BANKRUPT CONFECTIONER

Evening Post, Volume CXII, Issue 64, 13 September 1926, Page 10

BANKRUPT CONFECTIONER

RETURNED SOLDIER'S FAILURE.

A meeting of creditors of Richard John Seddou Culver, formerly a confectioner in Palmerston North, and now a motor-driver in Wellington, was called to-day, beforo the Official Assignee (Mr. S. Tansley). Only one creditor was present, and as the majority of creditors aro in Palmerston North the meeting was adjourned sine die.

Unsecured creditors were shown at £274 los sd, and total assets at £15, leaving a deficiency of £259 15s sd.

In his sworn statement, the bankrupt said he was a returned soldier, and returned to New Zealand in 1919, with an injured wrist and suffering from general debility. After obtaining his discharge he commenced work as motordriver for the Education Department, but ho was obliged to give up that position for health reasons. Under the repatriation scheme he then went as an apprentice to the upholstering trade. After three years he had to leavo that position on account of ill-health. Iv 1923 ho commenced business in Palmerston North as a retail confectioner. At first his turnover was £11 a week, but later it increased to £30 a week. Ho then bought a second confectionery business in Cuba street, Palmerston North. He managed to mako ends meet fairly well until the beginning of 1924, when his health gave out, and for several weeks he was unable to give attention to tho business When he recovered ho found a marked falling-off in the trade of both shops. Ho then sold the first shop for £150. With the proceeds ho paid some of the accounts owing and replenished the stock in the Cuba street shop. His health continued to be unsatisfactory, and he was compelled to go to the Hannier Military Hospital at the end of 192- for spoeial treatment. He was at Haniner for about three months, during which time his wife supervised the business as well as she could. He was advised by the hospital authorities to give up business as he was unable to stand the mental strain it involved. Upon his return from hospital lie found business worse than ever, and determined to build it up with a viow to selling as soon as possible, and paid £6 a month for a few months in liquidation of past debts. However, he found it impossible to improve the business. His stock gradually became less and takings diminished, while his expenses, owing to illness, were increasing. The bankrupt later went to work as a motor salesman, and left his wife looking after the shop. He continued in his new position for six months, and then becamo ill again. Later he obtained temporary employment as a taxi-driver, until February, 1926. In April, 1926, he sold out at Palmerston North for £250. Of that sum £206 was taken by the Repatriation Department under bill of sale, £10 was used to repay a private loan, and the balance was spent in removal to Wellington, boarding expenses, and settling his wife and children in a home. "I attribute my present position to a-great extent to ill-health, resulting from service abroad, but also to the fact that I was badly advised in connection with the purchase of the second business. . . ' . I paid £425 for this

business, which wan greatly in excess ot its true value."