GROCER'S FAILURE.

Press, Volume LXI, Issue 18398, 3 June 1925, Page 6

GROCER'S FAILURE.

MEETING OF CREDITORS. ' A meeting of creditors in tho 'bankrupt estate of Albert Henry Wilder, grocer, of Cristchurch, was held yesterday. Mr C. P, Agar-was appointed chairman in tho.absence ' of tho Official Assignee. . Mr-R.,8, Ward represented the.bankrupt. , 'ln, his statement, bankrupt said he started busine33 in 1922 with .£135 of his owri,. and, ■Green and Co. advanced him £385. Ho paid £9O for a Ford" motor-car, and also borrowed £95 in two amounts, which had been re-, paid. Green and Co. had put him in a shop, and stocked it to tho valuo of nearly £4OO. He wont into the shop on the advico of the company's valuer. He did not drink, and rarely attended races. Ho worked up tho'business from nothing-, generally working H hours a day. Soon after ho started tho shop his seven-year-old bey had become seriously ill, and remained in Tied-for five months. In November, 19122, his wife was also seriously ill, and was under medical caio for two years. These two illnesses had put. him. to considerable expense, the total cost being about £290. Tho business had .gradually increased, but owing to lack of capital 'hVlost his discount, and had to pay ir.torcst on.the amount owing, to his principal creditor. Tho approximate loss for interest and. discount would be £3OO. He met with an accident to his car tho first day lio had it,. and tile cost of repairs ,had been heavy. In the trade, moreover, there was intense competition, and ho had to cut his price's. 'Fox these reasons, and also owing to tho fact that he attempted to do too much, he attributed his failure. Bankrupt's stock in trade was estimated •*,'£3so 13s sd, and book debts were estiOited to produce £420. Cash in hand was .51 Is 2d,! and with planfi and furniture the assets wore estimated to to £1146 14s 7d. The amount of; £1836 23 7d was owing to unsecured creditors, making an estimated deficiency of £689 Bs. The chief unsecured creditors were: Avon Dairy Co., Christchuroh, £lO3 19s 4d; Green and Co.. Ltd. merchants, Christchurch, £1052; Boyd3'Bros. and Kirk, merchants, Christchurch, £l2B 3s sd; Rattray and Son, Ltd., merchants, Christchurch, £53 lis; •rai Tapu Dairy Co., Ltd., Christchurch, £63 10s; D. H. Brown and Son, Ltd., merchants, Christchurch, £l7 6s; Mid-Canterbury Dairy Co., Ltd., Christchurch, £79 17s 2d; Distributors, Ltd., Christchurch, £23 13s sd; •Hutchison and Co., Ltd., £6l 4s 2d; Kaiapoi AYcrallen. Manufacturing C 0.,. Ltd., £l9 16s 4d; Macky, Logan, Caldwell, Ltd., Christchurch. £43 10s 3d; and Zealand Coffee and Spice Co., Ltd., £lB 4s. • - It-was decided that, the stcck. and plant bo sold by auction, bankrupt to be allowed to'retain his furniture.