DEFICIENCY OF £666.

Press, Volume LXVI, Issue 20088, 18 November 1930, Page 5

DEFICIENCY OF £666.

j monumental mason \ FAILS. LOSSES DUE TO ILLNESS. I. attribute my present pv.sition entirely to my illness," declared Lawrence Henry James Berry, monumental tnasou, 463 Madras street. Cbrist- > church, in statement as to the | causo °i bii: bankruptcy which "was j placed before a meeting or his creditors I yesterday morning. Mr J. 11. Robert--1 son, Official Assignee, presided. Mr J 31. J. Burns represented the bankrupt. A statement of his financial position disclosed that ho owed £6BB Os 3d to unsecured creditors, and his assets were boob detrts, £25 9s, estimated to produce £"il ]..j s leaving a deficiency of £660 &> 3d. Berry's statement wo.-, us follows: I Ln November, 19"2o, I commenced j business or; my own account as a nionu- | mental mason 1 purchased a section 1 at the corner of rerrv road and Fitsj goraid avenue from the Public Trusteo j for £950. I paid £l5O deposit and 1 raised a first mortgage of £SOO, and J the balance was left on second mort- | c."£° by the Public Trustee at GJ per J cent., repayable by monthly instal- | ments of ,C2 3s 'ld, including interest. I borrowed tho sum of i'oOO, out ot which I naid the deposit for tho section and retained the balance for working expenses. This sum of £6OO was afterwards secured by a-, third mortgage on tho section, carrying inj terest at 5 per cent. S My father was employed by irio in | the business, and he was paid such j wages from time to time as business | warranted, but his wages did not aver--1 age more than £4 a week. lam a smglo man, and have been living with my parents during tho time .1 have been in business. j Four Months in Hospital. : l p to the beginning of May, 1C29, the business was quite solvent, and 1 was able to pay my way. In May, 19-9, however, I contracted a very I severe attack of rheumatic fever, which I kept me in hospital until September I 17th 1929. This illness left me with a, weak heart, which prevented mo from doing \y work at all until the beginning of 1930. 1 am still unable to do anything in the nature of heavy work, as my heart has been permanently damaged by tho illness. I attribute my present position entirely to this illness, as during that period accounts had to be left owing which would have been met in the ordinary way as the business carried on. When I came to recommence business it was neco-ssary to try to build up a connexion again, but 1 was faced with slack times and severe pricecutting in the trade, f canvassed both the town and country districts for work with little success, and for tho last three months I have been ablo to obtain no work at all. I was in arrears with all mv mortgage payments and in Septenaber the first mortgagee exercised his power ot salo and sold the section for the amount of the first arid second mortgages. I then decided to filo my petition in bankruptcy. If business had been normal this year I consider I could have gradually caught up the leeway caused by my illness, but my inability to obtain ■work made this impossible. Tho Official Assignee asked bankrupt if lie was solvent at tho beginning of May, and he replied that he did not think that he was. In reply to other questions ho said he paid all cash received into the bank, but did not take stock regularly. While he could pay his debts ho knew he was solvent The Official Assignee: Your books seem to be all rieht. llayo you anyone dependent on you?—, No. You ought to be able to make ait offer later on f t~ —T have been told I must go out of Christ-church. A creditor said it appeared to bo a case of hard luck. The Official Assignee: Yes. I don't th'nk there has been any dishonesty. Mr Burns said Bcvrv seemed to be a skilled workman, but his trade was not one such as prospered in times liko th<> present. The meeting was then adjourned, on the understanding that Berry would make an offer to his creditors if he found it possible.