MUSICIAN'S MISFORTUNES.

Dominion, Volume 4, Issue 1149, 9 June 1911, Page 2

MUSICIAN'S MISFORTUNES.

REASONS FOR BANKRUPTCY.

A meeting of creditors in the bankrupt estato of Edwin James King, musicseller, of lngestre Street, was held-yes-terday. There were four creditors present', 'and Mr. S. Tansley, in tho absence of the Official Assignee, presided. Mr. J. J. M'Grath, represented the bankrupt. The position of the estate was as follows:—Unsecured creditors, .£254 10s. 4d.; assets (music, instruments, and fittings), £300; book debts, estimated to produce ,£5; cash in hand, Us. 3d.; credit balance, £50 14s. Ltd. The chief unsecured creditors were as follow:—E. Georgeson, £00 Ss.; Vittetta Bros., £23; J. J. IC. Powell, £23; Walter Smart, £17 18s. 3d.; National Bank, £17; H. I'ritchard, £15 175.; Frank Crowther, £8 25.; • ]?. Boffa, .£6 fi.=. 6d.; Veitcli and Allan, £5 Bs. Od. C-.1l of Wellington). Debtor said that ho had filed because h* had been sued by Messrs. Pratt and Co., Wellington, agents, for the . sum of £17 3s. 3d., which he could not pay; and Messrs. Baker. Bros., of Wellington, had put the bailiff into his premises for arrears in rent, which also ho could not pay. He desired that all creditors should participate Squally in whatever assets he had. Ho attributed his bankruptcy to a trade depression which had existed ill Wellington for some time and to the competition of foreign canvassers. Business had fallen off greatly ill the music line, and a cheap lot of music having come recently on the market, had rendered the business unprofitable. A good deal of debtor's revenue was obtained from professional engagements in supplying string bands, but this had fallen otl considerably owing, to a great extent, t'o there being practically no work sinco the larliament Buildings were burned down nnfl the Governor's premises utilised instead. Bankrupt's wife, also, had been an mv v ?.!i(i for sonic year?. Ho had no ininicdiate prospect of paying bis creditors, lie was now earning £3 a week as pianist at The New Theatre. On (he motion of Mr. Georgeson it was decided that tenders be called (to bp in by Juno 15) for the stock and fittings, niid that if no satisfactory otters are received, the goods bo sold at auction. It was decided that £5 worth of music, which is used by tho bankrupt for orchestral purposes, be handed over to I lunl - Mr. E. Georgeson sa:d Hint all the creditors recognised that force of circumstances and the lato depression in trade in Wellington, had been responsible for the debtor's position. He therefore moved that his immediate discharge ;be recommended. Ho had known Mr. Kin* for the past U or Id years and had always found him a straightforward, upright: man. . The motion was carried. Mr. M'Grath said that Hie creditors had been very considerate with the bankrupt. The latter was now in bad circumstances and Mr. M'Grath asked if there could not be some recognition of the as»ist a nee lie had given the Assignee m qoing through the estate. The estate looked a* if it would turn out very well, especially as the Assignee's estimate was hichcr than that of the ban mint s It was decided t'o allow the bankrupt £3 a week for the term since ho had filed, viz., one week.