FINANCIAL TROUBLES.

New Zealand Herald, Volume LI, Issue 15657, 10 July 1914, Page 5

FINANCIAL TROUBLES.

A GARTER'S FAILURE.

DUE TO BAD ROADS.

The statement of John Henry Mann, carter, of Whangarei, who has filed a petition in bankruptcy, shows that the total debts amount to £342 18s lid, owing to unsecured creditors. An amount <>f £350 is secured, and the estimated value of securities is £500, which leaves a surplus from securities in the hands of secured creditors of £150. Qf the assets, £220, book debts totalling £28 4s 6d are estimated to produce £20, and the value cf furniture is stated as £50.

Bankrupt says ho started carting in Whangarei in 1909. In 1913 ho commenced carting to Mangakahia, and to this he attributed his present position. Ho started just as the roads were gating bad. Two of his horses died, and the work cost about doub l © what ;ie was getting for freight. Ho did better in the summer, but this winter tho roads bwanio virtually impassable, and he lost money every trip. Several creditors had taken judgment against him, and ho had filed so as to ensure an equal distribution of his assets. He attributed his 'allure to tie extreme cost of carting, caused by bad roads.

A petition in bankruptcy has been filed by John Henry Cook, contractor and builder, of Frankton Junction. The first meeting of creditors will be held at Hamilton on July 17.

Henry T. Green, farmer, of Kihikihi, has been adjudged a bankrupt on the |*ti-' tion'of a creditor. The first meeting of creditors will be hold at To Awamutu on July 16.