MEETING OF CREDITORS

Evening Star, Issue 21079, 16 April 1932, Page 20

MEETING OF CREDITORS

MARBLE BAR FAILURE A meeting of creditors in the estate of William Henderson, marble bar proprietor, was held beloro the Official Assignee (Mr <l. M. Adam) yesterday afternoon. Tho amount owing to unsecured creditors was £585 18s .'3d, and to secured creditors £1.759 2s sd. The estimated value of the securities was £1,980, making the total debts £665 18s 3d. Assets amounted to £4lO 7 >s 7d, consisting of stock-in-trade £ls, plant £IOO, surplus from securities in hands of secured creditors £3OO 17s 7d. The deficiency was £24S 19s Sd. The principal unsecured creditors were:—Cadbury, Fry, and Hudson, £77 15s (id; W. Secular and Co., £lsl 8s 3d; Otago Co-operative Milk Supply Co.. £27; Thomsons Ltd., £99; estate of S. H. Andrews, £9O; Robert Henderson, £SO; Citizens’ Loan and Finance Co., £2O: Crystal Ice Cream Co., £39 15s (id. The secured creditors wore: —James Brown, £1,040 12s; Alexander MlMillau, £270 15s; Alexander Stevenson Sinclair, £75 15s 5d (value of security in all these, £1,700); Bank of New Zealand, Dunedin, £360 (value of security, £367). In his written statement bankrupt said that in 1917 he was in business as an umbrella-maker in Princes street. Owing to the war he could not get supplies of necessary materials, and as the business of a marble bar seemed to hold good prospects ho changed over to that class of business, and remained in it up to the time of his filing. For the first ten or eleven years the business was a profitable one, and returned him a comfortable living. About 1920 he put some money, about £450, into the Octagon Billiard Parlours, drawing it out a year later to purchase the' “ Bodega ” marble bar. He carried on that business in partnership with Mr George Irvine. It proved a failure, and he lost all he had put into it. He estimated his loss at not less than £SOO. About four years ago lie became interested in two gold mining companies on the Kawarau River—the Vogel’s Vision Co. and the Clutha Junction Co, Ho still held 1,200 shares in the Vogel’s Vision Co., but he thought they were worthless. He did not actually lose money in that company, as he sold a number of shares at a price which covered what he had put in. Ho estimated that he lost about £IOO in the Clutha Junction Co. About four years ago ho was a member of a syndicate which purchased some sections in Lynn street, Kaikorai, and made about £SO out of it. About 1928 the takings began to fall off. Prior to that they averaged from £4O to £SO a week. On Sundays the average takings were at least £lO. In June, 1931, he called his creditors together, and it was agreed that ho should carry on. He attributed his failure to the existing depression. The class of business was what might be called a “luxury line.” It grew up in prosperous times, but had now dwindled away to practically nothing. At the beginning of April he realised that, in view of the approach of the winter months, it was hopeless to carry on any longer. A creditor said it was recognised that the depression was the cause of Mr Henderson’s failure. He had always been a trier, and the creditors recommended that he be given his discharge as soon as possible. Tho estate was left in the hands of the Official Assignee.