TRADE COMPETITION.

New Zealand Herald, Volume XLVI, Issue 14133, 7 August 1909, Page 6

TRADE COMPETITION.

A BAKER'S FAILURE.

The statement of Frederic Price, of Auckland, baker and confectioner, who has filed his petition, in bankruptcy, shows liabilities to unsecured creditors, £1057 5s 6d, and assets £689 Is 2d, leaving a deficiency of £368 4s 4d. . There are no secured creditors, but 39 unsecured <*hes, with claims ranging from £229 8s to 8s 3d.,

The bankrupt's statement says that he took the premises he now occupies about 12 years ago. Ho paid £400 for the goodwill and £200 for the stock and plant. Everything went well until about two years ago. He then lost the contracts for the supply of bread to the Northern S.S. Co. and the navy. The Northern Company's contract represented a profit of about £12 a month. Tne loss therefore resulting to him through not getting these contracts was about £200 per annum- ; Further, during the above period, competition around him had greatly increased, several restaurants and tearooms having commenced business. This had considerably reduced his trade. Bankrupt had been hoping for a long time to pull through, but lately trade had become so bad that he had found it quite impossible. , -