A GROCER'S BANKRUPTCY.
ESTATE OF JAMES BIiATN. i ____ t The adjourned meeting of creditors in the estate of James Blain, of Jervois- 3 road, grocer, was held yesterday after- < noon. In the absence of the Official As- s signee, Mr. E. W. Evans (representing £ Brown, Barreftt and Co.) occupied the 3 chair. ' A resolution was carried, approving ] of the assignee's action in the disposal of • the stock. : The Chairman remarked that there ap- < peared to be 7/6 in the pound for the : creditors, provided the book debts were ' "realised. By the bankrupt's statement ' ihere appeared to be about £2.15 lost • }n about eighteen months, allowing for < io profits, or, in other words, that the ' iankropt had lost about £12 a month. The Bankrupt: I can't account for it. ; The Chairman: If you have put this money into the business you should be able to show the creditors where it has gone to. If you cannot, .then you will have to answer a question, thai is all. After inspecting the bankrupt's books, •Mr. Evans continued: "There is a cash Ibook here, but I have never seen one like it before. We can't get any information from it just now." In answer to a creditor, the bankrupt stated that he had bought from the wholesale firms, and then sold again on commission. He had not really thought he was making money at any time, but had been hanging on in the hope of picking up. He had never had a partner in the business, another gentleman referred to having been engaged by bankrupt, on the agreement that he (the other man) would get half the profits together with 18/- a week keep. The Chairman: And he took half the profits, and had no risk ait all. It's a marvellous arrangement, lit seems to mc he really was your partner. The meeting was adjourned for a week to enable further inquiries to be made on this point, and to permit of the drawing up of a complete statement of accounts by the bankrupt.
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Auckland Star, Volume XL, Issue 55, 5 March 1909, Page 6
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340A GROCER'S BANKRUPTCY. Auckland Star, Volume XL, Issue 55, 5 March 1909, Page 6
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