DEEP-SEA FISHING.

New Zealand Herald, Volume XLIX, Issue 15056, 27 July 1912, Page 5

DEEP-SEA FISHING.

VENTURESOME TENTMAKER.

Possessing neither capital nor experience of tho calling, Edward Charles Lannam, a tentmaker, sought prosperity from deopsea fishing and failed. His experiences were narrated at a. meeting of his creditors yesterday morning.

The bankrupt explained that about a year ago, owing to representations made by another man, he came to tho conclusion that money was to bo made by deepsea fishing. He had no money, and borrowed £45 on the security of his insurance policy, paying £40 as a. deposit for a launch of which tho price was £240. Though the other man was not a professional fisherman, bankrupt took him in as mate, the arrangement being that the profits were to bo equally divided. Tho venture was most unsuccessful, and at the end of a week his companion left him. During the next 12 months he -made four more ventures with four different mates, but all were failures. The first four ventures were unsuccessful, because none of the partners had had sufficient experience, and tho last was spoiled by the weather. Bankrupt paid a further £40 by weekly instalments for the purchase of the launch, but tho payments having fallen in arrears, tho vendor of the boat took it back, and ultimately sold it for £160. At the time bankrupt's liabilities amounted to nearly £100. He went back to his former employment, but his wages, £2 12s per week, were not more than sufficient to maintain his wife and family of four children. The , bankrupt's statement showed no assets, ! and liabilities amounting to £58 12s 9d. I There were three creditors present, and I thev stated that prior to this venture ! Lannam had always faithfully discharged his liabilities. The following resolution was carried — That the creditors present sympathise with tho bankrupt in having been brought to his present position, and they request tho official assignee to facilitate his obtaining his discharge."