MEETING LAPSES.

Manawatu Standard, Volume XLIX, Issue 41, 17 January 1929, Page 2

MEETING LAPSES.

BANKRUPT TRAVELLER, An adjourned bankruptcy meeting in the estate of Arthur James Penman traveller and commission agent, of Otaki, lapsed yesterday afternoon for want of a quorum. Bankrupt’s schedule showed debts amounting to £IOO 9s 8d to unsecured creditors, the assets being nil. , , , In a written sworn statement, bankrupt submitted that about September, 1924 lie commenced business as a traveller and commission agent for an Otxvm company. His district was' the whole of the North Island, with headquarters at Wanganui, and he was to receive a salary of £3 per week plus 5 per cent, commission on the whole of the North Island turnover, with the exception of the Auckland city business. In actual faot he never received more than his salary and 5 per cent, on some of the North Island sales whicii he directly affected. His expenses were extremely heavy and, as the cost of getting business was too great, he gradually lost ground, and eventually in 1925 the accumulation of business and family troubles culminated in a reverse in health._ He was forced to give up the business, and live with Ins people in Otaki. Egfly in 1926 his mother purchased a tobacconist and hairdressing business in Otaki and he had managed that ever since. He had drawn £5 in wages weekly, out of which he paid from 30s to £2" 5s per week for the support cf his children. Indoor life did not suit his health and he was compelled to leave the business, which his mother proposed to sell. Recently he had been pushed by his creditors whose debts were incurred as a result of the failure of his commission agency, and as a warrant of committal was about to be issued against him, he had no option but to file.