CREDITORS’ DEMAND

Grey River Argus, 31 March 1932, Page 2

CREDITORS’ DEMAND

ON BANKRUPT MABJNER. (Per Press Association). WELLINGTON, March 30. A motion opposing the bankrupt’s discharge, until ho has paid 7s 6d in the £l, was passed by a meeting of the creditors of Captain Frederick William Ness, of Wellington, to-day. The amount owing to unsecured creditors is £419 7s sd. The total lia bilities are £469 7s sd, and assets nil. Bankrupt’s statement was to the effect that in 1924, he took up £7OO in contributing shares in the Australian Insulating Co., Ltd., and became a Director in the concern. The company failed and he lost all he had put in and came out with liabilities amounting to £2OO. Shortly after this, in 1925, he was dismissed from his employment as dredgemaster at Nap ier, under the retrenchment scheme. He had £5O and went to Auckland, to take up the position as Branch Man ager of the Automatic Tire Co. To obtain the position, he had to take up £l5O in shares. The salary was paid on percentage basis but did not. amount to more than £2 a week, and the company went into liquidation, and he again lost all he had, and came out with further liabilities. For 18 months he was out of work, the last three of them in the hospital. His only income was £3 a month pension

from the N.S.W. Government, increased to £5 6s while he was in hospital. In 1927 he obtained employment with the Union Steam Ship Company at £4 7s 6d a week, and set about reducing his liabilities then over £5OO. In 1929 he secured his present position with Holm and Co., at £7 a week, reduced last August to just over £6. At the same time his pension was stopped. Bankrupt explained how he had struggled, but was hampered by having to pay high rates of interest. Now he had received a month’s notice, of the termination of his employment, and had nothing in view.