A PLUMBER'S FAILURE.

Auckland Star, Volume XLVIII, Issue 142, 15 June 1917, Page 6

A PLUMBER'S FAILURE.

Tlie first meeting of creditors in the estate of John Auld. plumber, of Parnell, bankrupt, was held yesterday afternoon. The Official Assignee presided. Bankrupt submitted a second financial statement, which differed greatly from his first. His liabilities to unsecured creditors totalled £Iml 7/4. To secured creditors he owed .C 2275, the securities amounting to £4084 5/. His assets totalled £2222 10/1, leaving a surplus of assets of £ \Tu] 2/9.

Bankrupt 6tated his positiein to he the out.nine of heavy losses on contracts immediately following the outbreak of war. Also the fact that his assets were real property not readily saleable, an.] the difficulty of petting in his hook elehts in some measure caused his failure, lie had been in business as a plumher in l'nrnell for about ten years. ami had never attempted to find out his position. For his own statement he had taken his own ideas as to valuation. When the war started he was in a good position. He was then more than £2000 to the good. He had lost heavily on several of his large contracts, including the Auckland Club and the New Zcalauel Insurance. He had entered on these contracts liefore the war. He had no furniture which should be included in his assets.

After some discussion and inquiry as to bankrupt's business, the meeting closed with the election of three of tlie largest creditors to a.-.;ist the Ofiicial Assignee in winding up tlie estate.

The Rev. Robert James Porter, who resigned the charge of St. Paul's Presbyterian Church. Oatnaru, on account "of ill-health, died this week. lie was born in Ireland in 1856.