BANKRUPT STOREKEEPER.

Horowhenua Chronicle, 18 March 1927, Page 8

BANKRUPT STOREKEEPER.

SLUMP, FIRE AND BURGLARS.

The adjourned meeting of creditors in the estate of Herbert John Harper Parsonson, bankrupt, of Masteiton, formerly of Ohau, was held in Wellington vesterday. ~ , * The DcputV-Official Assignee at Masterton (Mr A. D, Low), presided. Bankrupt’s liabilities were shown as £lOlB 8s 2d, and his assets at £2Bl lbs lid leaving a deficiency of £736 12s 3d. The nrincipal unsecured creditors were: Bums, Philp and Co £BS 11s 6d; Barraud and Abraham (Palmerston North), £7O: Sargood, Son and Ewen, £65 8s 1,1 d; Baldwin and Co. (Wellington £6O- F. Gatley (Palmerston North), fSo’ss; Manawatu Mills Co., £3O; Gordon and Gotch, £2B 13s 2d; Kaiapoi Woollen Co;, £27 19s 6d; W. Boss and Co £2O 18s sd: Aulsebrook and Co. (Christchurch), £2o' 16s; Brown, Trcngrove and Co. (Wellington), £2O. The only secured creditor shown was F G Parsonson, father of the bankrup >, who had security estimated at a value of £436, being the balance of a Joan of £IOOO. . l Bankrupt, in his sworn statement, said that in September, 1921, he purchased a business of which he had manager from Howard Andrew, Ltd., for £2210. He paid £IOOO cash, lent b--1 is father and £SB 10s of his own money. In November, 1925, having receded what he considered was a good °fler for the business, he sold it for £948 J-a 6d The sale, he explained, was made on the basis of valuation for the stock and furniture, fittings, and plant. my own estimate,” he add d, 1 should have received £I2OO to ~130 , but on the valuator’s estimate the amount for the incoming man was £948 17s 6d, This put me behind. I attribute mv failure to the fact that 1 bought when prices were high, and to the slump which followed. In 1924 1 lost between £3OO and £4OO in a fire, and my shop was broken into severaj times, and on one occasion I lost £Si 3s 9d.” Eepresenting Barraud and Abraham (Palmerston North), Mr Spears said he called on Parsonson in 1925, with icgard to his financial position. Par--sonson presented figures to him which led him to believe that his position was fairly sound. "I passed that information on to another business man,” added Mr Spears, “with the result that he fell in to the extent of £57.”

Bankrupt, asked for an explanation, said the figures he gave Mr Spears were only estimates. His books were away at the timq. Mr Spears: One can only come to the conclusion that you gave me those figures with a view to obtaining further credit or else to delay us taking action. The-Official Assignee: What we want fo arrive at is, can you account for the difference in the figures? You kept books, did you not? Bankrupt: Yes. Were they sufficient to show you your position? —“Yes.’.’ _ : With regard to the information yoa cave to Mr Spears, did you get it from your books?— “No. It was guess work on my part.” A Creditor: Is that fair, Mr Assignee? oh Mr Spears: Some people have been paid 20s in the £1; others haven’t. • Ba.n lf- -”r«t: I would not have done that had I known where I stood. ■ The Asaigaei : I realise that, leaving our his father’s claim, bankrupt was quite justified in thinking that he world bo abie to pay _2os in the £L His debts failed to realise as much as lie expected, also his stock and plant Mr Spoar.j (to bankrupt): Why did yon contract debts when you weren’t in a position to pay them? . The Assignee: The principle is wrong, but he had to buy groceries, etc. A Creditor: What about the Charitable Aid Board; In reply to a question the Assignee said that the estate would pay about Is in the £l. Mr Stope: Do you canmuer. Mr Spears, llu-.t bankrupt ’s statement to you was bona fide? . 'Mr Spears: Well, he never replied to our letters. Wo could get no information out of him at all; The Assignee • Well, to tost Die meeting will someone move that bankrup. be publicly examined? . . Mr Spears: I v-ns asked to mote m that direction at the first meeting, but in view of the position 1 am not going to do* it now. ■ 1 ' ■ , A Creditor: We should ask bankrupt to withdraw his father’s claim. > The Assignee; Bankrupt must appreciate the attitude of his creditors towards him. It is up to hirn to ask his father to withdraw his claim. . The meeting was then-adjourned.