BANKRUPTCY.

Auckland Star, Volume XL, Issue 203, 26 August 1909, Page 5

BANKRUPTCY.

Donald Hugh Aloysius Bourkc, formerly trading with Charles Nicholson, under the style of " Kinos," at Auckland md Hamilton, has presented a statement Df his affairs in bankruptcy to the Offi- i >ial Assignee. Bankrupt states that the j total liabilities of the firm amount to! £558 17/11 to 26 unsecured creditors. The | issets are sworn at £462 2/3 (stock-in-trade at Karangahaperoad, £130 19/9; stock at Hamilton, £80 2/9; book debts. £154 10/11; caeh in hand and bank, £37 3/10); leaving a deficiency of £96 15/8. Bourke states that the selling price of the firm's clothes was based on a factory ?ost of 30/, plus the cost of the material, I plus 20/ profit over and above freight j md cartage, though in some cases less <vas taken rather than lose a sale. Orders came in faster than the factories 3ould make them, and to get over this iifficulty Nicholson —allegedly against expert advice —started a factory of his own. Lip to then everything had been "plain sailing," but a week or two of manufacturing made it fairly clear to bankrupt that the clothes were costing at least 15/ to 17/6 more than they did when liade by the other factories. Had bankrupt had any authority or say in the business other than an advisor, he would liave closed the factory there and then. A.S it was Nicholson's money and idea, However, he could only advise, nnd leave tat that. He considered the business a one. Nicholson was bankrupt's jnclc, and had been practically his guarlian for 30 years. He had been in several transactions with Nicholson, and had taken what he chose to give him, irrespective of what he might have ;arned. Bankrupt's reasons for filing tvere to place himself and the business sntirely in the hands of creditors and the Official Assignee. The first meeting of creditors will be held at the Assignee's Office to-morrow