancesheet, obtained extension of credit, the disbursements exceeded the receipts by £O"SS 1/G. Bankrupt explained this by having borrowed money without crediting the lender in the book, and on refunding entered the repayments into the columns for goods purchased. The gross profit up to June 15 was 151 ■'JWcent., and the actual lo&s was £454 9/9. From June 15 to December 21 the gross profit fas 15i per cent., the loss being £1110 3/10. In the first sixteen months the turnover was £327 10/ per month, and the total expenses 24£ per cent. In the final five months the turnover was £358, and though the gross profit remained at 15i per cent., the total expenses rose to 40 per cent. The bankrupt drew an average of £5 17/0 per week up to June and £0 8/7 subsequently. The small gross profit of \sh per cent, was based on the assumption that every penny of'the cash takings was recorded prior to abstracting any money from the till during each day. In answer to Mr. Lewis, Mr. Gerard said that the goods in Mr. Sutherland's shop were marked at 42 per cent, profit, while lie only showed T. 5 per cent. Bankrupt stated that he could tell the creditors nothing more than they knew already, and Mr. Davis proposed that the resolution for a public examination be rescinded. The motion found no seconder. The Official Assignee said that certain things had been said about bankrupt's wife going away on the eve of his bankruptcy, and taking an enormous sum of money. He asked bankrupt how much she took. Bankrupt, with some indignation, asked, "Who told you tha.t? The man who says these things should be brought here. My wife is not in it. She took away her own savings, about £25, tak- i en from the Auckland Savings Bank. If I had any dirty work I would not give it to my Vife to do; but I have no dirty work. I have been charged with all kinds of tilings, including drunkenness and gambling. It is a wonder I have not been charged with going to church." Mr. Gerard said that he had summoned Mr. Chambers, purser of the Westralia, who stated that Mrs. Sutherland had handed him £30 or £35 and several articles of jewellery. He had previously heard that Mrs. Sutherland had taken over £300. After further discussion the Assignee said that the cost of a public examination would not be more than five guineas, and if a prosecution followed the Crown would pay the costs. The meeting was then adjourned.