RUNNING A PAPER.

Auckland Star, Volume XLII, Issue 137, 10 June 1911, Page 9

RUNNING A PAPER.

A BANKRUPT'S EXPERIENCE.

In his statement to the assignee, Mr. Wm. Pierrepont Black, who described himself as a journalist, and who has been adjudged bankrupt, says that on July 3rd, 1909, he started the publication of a small weekly Labour paper, be having a capital of about £20. The paper was not started so much as a business speculation as for the purpose of spreading the political propaganda of the Labour movement. Inspired with zeal for the cause of Labour, his wife, himself, and a friend did the whole of the work of writing, folding, distributing, and (-when he secured a machine) printing the paper. That meant night and day work, and there were times -when the work was almost superhuman. Existence for them was very meagre, as out of the £2 5/ or so per week >\vhich came from the paper, tb-ey had to supply themselves and 3 children with all the necessaries of life. Mrs. Black worked very hard for the paper till her health broke down. Nevertheless they were satisfied in knowing that the paper was gradually making headway. In November, 1910, misfortune befell the paper while he was absent at Waihi and Thames. Differences of political opinion led to the publication of an article which incurred the penalty of libel law, Mr. E. J. Carey being awarded £70 damages and costs. This totally broke the organisation of the paper. The case took place in "Wellington, to which place he had to travel and spend some days therp. Mr. Carey executed a distress warrant, but there was nothing to seize, the machinery being secured to tie mortgage holders, Mr. Weitzert and Mr. Newton. The firstnamed bad advanced money to assist the paper from time to time, and also part of the money tn purchase the machine, the balance being allowed to remain as a mortgage 'by tbe seller, and later transferred to Mr. Newton. It being impossible to carry on tbe paper in tbe face of bis liability to Mr. Carey and the a-ecumulating rent, he made an offer to pay £10 to £ 15 cash, and the balance in weekly instalments of 5/. It was the best offer-he could make, and it was not accepted. Eventually Mr. Weitzert cajne forward with a buyer, who accepted liability for payment of the mortgages, part of the rent arrears and some other liabilities, and paid deponent £1 11/6 in cash, which was the total money paid to him for the plant. Faced with the question of making a livelihood, he set about starting a small weekly paper, agreeing to do the organising. With the assistance of a few friends, who paid for their advertising in advance, Mrs. Black was enabled to secure a small plant, and so got her paper going. No sooner was the paper out a few weeks than Mr. Carey's solicitor had another writ of sale served. It was returned nulla bona. The solicitor petitioned for deponent's adjudication as a ■bankrupt, and it was to that his present position was owing- The failure of the paper he attributed totally to the result of the libel action.

The statement of assets and liabilities shows that the liabilities amount to £155 18/2. and tbe assets are nil. The largest creditor is E'.izah J. Carey, Trades Union secretary, Wellington, for £108.

The first meeting of creditors will be held in Auckland on Tuesday.