BANKRUPTCY.

New Zealand Herald, Volume XLV, Issue 13691, 6 March 1908, Page 7

BANKRUPTCY.

Q AX IRONMONGER'S STATEMENT.

A petition; in. bankruptcy was filed yesterday by Robert Y.iuse. ironmonger, of Onehutiga. The statement- lodged with the official assignee (Mr. E. Gerard) shows liabilities (all unsecured) amounting to £429', and assets totalling £166, thus leaving a d'.' licit of £263.

The bankrupt stales that lie commenced business in Oiiehunga in 1901, with a borrowed capital of £90. During the first nine months is turnover was about £260, and dining the ensuing 12 months it amounted to nearly £900. Up to this lime he had with difficulty met nearly all his engagements. Owing, however, to his losing the Borough Council contract and to a general falling off in trade his turnover fell to under £700 for the following year, and his mortgagee and other creditors pressed him lor payment, and' to meet them he sold his 1 properly in Grey-street at £460, or £100 less than his estimate of its present value. From the sale of this lie received £85 net, and he satisfied urgent demands. Business continued to fall away until last month, when he took counsel with his creditors, with the present result. He attributed his position to insufficient trade and sickness in his family, whilst be had I lost £50 in bad debts. iis wife borrowed £50 last year, and with a view to assisting him purchased a confectionery and tearoom lousiness, but she had made only sufficient to support herself and family. He could not make an offer. In extenuation bankrupt pointed out that lie had had no previous experience of business, and no knowledge of book-keeping, and. that previous to starling business he was possessed of the house he lived in, subject to a mortgage of £300. Eventually this was sold for £450, the balance of the. money all going into the business. A FARMER'S AFFAIRS. "I he affairs of John Bregman, farmer, of Glen Murray (Waikato), who was recently adjudged a bankrupt, wele further investigated at an adjourned meeting of creditors, which was held yesterday at the office of the official assignee (Mr. E. Gerard). In answer to the official assignee, bankrupt stated that when he sold- his property he received £600 from the purchaser, Mr. Annadale, to whom he repaid ±1100, which he had borrowed to purchase the goodwill in taking over (lie native lease.. Mr. Gerard said that Annadale had written that he had paid £500 for the property, and that he had not received £100 back, nor did he want it, having since purchased the freehold. Bankrupt said that there must have been, some misunderstanding. In answer to further questions lie stated that lit;, had bought 54 head of cattle from Buckland and Sons for £111 10s in November, 1906. He sold 20 and lost 10 in the flood in January, 1907. Some disappeared, and .the rest were sold. He had 11 horses, nine of which had died as the result of being bogged in landslips on the property. He had not paid Messrs. Buckland and Sons for the cattle, and had not informed them of the sale and loss, because lie believed that he could "pull through." He had not kept books.J He had estimated his liabilities in his original statement at £80, but the amount proved was £540. He supposed the shortage was due to the fact, that he kept no books. He was now earning 8s a day as a navvy.

The assignee said that he would have to consider what action he Would take in regard to the bankruptcy. The meeting was adjourned tire die.