BUTCHER'S FAILURE.

New Zealand Herald, Volume LIII, Issue 16267, 28 June 1916, Page 4

BUTCHER'S FAILURE.

BOOK DEBTS OVER-VALUED. A torthek meeting of creditors in the bankrupt estate of James William Garrett, butcher, of Karangahap.e Road was held on Monday afternoon at the office of the official assignee, Mr. W. S. Fisher. Two meetings had previously been held, the second adjournment having been made to enable the official assignee to investigate the accounts of the estate. Mr. Fisher informed the creditors that the books had been examined by an auditor, and his conclusion was that the accounts were incomplete, as they showed payments in excess of receipts, and purchases of stock in excess of sales. The average weekly expenses of the shop had apparently been about £19, while the gross profits were about £21. A little over £200 had been drawn by the bankrupt for himself for a period of about two years Ihere was reason to believe that if there had been any cash leakage it had been comparatively small. The bankrupt had stated that his book debts amountedl to £600, and he estimated their value at £400. Mr. Fisher said the first notices had been sent out, and th« return so far had been £12. The creditors might secure £30 from this source M? Fisher remarked to the bankrupt that it was obvious he should have placed himself in the hands of the Court long a™ fk nf 6 - ISati °- of the estate w as "left to obwf£, a '3 * He was asked to obtain legal advice regarding a security given by the bankrupt to one of his credi