FRUITERER FILES.

Lyttelton Times, Volume CXV, Issue 16558, 23 May 1914, Page 18

FRUITERER FILES.

THE CASE OF E. J. MANSFIELD. A meeting of creditors in the estate of Edwin James Mansfield, bankrupt fruiterer, of Christchurch, was held ves- : tferday before the Official Assignee, Mr ' £}. A. Smyth. There was an attendance. ;»f t five creditors. ■ The liabilities to . secured creditors ;! Amount to £635 4s Gd, of which £507 ■ Jf)s lid is due to E. Cutlibert, of Avonside, and £127 4s 7d to T. D. Harman, | solicitor, Christchurch (acting for Mrs Copeinaji). These are covered by mortgages over land, stock-in-trade arid furniture, the estimated ■ value of the securities being £BIO, leaving a surplus of £l7-1 15s Cd. The debts duo to thirty-five unsecured creditors , amount to £438 15s, the princinal creditors being G. Kirbv, £IOB 12s; J. Patterson, £sl; Dr Orchard, £34 12s; Jamieson and Anderson, £47; and Christchurch City Council, £32 Is. Tho assets wore set down as.follow:—Book debts, estimated to produce £80; cash in blind, £5; surplus from securities in hand of secured creditors, £174 15s Gd.; total. £259 15s Gd, leaving a deficiency of £l7B 19s 6d. Tho bankrupt stated that be was a married man with a family of three, and had been in business as a fruiterer and confectioner for about six years. He had no capital of his own to start ■ with,' and bad commenced business on £3OO borrowed through Messrs Hill and Fraser. For about eighteen months business had been satisfactory, but lie then began to get behind because of heavy interest and payments on a f house he, had purchased. Eighteen ago.he had been unable to meet bis, (engagements, and the. business had -i siiiKftr gone steadily to tho bad. His average weekly takings were from £25 \tcu£3o.‘.on which ho estimated a gross profit of. £7. His;expenses weekly were £lO, which included drawings of £2 10s * to"£3 weekly for his own purposes. He was 'riot in the habit of banking all . moneys received from the business, but kept a rough cashbook which would show the receipts and expenditure each day. About three months ago ho found . ir, impossible for him to carry on and, being -pressed by creditors, thought it 'advisable to call a meeting at which the creditors agreed to take os in the pound. 1 This arrangement, however, ' did hot meet with the approval of a

. .large creditor, who was not present at (i the-meeting, and he then filed witli the •• motleys available from the business. He ' Bad, not at any time spent 'any more * than £3 per week for tho maintenance of himself aud family, and considered that bo had not lived extravagantly. He attributed bis failure to the lack of capital, poor takings in competition with street hawkers, and the Saturday closing, which he was detrimental to the business of the small retailer. Mrs Copeman held a security "* over, his furniture, fittings and stock J and a second mortgage over the house, ' there being a first mortgage of £490. ‘ The Government valuation of the property was £650. He had no assets other than those set-but in the schedule and would in future have to depend on casual labour for liis maintenance. The Official - Assignee suggested that the-business should be left in liis hands to try and arrange for a private sale of the shop. If this could not be effected, the shop would have to be closed dmvn, and the available assets sold, fit ..-unction! . ! , i s4|r G. Kirby, one of • then principal i'“ creditors, mo\ r ed in this direction, and the. motion was carried.