ESTATE AGENT'S AFFAIRS.

Evening Post, Volume LXXIX, Issue 110, 11 May 1910, Page 7

ESTATE AGENT'S AFFAIRS.

— A meeting of the creditors of J. W. Braithwaite, auctioneer and estate agent, was held to-day before, the Official Assignee (Mr. A. Simpson). The statement showed : — Unsecured creditors, £300; secured creditors £781. Assets— £32 3s 6d, stock-in-trade; cash in hand, £2 5s lid; furniture, £20; surplus from securities, £369; total assets, £423 9s sd, leaving a surplus of £123 6s 7d. In his sworn statement, bankrupt stated that he took over tho business formerly conducted by Sidey, Meech, and Co., Manners-street. The business w »s an uphill one at first, but he had improved it. He found the amount of money passing through the auction rooms to be less than at first understood. Bankrupt stated that five years ago his property at Johnsonville was valued at £600 ; but it was worth at least £1000 to-day. Business had fallen off within the last six months, "stuff" not coming in to the auction rooms as he had expected. Speaking from his own knowledge of Mr. Braithwaite, the Official Assignee said he had struggled manfully against family misfortune. He was a man who, were it in his hands entirely, could and would pay twenty shillings in the £1. The auctioneers' business had been very depressed during«the past three mctnths, and he knew the business well. There did not appear to be a single auctioneer in Wellington who was doing a good thing. There were no sales of property being made, and merchandise brought nothing when sent into the rooms. Replying to Mr. Hall, the Official Assignee said the bankrupt was not compelled to keep a trust account for rents collected, so long as his books were m order. Tho creditors decided to realise the estate and bankrupt himself to sell the stock by auction. Tho meeting then adjourned sine die.