LAND SALESMAN'S FAILURE

New Zealand Herald, Volume LIII, Issue 16366, 21 October 1916, Page 9

LAND SALESMAN'S FAILURE

MISFORTUNE IN BUSINESS. CREDITORS SYMPATHETIC. The first meeting of creditors in the bankrupt estate of Frederick Stephens, land salesman, of Auckland, was held yesterday. The official assignee, Mr. VV. S. Fisher, presided. Bankrupt was represented by Mr. F. D. Mi-Liver. Bankrupt's schedule showed that ho owed a sum of £281, all to unsecured creditors. He had no assets. In his statement bankrupt said that his debts covered a period of four years. During that time he had been associated with various land agents in 'the city at a small wage and on commission. He had experienced varying success, and had built up a good country connection. About 18 months ago, he started, in business as a land agent on his own account, receiving a certain amount of financial support from his friends. One or two sales were made, but his expenses were heavy, and he considered it inadvisable to carry on. Those who had offered financial assistance were his creditors. They had stated that they were not desirous of pressing him. His failure was due to the prevailing conditions rather than to negligence or wrong-doing on -his part. He had a wife and seven children to support, and had been put to constant expense on account of family illness. His reason for filing was because one of his creditors was pressing him. He was 47 years of age. He had no trade, and before he started as a land salesman had followed various occupations. During tho last two years he had not earned sufficient to keep himself or his family adequately. The Official Assignee: In the year you were in business how much did you earn in commissions!—l think about £500. How much ot that £500 would go in expenses About £7 a week. j That is £350 during the year, and I would leave you £150 for the maintenance of you and your family?— Yes; I will furnish you with a list of all my sales during the year, arid how the coinmission money was spent. What have you spent in doctors' fees during 12 months?— About £25. Are you in employment now?— Yes. I get 35s a week and a one-third share of the commission on the sales I make. Mr. N. Turner moved that the creditors being of opinion that bankrupt's failure had been brought about by misfortune, the official assignee- he requested to .facilitate his discharge. The motion was seconded by Mr. W. J. Bowring and carried.