A BANKRUPT SADDLER.

Auckland Star, Volume LVI, Issue 189, 12 August 1925, Page 6

A BANKRUPT SADDLER.

•■ - J POSITION DUE TO SLUMP. J The slump in prices -which cama shortly after he started a saddler's busk ness at Te Puke was stated by Xormaa Henry McNaught to be chietly, responsible for Ins bankruptcy. Only the bankrupt and one creditor appeared at the office of the Official Assignee this morning. In his schedule bankrupt showed liabilities at £48$ 16/3, and assets £130, leaving a dciii ciency of £353 16/3. Examined by the Official Assignee tha. bankrupt said he was 32 years of age, married, with two children. Prior to purchasing the Te Puke business he had had no business experience, although he was a competent saddler. He had served four years at the war, and had been unable to save any moiiov when single because he had to help' his parents. Inside a year after returning from the war he married. He realised that ha would have a struggle to make a success of the saddlery business, becau»a it purchased with money, £300, borrowed from the Repatriation Department. Almost from the beginning tha business began to show a loss owing to a fall in prices, and in March, 1923, ha called his creditors and placed the position before them. In May. l!) 24. the Repatriation Department took the business and plant ami sold him up. At that; time he told the Department he would not be able to pay the money owing until bis wife had "sold some property. At the present time he was working as a telegraph linesman and had his wife and two children to support. A creditor remarked that it was only becau-H! bankrupt's wife had definitely promised to make some payment when she disposed of her property that bank* rupt was allowed to go on so long. Bankrupt could make no offer, and in the absence of a quorum no reso« lution was passed.