BANKRUPTS' STATEMENTS.

New Zealand Herald, Volume LIX, Issue 18020, 20 February 1922, Page 9

BANKRUPTS' STATEMENTS.

BUILDER LACKS EXPERIENCE.

HIGH WAGES A FACTOR.

The schedule of Eustace Syratt Souster, builder, of Paniell, who has been adjudged a bankrupt, shows that the total debts amount to £1272 18s Bd, owing to unsecured creditors. The assets, which total £913 8s lid, include book debts estimated to produce £765, debentures £100, stock-in-trade £30 lis, furniture £16, and cash in hand £1 17s lid. The deficiency is thus £3E9 9s 9d. In his statement, bankrupt says bo landed in New Zealand in August, 1920, and secured a position as foreman with, a leading firm of building contractors. He had no experience in New Zealand of cottage building before he started work on his own account in July, 1921. Altogether, he obtained five contracts, which were completed between August and the end of the year. The estimated cost of the labour for ths five jobs was £515, but the actual cost was *>a-H, exclusive of extra work allowed for. This loss on the labour, together with loss caused by thefts of materials, slow payments, and wastage, was estimated by bankrupt to reach £600. When he started on his own account, he had capital amounting to £90, and he cabled to England for loans from his father, totalling £250. Bankrupt sold for £65 shares which had cost him £450 in England. He had no assets in England, as the companies in which he had made large investments were cither bankrupt or reconstructed. He attributed his failure chiefly to his own inexperience and to the high cost of labour. He hoped to recompense creditors eventually for their losses.