MOTOR CAR EXPERIMENT.

Auckland Star, Volume LIII, Issue 155, 3 July 1922, Page 2

MOTOR CAR EXPERIMENT.

ENBB IX BAXKRUPTCY COURT

iA meeting of creditors in the .bankrunt estate of George Wilcox (Mr. Ga-tentoy) was hold this morning by air. \V ». Fisher 0/licial Assignee. Th e debtor's schedule showed due to unsecured creditors £.355 10/:?, secured creditors .tbi.i, eetimated value of security held aPBCts were: Book debts ( iiJo 11/4), estimated to produce £50. and surplus over securities give £100----total, £150. The bankrupt stated he started bueincss i n 1021 with £00, and bought a sc-ondhand Chandler car from I. \V. Browning. The price was ■£ 370 x.t.-,v. He did not pay cash, but undrrtoofc to pay £.5 jo/ por woek. of which the ten shillings was for insurance U first he earned £d 10/ por week, and he leased another car from Mr. \r S Miller at €5 per week. Later' he f-oujrht another car for £100 without •?>aying any cash down. Ho a.feo took a garago at £3 10/ por week. The debtor explained how one oar broke down at Taupo, and finally that they wpre seized. Bankrupt claimed that owinjar to the cars being ceizVd, he had no ehanoe to rpcovor himself. ti, Mr '. Fi^ hor said the P •"•Sβ that the bankrupt had nothing, nor was there any estate.

Lndcr examination the 'bankrupt stated he went to the war at the J« of sixteen. When he returned he hfd no experience in business. He saved no money from his business with the can> He considered his connection warranted Ins taking over a second car. He had to turn work down for want of a second

A creditor said Mr. "Browning, after se, Zl n g the car,, put them up at a uction £ er Vr™ "° bidl until Mr - Brownlnoffered £200 each for them. " Debtor was about the trip to Taupo. He stated he did not Ret paid because the car broke down it was not a pleasure trip. His fare paid the cost of repairs to the car Ho did not know what amount the fare had paid.

In answer to Mr. OateiAy, witness «ud he was satisfied the paasenger had done a lair thing in what he had paid A creditor: The only nionev yon paid mc you won at the races * ' Bankrupt: That is so ' Mr. Gatenby said the bankrupt wa*

Mr. Fisher: He seems to h*r* made » rwy bad rtirt. Ho w ?n f, !nto a jJJ,J noss did not undprstand. and 0 have oarele*., to » dogree. with little spnsp ot re^pon-ibilitT. no resolution was' moved the meeting closed.