A DRAPER'S BANKRUPTCY.

Press, Volume LX, Issue 11551, 6 April 1903, Page 6

A DRAPER'S BANKRUPTCY.

William Henry Matthews, an Auckland draper, who tiled hifi petition in bankruptcy recently, in a «worn ftatcment made before the Olncial «iid that prior to Atiifu.-t, 50th he engaged aa agent in H ,vf for his wife, then mudent in ]'ngland. and had abo been employed by three Auckland iinr..". Ho commenced busine*..* on August sCth, in Newmarktt, as manager for his wife ; then rcß'.rtent in England. At first he ordered goods in his own name, bui. they had bven mostly ordere-i in the name oi -his wife, who gave him a formal power of attorney. ilts principal credi-toi.-i were aware from the fu*t that he was acting as manager only. On November 17th, 1902, he opened a* branch shop at the Thames. Neither hi* wife nor himself put. any money in the business from first to last. Ue had no private means, of his own, but believed he told his creditors that his wife was possessed of means; but of this lie had no actual knowledge. He had been in New Zealand over sixteen years, and had visited his wife in England on four occasions during that period, tlie last occasion bein:? March, 1901. In consequence of pivi-ruiv. from creditors it was decided that he should assign the estate to Mr W. RHolmes on their behalf, and he understood the tstoekis at Newmarket and the Thames had .since been reali-sed by tender. Bankrupt, then gave particulars of various eocuments mentioned in his statement. Question : Your schedule of assets and liabilitie.i shows a deficiency of £2115 Bs. You commenced business on August 3ath, r-02. and made an assignment on February 19th, 1905, five months and 19 days. How do' you account for the large de-

tk-iency. Answer: I am not prepared to account for this large deficiency. The only thing 1 can at present .sny is that in order to work up a business I sold at low prices, and prob,ib!v under cost. In answer t.i further questions bankiupt raid he had no:- in any way made private invt'ntments with the procci-ds of the business or use his creditors' money other than for trade purposes. His liabilities, all twaifd, amount to £2624 14s 2d, and hw n«sets were put down at £556 7s 2d; dchriencv. £2115 Bs. He had given up all he poWe.«w.d in t.he nature of asseis. Tcrfiotiallv, he had no expectations from nis witVs"property. What property or money she had would no doubt ba divided among-st the children.