£1039 IN FIVE YEARS

Dominion, Volume 26, Issue 250, 18 July 1933, Page 7

£1039 IN FIVE YEARS

111-fated Fish Venture BROTHERS’ BANKRUPTCY The keen competition which exists in the fish trade in. Wellington was revealed during proceedings in bankruptcy yesterday, when two Italian brothers faced their creditors, and admitted having lost £1039 in five years’ trading. The bankrupts were Salvatore DeStefano and, Bartolo Destefano, fish merchants, and nine creditors attended the meeting. The Official Assignee, Mr. S. Tansley, presided. .The statement of accounts showed that the amount owing to unsecured creditors was £1402/9/2. The assets were set down as £3(53/9/2 (book debts, £100; shop fittings, fishing'gear, dinghy, and launch, £250; cool storage, £l2; cash in hand, £l/9/2. The deficiency was shown as £1039. .

The principal unsecured c reditors were:—Russell and Co., oyster merchants, Bluff, £859/10/6; Thos. Foley and Sou, Ltd., £140; Co.-Op. Dairy Producers’ Freezing Co., 'Ltd., £7O/6/-; Hutcheson, Wilson, Ltd., £42; Napier Fisheries Co.-op„ Ltd., £46/8/5; Roberts and Stokes, £B5; C. J. Bartlett, £25; E. Jones, £l9; Co.-op. Fisheries, Ltd., Thames, £l4/9/9; P. Roberts, £2l; Townsend and Paul, Ltd., £l7 11/2; Izard, Weston, Stevenson, and Castle, solicitors, £lB/3/-. Strong Opposition. Bankrupts, in their statement explained that they started business in Wellington in 1926, and carried on the Wellington Fish. Supply at 142 Riddiford Street. In 1929 the lease of their shop expired, and they took a vacant shop on the other side of the street, and had to pay £450 on alterations, etc., to conform with the by-laws. B’or the first twelve months in the new premises, they acted as agents for Russell and Co., Bluff, for oysters, and were losing money fighting opposition firms. Strong opposition started when the fishermen opened their own market, and started cutting the prices, both wholesale and retail. Bankrupts had to reduce the price of the large stock they had in their freezer, and after the stock had been sold it was’very hard to get a supply of fish from anywhere. They had a contract to supply the Wellington Hospital for twelve months, so they decided to get a launch, and do their own fishing. The launch proved very unsatisfactory, being unseaworthy, even after alterations. . They brought a case against the builders of the launch, but lost it. Mr. Martin, manager of Russell and Co., Bluff, came to Wellington in May, and they explained their position to him. He made an offer to pay all the creditors 3/- in the £ if they would release bankrupts. Nearly all the creditors accepted but a creditor who was not present at the meeting took judgment against them for rent, and issued a warrant. He seized the launch, and, as this was not fair to the other creditors, they decided to file their petition in bankruptcy. Both were at present and could make no offer to the creditors. The Official Assignee said that there was about £4B owing for rent. Salvatore Destefano owned an oil launch, valued at £5O. The lease of the premises had about four years to run. Bankrupts Questioned. In reply to Mr. Bowles, Bartolo Destefano said that all the oysters receiv-

cd from Russell and Co. last season had been on a consignment basis. The Official Assignee said that the commencement of bankrupt’s downfall evidently dated from the £450 they paid out in alterations to their new shop. In answer to a creditor, Bartolo DeStefano said that the business was prosperous in 1926. They used to pay Russell and Co. as much as £2OO a mouth for oysters, but the money they made went to pay off the alterations, to the new shop. They had never taken out a balance-sheet. The Official Assignee said that the assets were worth about £2OO, and the book debts £lOO. On the motion of Mr. Bowles, the Official Assignee was authorised to dispose of the assets in the estate privately- , In reply to a question, both bankrupts denied that they had sent money to Italy, with the exception of presents to relatives occasionally. Bartolo Destefano said be had sent £S to his father in 1921, but that was when he was a’ fisherman at Island Bay. The Official Assignee said be would endeavour to dispose of the assets in the estate as soon as possible.