BUSINESS LOSSES

Dominion, Volume 24, Issue 143, 13 March 1931, Page 10

BUSINESS LOSSES

Instrument Dealer Fails With a business described as the only one of its kind in New Zealand, Oscar Hull-Brown, musical instrument dealer, met his creditors yesterday at a meeting presided over by Mr. S. Tansley, Official Assignee. Bankrupt’s statement was that a slight slump in 1926, and the advent of- the talkies, reduced both repairs and sales. The withdrawal of the Government grant to regimental bands in 1929 caused a further decrease in the sales, and througn the postponement of the band contest for which he had made provision, there’ was the loss of repairs and sales which would have been of great financial assistance. Up to three years ago the business had been a good paying proposition, but when depression set in. he had not sufficient capital to stand the extra demands made upon him, and could not carry the up-to-date stock required. . Debts to unsecured creditors totalled £1494/17/10, and to secured creditors £llBO. over which there was an estimated surplus of £l7/6/3. The assets totalled £1696/5/9, leaving a surplus of £2Ol 7/11. Arrangements were left in the hands of the Official Assignee, who was instructed to call for tenders for the stock and instruments.