“A KIND OF CRŒSUS”

Evening Star, Issue 18668, 24 June 1924, Page 9

“A KIND OF CRŒSUS”

HIM! Gil AITS MS? OIITUIIE. AN JNS I STENT CREDITOR. “ The whole position amounts to tin's,” declared counsel for Henry Cook, on eddorlv Kntjish ieereeroot, whose afiaira were investigated '•‘■i a mooting ot creditors. " Tli's"nia:i who is pressing so hard has got the idea Unit bankrupt is a kind of

Croesus, and is determined to fight him to the last ditch far his, money. lie lias get liitu iu ihe last ditch now, for Cook has lost everything.”

" lie is worth thousands of pounds," exclaimed the creditor excitedly. “1 can prove it." The tTciii.'T was given no onconraercnicnt to prove it, however (states the ‘ New Zealand Herald's ’ report), (be general tone' of the meeting being one of sympathy with bankrupt. Landing m Auckland in October last with a wite sad tour small children, and £l5O in cash, bankrupt, who had formerly been an art dealer, pun l i(d i Unit arid confectionery business tor loos, including' lilting.:, tiiPiiuire, ami slock. In a. statement to the oTichd j- "ii e (Mr W. S. Fisher) bankrupt said ho had brought an action for damages against tan vendor, but lost thr esse as lie. war, unable to satiety the magistrate that the takings had been misrepresented, as lie alleged, lie also alleged that fittings worth 150 belonged to the owner of the premises, and not to the tcn.Til.. A bailiff was then put in the hoc.--,. Jiis wife had made an offer of set..lenient, out It war refused, and ban fern .• i, was foivi d t.o Pie a petit!.)'!. Jhe .amount owi'g by bankrupt was staled to be 1215 17s 3d, of which £197 13r Id was owing to the seller of cue business. No schedule was available at the meeting, but it was stated that there were no assets save about l'G5 worth or furniture, which was to be sold at auction. FOOLISHNESS OF VENTURE ADMITTED.

“ I took the seller’s valuation,” said bankrupt, in reply to All' Fisher. " I sug-

gested getting another valuation on my oven account, but he said it would be an honest deal, and I believed him. 1 knew nothing of the business: I merely intended to work it no and thou make it over to my wife, and keep on in my own line. “Do you not think you were a very foolish man to embark on an undertaking like this without any experience?” “ Yes, I fully realise that now,” was the rueful reply. “ Hut unfortunately I did not at the time. I was anxious to get a little money in hand, for it was costing us £7 10s a week for board, without dinners. I only had about £25 left after paying £75 down for tho business. However, I was beginning to make things jiay, and would have got on all right if i not boon pressed so hard for tpc balance of tbo purchase money, the seller insisting on being paid £o a week.” I 1 urthcr questioned by Air Fisher, Coos stated that no other creditors had taken a;iv action. If ho could have secured a compromise with the seller, lie would not have had to (He. Counsel for bankrupt confirmed this, elating that lie had used every endeavor to got the principal creditor to accept a compromise, but he had refused to do so. PATRONAGE BY PRINCESS. At this stage tho creditor in question, displaying considerable excitement, sought to question bankrupt witn regard to an imaginary store of gold watches, diamond rings, painted ivories, and similar treasures, alleged to have been brought out from the art store in England. Bankrupt sturdily denied that any such wealth had been liia, although bo admitted with some pride that he had boon patronised by the Princess Victoria and other members of the Royal Family. “ The Princess used to call on mo whenever she came to Harrogate,” he _ said, “ and only throe weeks before wo left she came in and asked what wo were going to do. She often used to make purchases from mo.”

“ Well, that is exceedingly interesting, but .1 am afraid her patronage is hardly .an asset now,” observed Mr Fisher. “ The bankrupt has been most unfortunate, and having acted foolishly at the outset, is now having to hoar the consequences. Under the Bankruptcy Act, a man is allowed to keep only £25 worth of furniture, unless creators "agree to let iiim have more. Tho auction sale of effects will take place tomorrow.” Turning to the creditor, the_ assignee continued; ‘‘You arc the principal creditor. In tho circumstances, wit! you allow him a little more than tho £25 worth?” . .

“ No, I won’t,” declared the principal creditor, and the meeting adjourned.