HIGH PRICE OF STOCK.

Auckland Star, Volume XLV, Issue 82, 6 April 1914, Page 7

HIGH PRICE OF STOCK.

CAUSES BUTCHER'S BANKRUPTCYJeseph Keeley, in his sworn statement to the Official Assignee in Bankruptcy, explains that lie started business as a butcher at Cambridge on January let, 1913, with £230 capital, of which £ 100 was contributed by Wm. H. Brockelsby, whom he considered a sleeping partner in the business. The agreement for partnership was an oral one. The 'business was bought from Arthur Beaumont Boyce for £600, of which £200 was paid on January 3rd, and a bill of sale given for £400 at 8 per cent over the plant and machines. The principal sum was to be reduced by £3 per week. That amount now stands ti £328. The price for cattle and other beasts was very high when he started business, and steadily rose, so that he conld see he ■was losing money. In August, 1913, he had his books balanced, and saw lie was unable to pay his debts. He interviewed his largest creditors, who advised him to sell if he could get a buyey.- That he was unable to do, and debtor arranged with a Air Webb to buy stock, and an agreement was entered into under which that gentleman had the book debts as security for advances. Prices for stock did not improve, and debtor decided to file a petition in bankruptcy. The high price of stock was the cause of h\a bankruptcy, as no profit could possibly L- made after payment of wages, horse feed and chop rent. He had also suffered heavy loss - through meat going bad, as the premises were suoli that it became tainted very quickly.