A HASTINGS BANKRUPTCY

Dominion, Volume 1, Issue 222, 12 June 1908, Page 9

A HASTINGS BANKRUPTCY

s i PAINTER'S FAILURE. , A meeting of creditors' in the bankrupt es- . tato of Thomas Lawrence Burden, painter, , of Hastings, which was adjourned to Wellington, at tho request of tho creditors, was conducted by Mr. K. N. H. Brown, Deputy 1 Official. Assignee, at Napieiy at. tho Official Assignee's office, Wellington, yesterday, when there were present: Messrs. G. W. Guthrie, Ramsay (secretary for. R. Martin, Ltd.), Smith, W. H. Suckling, Jackson, and tho Hon. T. W. Hislop (solicitor for general creditors). The statement showed Hint tho amount owing t'o unsecured creditors was £007 IDs. 7d., and tho amount owing to secured creditors £28. The stock-in-trado was estimated at £217, and thn book debts wero stated to bo £155, estimated to produce £70. Tho total deficiency was £6SI 19s. 7d. Tho following are tho principal unsecured creditors: Pulia, Burden, Hastings, £170,05. od.; Nicol, Stringer and Roherts, Wellington; £127;' Jackson and Co., Wellington, £125; Guthrie and- Bowron, Wellington, £110;' Smith and Smith, Wellington, £9fi 16s. Sd.; R.^'Martin,' : ■'■Wellington, £83' IDs. 6d.-; H. , Williams' and-Sons, Napier, £71' Is. 6d.; Bestl and <%;, Auckland, £49 3s. 2d.; T.'R. Burden,' Hastings, £35: F." L. Bone, Hastings, '£80; Williams Bros., Napier, £25: total, £997 19s. 7d. ; In"a written statement 1 the bankrupt said that lie commenced business in Hastings in 189S anil continued with varying success until about February, 1907. when ho was in a'perfectly solvent' position. In February, 1907, ho opened a'shop in Herotaunga Streot, Hastings, and furnished it with ■ his own stock from various firms, amounting to abouta!6so. It' was from about this time that' his misfortunes commenced. Tho shop did not pay, and ho ultimately closed it. Ho was in the glass and glazing trade, and' at the time he had £1200 worth of painting, contracts'. He had been misinformed about the, profits on glass, and-he'fixed a schedule price which turned out to' he far too low, and with breakages on tranist, and.waste, ho .met .with a very considerable loss on this item. The winter .. of 1907' was very wet, and as near as bankrupt could estimate, every £100 worth of work cost him £150 at least. On ton of this ho mado ft bad debt. :of ,botwok £80 and £90. '.With tho coming of-'tlvo late-building hoom in Hastings prices wire .cut-down ;to an iinramunerativp rate, The'debtor' p.oes on to say, '(I. also lost much by haying to omploy incompetent. ..labour, upon'which J) nremiunv is placed by'tho failure of tho arbitration law to classify good. and bad' -workmen, -who both must receive the same'pay." Ho regret.t.od having to file, but ho had been unable to continue to get any assistance, In his evidence; bankrupt stated , that , the freehold of the nroperty near Hastings was purchased I)y' his wife, and' she borrowed' £.500 for this purpose from a building society.' For a portion of tho property £200 was re-, ceired, .and- there W' a mortgage for'tho rnmaifiing £300. Fo. had nothing to do with the. property, and be did vnt think he ever represented it as his. His son'; received. £2 ss. per week in wages. Bankrupt owed .his soil £82 at Christmas, which the/son itavo him as a Christmas' present.: The furniture Kolonged to bis ;wife,' and it was worth about £120. ' Mrs. Burden guaranteed advances from Pntflrson.and-Mossman up to £200, and ho paid j-h'er 6 .per cent, interest. Mrs. Burden was • payihe) Pat-ersr.n and' Mossman '20 per cent;- fAr ,iritfr6.st on advances. y' ;:i ,. ; 'On th.VCinOtjon of-Mr. Smith./s'ecoiided' bv Mi-. '"JacksmV-.'ltwa's decided that fan 1 , iiitfestiffhti'on: of bankrupt's books be' made; as-' from January,' 1901, bv an accountant.' ' ' The ,q»esti n iv "f realising 'Hie ' asset-' was left in tho hands of the Deputy ' Official Assignee; ' . ■' v ■ , ,' ■