RESULTS OF THE SLUMP.

Auckland Star, Volume LIII, Issue 307, 28 December 1922, Page 3

RESULTS OF THE SLUMP.

BIG BAKKUPTCY RUSK. , HOW AUCKLAND SUFFERED. The small capitalist, particularly the tmall farmer, has been the chief sufferer in the aftermath following the slump in prices which has spelt ruin for so many people in New Zealand. Auckland district, like other areas, has had a heavy toll of unfortunates whose finances have been insufficient to tide them over the lean years, and it should not surprise the. business community to learn that no fewer than 151 persons or firms were •djudicated bankrupt in Auckland province (including the city) during the year which is now drawing to a close. Some idea of the position may be gained by comparison with the figure for 1921, which was only 50. Bankruptchiee were' recorded during the last twelve months as follows: — January 8, February 12, March 11, April 7, May 22, June 17, July 15. August 10, September 11, October 10, November 11; December 11; total 151. It will be observed that the biggest rush was in the month of May. This is accounted for by the fact that quite a number of business firms make up their books about that month and the financial position becomes apparent accordingly. Indirectly their debtors who are called on to square accounts also find out how matters stand. In reviewing the position the Official Assignee (Mr. W. S. Fisher) informed a "Star" representative that the increase in the number of bankruptcies had been large, but bo far as he could gauge the rush was now passing. He thought that 1923 would show a great diminution in failures. Losses undoubtedly had been due to a considerable extent to high prices being paid for land, followed by the slump.