BIG DEFICIENCY.

Auckland Star, Volume LXIII, Issue 187, 9 August 1932, Page 7

BIG DEFICIENCY.

BANKRUPT CONTRACTOR.

TOTAL DEBTS OVER £11,000.

"COLLAPSE OF BUILDING TRADE."

With a deficiency totalling £6035 2/5, Alfred W. Bryant, contractor, of Shelly Beach Road, Ponsonby, met his creditors before the Official Assignee, Mr. A. W. Waiters, this morning.

Bryant's schedule showed that his total debts were £11,241 6/9 and his total assets £5206 4/4. Two resolutions were passed, one that bankrupt be allowed to retain his furniture subject to the value being somewhere near the amount stated; and the other forming an advisory committee consisting of Messrs. F. W. Wilson, F. G. Baskett, J. L. Hannah, and H. Luke to act with the Official Assignee iu making further inquiries. Bankrupt, in his statement, said that he started business in Auckland in 1916 as a carrier and supplier of coal and firewood, lime and cement. As time went on the business expanded and l\e established depots in Ponsonby, Newmarket and on the waterfront. He also acquired extensive shingle rights on various beaches in the Hauraki Gulf. In 1929 his balance-sheet showed a turnover of £68,989 and a profit of £2289, indicating a surplus of £14,266 over all liabilities. That was his biggest annual turnover. Turnover Drops. "After July, 1929, business began to fall off, with the result that the turnover for the following year dropped to £58,025," continued the statement. This indicated that the business had commenced to wane. In January, 1932, the total owing to me by sundry debtors was £1997 7/6, but £1814 1/5 had been written off during the year ended July, 1931, due to the practical cessation of building operations in the city. Business consistently declined and profits with them, notwithstanding the exercise of severe economies.

"Eventually, at the request of my creditors, I executed a deed of assignment in favour of Mr. J. M. Elliffe, in trust for my creditors, on March 4, 1932. This was assented to by about 97 per cent of my creditors. One- of the dissenting creditors petitioned for my adjudication. In the meantime the Assignee realised a larg® portion of the estate and paid out 3/ in the £ in dividend's."

Bankrupt attributed his position to the general depression of the last three years, particularly the almost complete collapse of the building trade and other operations requiring the supply of such merchandise as he largely dealt in.