"BAD WINTER."

Press, Volume LXII, Issue 18677, 28 April 1926, Page 5

"BAD WINTER."

FRUITERER'S BANKRUPTCY. INSOLVENT FROM OUTSET. TJiree creditors attended a meeting lield yesterday afternoon in the office of the Official Assignee, in connexion with tho bankruptcy of Donald Martin McFadgen, fruiterer, 108 Armagh street, Christchurch. Mr A. W. Watters, Official Assignee, presided. Tho bankrupt's statement read aB follows: "In July, 1923, I commenced business in Dunedin with a capital of £SO as a distributing agent. Shortly after I opened I obtained the agency for a line of goods from living's Commercial Agency, which, judging from tho Dunedin results, promised to bo / a profitable line to handle. I therefore extended operations to Christchurch, but owing to the conditions in Christchurch being different from Dunedin, as affecting this particular line, the venture was a failuro through tho turnover not being maintained, and everything being eaten up in expenses. I therefore had to close down the agency. In February, 1924, I borrowed £2O from friends and. opened a fruit and confectionery shop at 809 Colombo street, Christchurch. Tilings went well for a time, and business increased, but tho winter of 1924 was a particularly bad on© for small fruiterers, owing to the scarcity and prico of fruit, ana it took the profits of the summer months to pay for the slackness of tho previous winter, with the result that when the 1925 winter came along, I could not stand up to it, but had to close the shop at a loss. lam a married man with three children, and since closing the sliop I have been engaged in canvassing work, but have been unable to earn sufficient to satisfy my creditors. I have been forced to file a petition in bankruptcy owing to' pressure from Adams Bros. I regret as things stand I have no offer to make to my' creditors, the great majority of whom have been very kind to me. Deficiency of £565 12s lid. The unsecured debts were given as £567 12s 2d; and assets as £1 19s 3d. Tho former included tho following amounts over £lO: —W. T. Hart, c.o. Adams Bros., Dunedin, £198; R. Ewing and Co., Dunedin, £157 17s 6d; N\ C. M. Turner and Co., 631 Colombo street, Christchurch, £22 Is 3d; W. Joll, fancy goods dealer, Hereford street, Christchurch, £25; Bing, Harris and Co., Lichfield street, Christchurch, £39 8s lid; Davidson and Wauchop, Lichfield street, £l7 Is Id; Fraser and Sons, Dunedin, £lB 15s; Gilmour Bros., Dunedin, £23 lis od. According to figures supplied to the Official Assignee, bankrupt had a deficiency of £176 when he commenced business in Dunedin. Mr Watters said McFadgen had been unable to supply particulars of his personal expenditure. It was quite apparent that he was insolvent when he started business in both instances. In reply to Mr Watters, McFadgen said ho recorded all cash sales in his day book. He allowed no credit. The meeting was adjourned until Mav 7th to allow bankrupt to produce a detailed statement of his expenditure.

OKAIN'S BAY ROAD BOARD. At the monthly meeting of Okain's Bay Road Board, there were present: Messrs J. R. Thaoker (chairman), W. Robinson, R. J. Bailey, and S. Gilbert. Mr P. E. Moore sent an apology for absence, being in the North Island. The clerk, as Returning Officer, was instructed to arrange for pn election of two n? embers in lieu of Messrs S. Gilbert ana W. Robinson, who retire by rotation. The election will be held on May 6th. The clerk was instructed to write to "the Akaroa County Council applying for the crushing plant for Little Akaloa and Chorlton,' and if possible, foif Okain's Bay also in August or September next. Tenders for spalding metal at Little Akaloa and Chorlton wore received. Tho Board decided not ta let contracts Nos 1 and 13 at present, but the other ten contracts wore accepted. Mr E. W. Spurr had finished his contract, the total being 60 yards. It waa decided to'allow him JEI extra for shifting shingle from the back road to the main heap. Recounts amounting to £2lO 10s 6d were passed for payment. A' petition was received from residents on Big Hill asking that Fernhill and Cameron's roads be made passable for vehicular traffic, and it was agreed that eome work bo done there as early as possible. 1 Regarding a . request that Jensen's road bo put in good order,' it was left to Messrs Gilbert and Bailey to inspect and report at meeting. The same members were authorised to have necessary work done on tho Look-out road.