TIMARU.

Press, Volume LXV, Issue 19726, 17 September 1929, Page 9

TIMARU.

kugby. The following is the South Canterbury team to play Canterbury at Chriatchurch on Saturday: —Connolly, Mcintosh, Trotter, Forrester, Strang, Priestly, Boper, E. Stewart, F. Stevenson, Pickering, R. King, Giddings, A. Stevenson, Bassett, and L. Foley. Reserves: Backs, Gaffaney, Blyth, Wilkes; forwards, Adkins and Waple. Concert. A coneert was given in the new Parish Hall last night, under the auspiees of St. Mary's Tennis Club. A display of i conjuring by Messrs Griffiths and Moffat was most diverting. A one-act play, in which Misses C. Ashton and L. Law and Messrs P. Donaldson and S- Odell took part, was also greatly appreciated. The remaining items were—Songs: Mesdames W. Tait, le Cren, and Miss F. Freeman; Messrs G. H. Andrews, A. Wheeler, and S. Branthwaite; instrumental numbers: Misses Morgan, Budge, and Munro, and Mr B. Allen. In Bankruptcy. A meeting of creditors in the bankrupt estate of Robert Ernest Coombes, fancy goods dealer, Timaru, was held in the Courthouse yesterday afternoon, the Official Assignee (Mr W. Harte) presiding. Mr W. H. Walton appeared for fhe bankrupt. The financial statement showed that the amount owing to unsecured creditors was £l9O 6s sd. Other liabilities amounted to £27 2s lid, making a total of £217 9a 4d. Stock-in-trade was valued at £7O, and furniture at £2O, leaving a deficiency of £127 9s 4d. The principal unsecured creditors were: <3. S. Grear and Co., Ltd., £2l 0s lid; Oswald Smith and Co., Ltd., £22 4s id; Sargood, Son, and Ewen, Ltd., £23 8s 7d; Rodger Importing Co., Ltd., £2O 6s sd; Ross and Glendining, Ltd., £42 0s 8d; B. L. Heaton £ll, and Thomas Doyle £37 14s 3d. In the course of his statement bankrupt said he commenced business in Timaru in February, 1929, as a fancy goods dealer in a shop leased from Mr Hall, in Stafford street. All sales were made on a cash basis, and the business was successful for a time. In April he thought business might be improved by transferring to a new shop in Stafford street north, which he leased from Mr T. Doyle. Before leaving the shop leased from Mr Hall, bankrupt arranged a loan of £IOO from Mr Doyle, to enable him to discharge his indebtedness to various firms, and to purchase stock for the new shop. Owing to the situation of the shop, and the season of the year, his profits in the new shop were practically nil, and quite insufficient to pay the rent fixed at £3 a week. He attempted to overcome the deficiency by trading in the country districts,' and for a time succeeded in obtaining sufficient turnover to cover the current at the shop. However the business. in the country declined, and having no prospect of paying his creditors he had had no option but to file in bankruptcy. He was a married man with one child, and had no assets excepting *his furniture valued at £2O. His stock-in-trade, a3 shown in his statement at £7O, had been taken in at retail value, arid might not realise that amount. Mr T. Doyle had security over this stock for £97 2s lid, the apount of his debt. There were no debts owing to bankrupt, and he had no prospect of receiving any money to enable him to make any offer to his creditors. The Assignee: Bankrupt seems to have been unfortunate. He started on borrowed capital and' never seemed to have made it up. , Mr W. G. Tweedy, who appeared for Mr T. Doyle, said his client had really made the advance to give bankrupts chance to make a.do of things. The Assignee: Bankrupt started from behind scratch, and never caught up. In reply to a question by the Assignee, bankrupt said* he had never kept any books. It was a purely cash business, and there had been no need to keep books. The money was paid out for goods as soon as it came in. The Assignee: If you had kept bookis you would have realised your position sooner. Bankrupt: I don*t think so. ' My, wife kept a rough account book, and I used to work from that-' The gross takings averaged £l2 a week. My wife and' I lived on less than £2 a week. I have been going back all the time. The Assignee: If you had kept proper books your position would have been clearer. Mr R. S. Brown, representing Ross and Glendining, Ltd., said his firm had been entirely misled by Mr Coombes. He had given them a cheque which had not been met. Bankrupt explained that the cheque had not been met, as several wet days had redueed his takings, and he had been unable to . pay. He had issued other post-dated cheques, which had all been met. On the motion of Messrs Mason And Brown, the Assignee was authorised to dispose of the stock in the most profitable manner.