" MARVELLOUS."

Dominion, Volume 2, Issue 582, 10 August 1909, Page 6

"MARVELLOUS."

AN AUCKLAND BANKRUPTCY. RACING AND FOOTBALL. (By Telegraph—Special Correspondent.). ■ t Auckland, August 9. An extraordinary state of affairs was disclosed in connection with the bankruptcy of Frederick- Price, an,' Auckland baker and restaurant-keeper, whose creditors met ' to-' day. / . Bankrupt's statement gave the amount duo to unsecured creditors a-s £1057. His assets nominally were put down at £689, leaving a deficiency of £368. His failure bankrupt put down as due to loss of contracts to the Northern Steamship Co;, and the Navy, which meant a falLing-off in his takings of £200 per year, and also to the fact that several tearooms and restaurants'had opened up business around him and taken away his trade. . The Official Assignee stated that the stock and plant were put down at a value of £233. The lease, however, was the most valuable asset of the lot., The Assignee added that an examination of the debts proved that •bankrupt was going to the bad at the rate 'of £10 , per week. . v : To bankrupt : What made you carry on so long ? . . ' • Bankrupt: It was only during the last two years that ,I began, to lose money. When the American'.Fleet . came twelve months ago, business improved a lot, and I was taking moje mflneyin a day then than I- take now in a week. ■■ . : The Assignee said it seemed to be a marvellous establishment which bankrupt had been running. The average number of meals supplied in liis dining-room per day. was 75, ;ana there were 40' meals for employees. s"k- creditor: How long is. it since you lost the shipping contracts? Bankrupt: About two years ago. ' The creditor: Don't you know that it'is more like six years ago? • - Bankrupt: Perhaps it is, but ilj does not seem so long. Another creditor: Is it not true that bankrupt has devoted a lot of his time to horseracing?. The Official Assignee: What have, you to say t-o that? : _ ■■■- Bankrupt:,l go to the races occasionally. /How much do you lose? . . Oh, it may cost mo 355. or £2. Do you always back the:wrong horses? ■ ■ No. I have not lost a peiiny; Two years ago I came home from Ellerslie with £200, and that has always'kept me going; , Do your , books show-your transactions ? , No. I. only bet with the'money'.l take 'out of the business as wages., ' ' And, How'much, is that? - £1 per .week. A creditor-. Did you not go, on a tour'..with the footballers \ some, time ago, and visit .Australia and the South Island? Yes. I did. The Official; Assignee: And what' did that cost you ? ' It cost me',£2s. ' A creditor: Did you work your passage ? No.. My fare only cost me £17 10a. for the round trip. •■. . .A creditor: Out of £1 per week? . . ■ Bankrupt: Yes. . . • .'; ' The Official Assignee: There is lio doubt that bankrupt should, have filed earlier.,' Ho •is only £300 .behind, but he has been losing at .£lO per week lately. A creditor: His business' has gone., When a'man fails people';leave-him like rats leave a sinking ship. 'In two years he laid off £600 oil the bnsinfess..There musl have.been; money in: itl It was', not until' three or,ifour, months, ago' that he could ' not, come along :ahd put down a cheque'for £150. ~ ; . The Official Assignee: . Has your'lmoney .gone anywhere else?: ..flave'you put it into any other channel ?. • : • • .' . BanlcnJpt: No. .. My 1 statement.is correct,; The Official Assignee: Noyou ,/:an't say. it' is l true. ~iYou .state there that'you-only lost the 'shipping contracts two years ago. It now appears that' you lost, them, six years agO. ';''' v/ , M

A creditor': Bankrupt has.one'of. the best 'sites' in Queen 'Street. He "must have 1 madei monev. Wliat'Tva's -yoiir position threo.years ago?. .Wore -you ,worth-£IOOO-.then?: ' . Bankrupt:. I cannot 1 but'my. bank book would show; ; Every penny, 1 wages and all, went- through the bank./" , ' The Official Assignee:' Yes; : You had a'system of book-keeping, that must .be admitted.

A creditor : Is 'the business still being carried on at a loss of, £10 per week? ' 1 The Official Assignee: Yes, we must' keep •tfie- business Agoing uhtil'we decide liow to dispose of. it.: .. . .. - ■ . It ,decided to leave the matter in the hands i>f the,'. Official: 'Assignee;-' anda committee was set up to take what action they thought desirable .on behalf of, the .creditors.-