BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9139, 22 August 1888, Page 3

BANKRUPTCY.

DEBTORS' EXAMINATIONS. W. G. Allen. —Bankrupt made the usual debtor's statement before the Official Assignee yesterday, as follows : —I started business as tailor, outfitter, etc., four and a-half years ago with a clear capital of £500 in cash and sundry properties. Shortly afterwards I added £300 to my business by the sale of one of these properties. The properties referred to were valued, at the time I started business, at £2500, clear of all liability. In April, 1880, I removed my business from Ponsonby . to Queen-street because the opening of the tramway tended to bring all the business into Queen.street. My Ponsonby stock was sold off by auction at a loss of £1200, and I started with an entirely new stock in Queen-street. I, however, carried on both places for a few months. For the first two and a-half years I raised money on the properties for improvement purposes ; I raised £1750 in this way at an interest charge of 8 per cent. During the last two years the incoYne from these properties has diminished from £J3 to a present rental of £3 per week. The total liability on the properties amounts to £3670, and, therefore, during the period named, the charges against it have exceeded the rents by from £5 to £7 per week. Business has been bad for the past six or eight mortths, and this, coupled with the depreciation referred to, has seriously hampered me, and necessitated the present steps, which I have taken with my creditors' concurrence. My unsecured liability amounts to £3470 3s 9d, and I estimate the assets as follows :— Stock-in-trade, £1800; book debts, £1100; fittings and machinery, £425 ; household furniture, £75; unincumbered property, £20; surplus from securities in the hands of secured creditors, £2225 5b ; total, £5645 ss, or a surplus of £2175 Is 3d. In estimating the properties I have taken the property tax valuation, but I do not suppose they would realise it at the present time. Most of my creditors are fully aware of my position. I have disclosed everything in the nature of assets.

J. Slator.—Bankrupt, when examined by the Official Assignee yesterday, deposed :—I have been practising as an architect and engineer in Auckland for several years, and have always paid my way until now. My sole difficulty has arisen through an unfortunate mining investment I made about seven years ago, which is now in liquidation, and being liable for 18s per share on 52 share.®, and judgment having been got against me, I had no alternative but that of filing a petition of insolvency, not having any means to meet the demand. I offered to pay if time were given, and was prepared to have the greater part of the money guaranteed. I hadneither intention nor desire to file until I was arrested yesterday. My only unsecured debts consist of the call referred to, £48 7s, an account of 15s for firewood, and £75 borrowed from a friend in England. My dwelling-house in Parnell has a sum of £909 15s mortgage and interest, and I estimate its present saleable value at £700. The furniture and effects in the house belong to my children ; proof of this can be produced. The only asset available consists of two book debts for £4 18s. For a long time my professional income has been barely sufficient to meet current expenses.

Those about to purchase earthenware, china, on glassware of any description will effect a saving by paying a visit to Wilson's, 267, Queen-street (near Market entrance). They will have there an opportunity of selecting from a very large and varied stock, at prices which are absolutely the lowest in town. Japanese afternoon tea sets at less than half-price. Vases, ornaments, &c., suitable for presents, in great variety, and very cheap. Note the address: Wilson's, 267, Queen-street.