Bankruptcy Returns.

Gisborne Standard and Cook County Gazette, Volume I, Issue 48, 1 October 1887, Page 3

Bankruptcy Returns.

Thf; bankruptcy returns for the year ending December 31, 1886, in the districts for which the Official Assignee at Wellington is appointed, furnish instructive reading, says the Marl, borough Times, and any person who takes the trouble to study them will find it difficult to resist the conclusion that the remedy for lessening the number of bankrupts is not tn.be found in an Act bf Parliament, but in a judicious limitation of the credit system. In Wellington only £6,000 was paid in dividends out of £lO,OOO of liabilities ; in the Wairarapa, £5OO out of £13,000; in Napier, £2,000 out of £’5,000; in Gisborne £7OO out of £5,000: in Palmerston North £BOO out of £10,000; in Wanganui £2,500 out of £14,000; in Blenheim £7OO out of £4,000; in Nelson £2,500 out of £11,000; in Wesport £BOO out of £5,000, in Greymouth £5OO out of £14,000 ; and in Hokitika £7O out of £2,800. The figures are given in round numbers, because, though only approximately correct, they are more easily remembered, and more convenient for reference. The sums realised have been very different from the value of the assets put down by the bankrupts. Excluding the amounts secured to creditors the 66 persons who filed in Wellington estimated their assets at L 175.000; 23 bankrupts in the Wairarapa valued theirs at L 4,000 ; 55 in Napier at LlB.OOO ; 20 in Gisborne at 2,000; 21 in Palmerston North at L 8.000; 37 in Wanganui at LG,BOO ;18 in Blenheim at L 2.700 ; 19 in Nelson at LI,IOO ;12 in Westport at L 2,200 ; 15 in Greymouth at L 3,300; 15 in Hokitika at L 440. Altogether out of about L 150,000 of liabilities the creditors received less than L 20.000, including the amounts paid for preferential claims, and in order to obtain even that small amount over L 5,000 had to be expended for administering the various estates in the districts over which Mr C. C. Graham holds sway as Official Assignee.