POOR BUSINESS

Evening Post, Volume CVII, Issue 143, 18 June 1924, Page 8

POOR BUSINESS

ELECTRICIAN FAILS.

Failure in: business as an electrician accounted for Ernest' Samuel French, of Wellington South, appearing before his creditors., at a. meeting presided over by the Official Assignee (Mr. S. Tansley) today. In a written" statement the bankrupt, for whom Mr. C. B. O'Donnell appeared, said that after doing a job at Napier . for a local . firm' some .twelve* months ago, he was advised by. the firm to. start business. He,had no money at the time, but his . wife agreed to assist him, and by sales of furniture and tools £50. .was. obtained.., With, this a . .start was made, premises in Eiddiford streetbeing leased at £6 per week. The business had commenced fairly well, and he thought that if the firm had kept itspromise to assist him;-and if his wife had been in good health, he would have succeeded. Owing to his wife's ill-health, he refused outside work,- arid he could not afford'to pay labour.' On several occasions he had 'decided to give up the business, but, strangely enough at such times business —would improve. "However, Hvith lack of capital, inability to > afford the assistance of a man, the ill-health of my. wife, and the high rental, it an impossibility for me .to succed," he added, : He. .had about £100 worth of stock, and £20 was owinsj to him. . .

The total debts were set down at £344 10s Gd, and the total assets at £141 19s 9d, leaving a deficiency of £202 10s. 3d. The principal unsecured creditors. were : -The British General Electric Company, . £117 3s sd; Mrs." Hampton (for whom Mr. St. L Reeves |a P epared), £48; the Electrical andEri-' Smeering Supply Company, £32 Is' 7d; and J. W. Salmon, £30. A representative of the-firm to which bankrupt had made reference stated that the advice about starting in business' had been given by a traveller and not by the firm. In reply to questions, the bankrupt stated that his receipts had I been no more than the rent, he . was I called upon to pay. He was now in employment at £4.17s 6d per week, but as he had to keep his wife and two children he could make no'offer to the: creditors. r The question of disposal,of the bankrupt s stock Was left to the Official Assignee, who .expressed the opinion that the-bankrupt had been far too optimistic ! and was lacking in business knowledge J-he meeting was adjourned sine die?