LACKED EXPERIENCE.

Auckland Star, Volume LXI, Issue 196, 20 August 1930, Page 10

LACKED EXPERIENCE.

LAND AGENT'S BANKRUPTCY.

INHERITANCE FROM FATHER

RESOLUTION '.OF' SYMPATHY.

(By; Telegraph.—Own • Correspondent.) . . ': ■" ' HAMILTON, this day,

I There v was.a'.fairly, large attendance of - creditors at "the meeting .held at the ■Official Assignee's office, -Hamilton, yesterday afternoon to investigate the -bank-' 'ruptcy of 'Charles Leonard Williams Brown, land and labour agent,- of Hamilton. .....' -.-'','.< • | Bankrupt's, schedule showed his total xlebts be £531. -.-.' Stock in -trade was valued' at -£15, book debts were estimated to produce- £100*, and - cash ■ -in hand amounted'.to £29 .11/2,. while the surpjus securities was set down at £832. An'.estipiated surplus,of • £424 18/6 was disclosed. - > /.;.■ '■• < .--,'. ■ '

1 • In,'affiled; statement,, bankrupt said that-since." the deatluof his, father, the late Mr.' W. W. Brown, • on September 28, 1929; he-had felt'justified-in , carryiho- oh tli'e labour and-land agency business,- which ) his. father had run siiccess:fully. Economic conditions-and the fall in the price of primary products .resulted, however,; in business, being, slack. Few farms. changed hands andlthe commis-sions-were small.' "/There"; had been .no ■distribution 'of his father's; estate since his death and he; had had to maintain his mother .and'four minors: : Bankrupt expressed .the hope that, he would be able to pay»his-creditors 20/"in <the, £. Claim by Employee' . ; The' Assignee said' that • since the schedule .was-'drawn up, ah. employee of Brown's, one Pearson, had ". entered a claim .for £217 Svages and commission. Mr. saiJ.. he did" not intend to admit this claim, or, at any rate, the major portion of it. . ' ■ The, Assignee- said, he had seen the Public.Trustee, ascertained that bankrupt's interest in-his" late father's estate would amount to -at least £1000. This' would be. sufficle enable bankrupt to' pay 20/ in the £ and leave him a surplus; Mr.; St. George had investigated bankrupt's accounts,and found the trust accyufltiquite an.order, '".__. - .

Mr. St. George said-he considered what had transpired with regard to the late L. W. W. Brown's estate was a tragedy. It -will be remembered that shortly before his death the late L. W. W. Brown inherited £38,000 from an uncle in England. • ■ Bankrupt was questioned with reference to Pearson's claim. - He. said he had an agreement to pay Pearson £3 a week and 30 per cent of commissions earned. Not Sufficient Training. The Assignee said it appeared to him that bankrupt was a youth who had not had sufficient training to carry on the business he had acquired. It-seemed, however, that his inheritance would be sufficient- to pay his creditors 20/ in-the £, and he (the Assignee) expressed the hope that there would be a sufficient surplus to enable bankrupt to make a fresh start, v - On the motion of Mr. J. E. Ticld a motion was carried expressing sympathy with bankrupt in his niisfdrtune.