A SIGHT-SEEING MOTOR SERVICE.

Evening Post, Volume LXXVI, Issue 111, 6 November 1908, Page 2

A SIGHT-SEEING MOTOR SERVICE.

FIRM BECOMES BANKRUPT. (Btf Teujghaph. — Special to The Post.] AUCKLAND, This Day. Some interesting particulars of the financial troubles of the insolvent firm of William Morley Gilbertson and Russell Bedford Graham, trading as the Gilbertson Graham Motor Company, Rotorua, are' given in a statement prepared for submission to the creditors. It appears that the firm entered into a partnership business last December, with the object of running a motor service to the various sights in the Rotorua district. At this time Gilbertson had an eight-passenger Daimler car upon the hire-purchase system. The price was £850, with a reduction of £75 in each year, or £150 in all, and the hire was £8 per week. Graham also had an eight-passenger Daimler on hire-purchase for £850. The hire was £1£ per week. On 24th January the firm obtained a Darracq car upon hirepurchase. The terms were £16 per month, or alternatively a deposit of £25 /with the balance over an exte/ided period. The deposit of £25 was paid, but ( as no other payments avere made ihej'jß^ner took possession. The method of rrinning the business was for the partners tp share the takings after all expenses had been paid, and each paid thfir . respective hire payments. Each bore the expense of tires and repairs to their respective cars. The firm's failure was said to have been caused to a large extent by the action of the owners of two of the cars in respect to their rights and powers as exercised under their respective hire and purchase .agreements. The partners both stated that the terms of agreement were such as should not have been entered into, as the weekly payments were in each case too large. This was pointed out to the owners, and they verbally agreed to a redaction in the off season, but did not, it is alleged, adhere to this arrangement. Towards the end of July, 1908, Gilbertson's car was seized without notice. At the time of the seizure •Gilbertson had paid £210 off the car. The partnership as such ceased on Ist May, 1908. Both parties were at present working for wages, and were ready and willing to do what they could to meet their creditors, but could do very little out of their wages. Had they been allowed to continue for a further season they felt they could have -got over their difficulties to a largo extent,. The total debts are set forth at £148 18s lOd, and the assets at £11.