IN BANKRUPTCY.

Gisborne Times, Volume XLVIII, Issue 4460, 30 January 1917, Page 6

IN BANKRUPTCY.

ESTATE OF JAMES ERSKINE The following statement has been filed with the Official Assignee (Major A. G. Beere) by James Erslune, of Gisborne, baker, who has been adjudged bankrupt: “I started my present business on June 21, 191 J. 1 was then solvent, and began on 1400 arranged for by my wife. A little later the Waerenga-a-hika bakery that I had conducted fell again into my hands, and I then ran that business as well as that in town. As trade increased i opened two branch shops in Gladstone Hoad. The increase of trade appeared to justify the extension, and my annual financial statements showed a satisfactory result ol the volume of trade as a whole. Ihe whole of my business was throughout continuing to grow, and with its increase further capital was required. This I borrowed through advances Hiranged for by my wife. In November last, as I had not had an independent review made of my'business,l retained a public accountant, to make an investigation. The investigation showed that my trading was resulting in a loss. The accountant’s report advised that the branch business be wound up, and that only the bread business and the main shop be retained. This course I favored, but in order to secure all the Christmas tiade and New Year trade, I decided to postpone the change until, this month. I was, in fact, taking steps to have this done when the necessity to file arose, Readv cash became difficult to get in, and I did not _fecl justified in Further asking my wire to strain her slender resources in again assisting me. I called a meeting of my local creditors to advise me as to what thev considered should be done. M bile this meeting was in progress, the landlord of one of the branch shops saw my wife and demanded that I should surrender the lease. She had necessarily-to refer this to me, hut j the landlord, while the meeting was < still proceeding, put in a distress for, rent. It was thereupon a't the meeting decided that I should file, and this I accordingly did the following morning. Latterly I have found it difficult to”get in outstanding accounts. _ I have had. owing to the all-round rise, to pay more for goods purchased without getting a sufficiently corresponding return. There has been a considerable increase in wages, delivery of bread has been costly, and the competition here in the retail trade has been very keen. I consider that it effect could have been given to the recommendations contained in the accountant’s report, I could have pulled through. The advisory meeting ot creditors would no doubt have approved of this course, but for the piocipitate action of the landlord referred to.” . T . The schedule is as follows :—Liabilities : Unsecured creditors £7442 10s 5d secured creditors £lOl6 16s lid; total £8459 7s 4d. Assets: Stock in trade, fittings and plant at Gisborne and Waerenga-a-hika £5140, book debts (£1300), estimated to produce £IOOO, furniture £200: total £4340. Deficiency £4119 7s 4d. The National Bank of New Zealand is the only secured creditor. | Following is a list of unsecured ! creditors :—Gisborne: Gisborne Sheepfarmers’ F.M. Co., merchants, £B4 10s 8d; Hansen and Whitbread, ship chandlers, £5 2s 8d; D. J. Barry, Ltd., cordial manufacturers, £4O 4s 4d; Bennett and Sherratt. merchants, £2l os sd; Clare and Clare, coal merchants, £lO 8s; Davys, Third and Mitchell, wheelwrights, £8 Ss 9d; _V) . J. Cox and Co., grocers, 15s 7d: H. J. Bushnell, stationer, 16s; Gisborne Engineering Co., £lB 16s 9d; wsborne Publishing Co., £l2 13s; b. Hall and Sons, plumbers. £73 18s id ; Jeune and Co., ship chandlers, £2 3s; Geo. H. Lysnar, £299 13s 3d (rent); Kia Ora Co-operative Dan v Co., £26 8s 5d ; Motuhora Firewood Co £l4 19s 6d; J. K. Nasmith and Co.’, saddlers, £3 7s 3d ; L. D. Nathan and Co., merchants, £l2 19s 7d ; Nicholls and Griffiths, hardware merchants, £ll 4s 6d; W. Hay, wood merchant, £l4 9s 5(1; W. A. 0 Meara, merchant, £4 8s lOd; J. H. Ormond, wheelwright, £74 18s Id; Okitu Factory Proprietary, £7/ 8s 9d; J. A. Pir'ie, grocer, 17 s 6d ; Primrose and Leslie, saddlers. £3 14s 3d; P. W. Sargisson and Co., grain merchants, £5 0s 6d; J. R. Redstone and Sons, coach proprietors, £1 12s 3d ; C. R. Sheet and Co., builders, £45 3s 6d :, estate of Twigley and Marshall, bakers £7 0s 2d;’J. Townley, cabinetmaker. £SO 3s 6d ; Murray,. Roberts and Co., merchants. £36 11s lOd; Vacuum Cleaning Co.. £1 9s; Common, Shelton, and Co., merchants, £4OB Is 9d ; W. Hamilton Irvine, commission agent, £122 13s 6(1 ; Gisboine Co-operative Meat Supply Co.. £96 7s 2d; Cook County Council. £ls 9s 3d; D. G. S. MacDonald, 8d; Gisborne Gas Co.. £l7 15s; Gisborne Borough Council. £1 9s 9a; K. Robertson, mercer, £1 12s 2d; Longher and Warrington (Waerenga-a-hika), blacksmiths. £4 9s 6d; Geo. Torrie, dairyman. £7 ss; J. W. Bull, fruiterer. £l9; 5s 8d( rent); H. J. j Grieve, jeweller, £33 12s lOd (rent); Geo. Sin ale, carrier, £3 10s; A. H. Colebrook (Waerenga-a-hika), storekeeper, £8 4s 4d : D. Bell (Muriwai), wheelwright, 8s; S. Hatten (Ormond), farmer, £6 0s 6d ; Gisborne Hardware Co., ironmongers. 4s ; Gisborne Steam Laundry Co.. £ls 5s 9d ; Geo. Croon, dairyman, £ll 16s 8d ; A. and P. Association, £4O 17s: Goo. Matthewson, merchant-, £2l 9s 2d; J. Field, carrier, £ls; N. Z. Insurance Co., £52 16s; Sarah Erskine (wife of bankrupt) £3O6S 16s. Wellington: C. M. Banks, merchant, £5 7s; Dayton Scale Co., £24; R. Hall and Co., merchants, £3SS 15s sd; Hall Manufacturing Co merchants, £SO 10s 6d; National Cash Register Co., 5s lid: Whitaker and Sons., merchants, £29 9s; Wright, Stevenson and Co., merchants, £IBB is od; Veitch and Allen, merchants. £l6 16s. Christchurch: H. Berry and Co., merchants. £3-12 14s Bd. Auckland : W. M. Evans, merchant. £3O 7s 2d ; Gass and Walker, merchants, £lB 19s 6d; . R. H. Hopkins, merchants, £136 11s 2d,: Rajah Tea Co-, £56 5s 8d ; J. D. Roberts, merchant, £44 iOs 8d ; Bond aii(l • Bell, merchants. £lO3 12s 9d : F. M. Winstone, merchant, £lB2 16s 3d. Nelson: Griffon and Sons, merchants; £212 8s 9d. Dunedin : McPherson, Kemp and C 0.., merchants, £B3 2s id; A. Stevens and Co., merchants, £674 16s. Sydney: Australasian Baker (news- | paper), £1 10s • total, £7442 10s' sd.