"A SEASONABLE STORY."

New Zealand Herald, Volume LXI, Issue 18895, 18 December 1924, Page 14

"A SEASONABLE STORY."

BANKRUPT FROM PAEROA.

TRADE DEPRESSION BLAMED.

Land and trade depression, together with competition, were given as the main reasons for tho failure of Bernard Stansfield, land agent and furnisher, Paeroa, at a meeting of creditors yesterday morning. Tho official assignee, Mr, W. S. Fisher, presided. Bankrupt's schedulo showed debts amounting to £303 8s sd, mado up of £272 12s 3d owing to unsecured creditors, and £30 8s 5d on trust account. The total assets were set down as £367 12s 7cl, including stock in trade at Paeroa £13' d 17s 4d, book debts £140, and furniture and office fixtures £53 5s 6d. The nominal surplus of assets over liabilities was thus £64 4s 2c!.

In his sutement, bankrupt said lie commenced business at Paeroa as an auctioneer, l;,r'd agent, and general furniture dealer. In March, 1920, he took a man into partnership, but as this did not bear fruit the partnership was dissolved in September of that year. He had had much opposition to contend with. Since 1922 the district had suffered from tho effects of general land and business depression, which had had a detrimental effect on his trade. At the end of 1922 he found lie was making no headway, buo received the sum of £273 from liis father's estate. In 1924 disaster came in tho shape of floods. It had not been the injudicious and indiscriminate giving of credit tliut had led to his present position. He thought he would bo able to recover his position owing to the fact that there was now no opposition; to the general brighter business outlook; and to better sales during the Christinas period. Bankrupt also added that his great difficulty had always been too little liquid capital. In reply to Mr. Fisher bankiupt stated his father had been an auclioneer in Bradford, England, and ho luxl learned all he knew about tho business from him. He came out to Now Zealand ir: 1910, and vas wool-classing for eight yrars beforu taking on the business at Paoroa. Mr. Fisher: It is a pity you did not stick to wool-classing. Bankrupt staled ho had had a balancesheet drawn up every year, and these showed he was always solvent. He received his first summons in July, 1924. Mr. Fisher: Don't you think that that was tho timo to call a meeting of creditors?— No. for tho simple reason that the opposition was nullified, and I was practically on my own. I expected things to improve all the time. Mr. Fisher: This man has put up a reasonable story; at any rate, a lot come along with a jolly sight worse. Bankrupt: I lmve tried to do my level be.st for the creditors. Mr. Either: It- might be considered a case. of misfortune, and misfortune always includes a little foolishness. I think bankrupt was justified in carrying A resolution was finally carried by (he creditors that Mr. Fisher should facilitate bankrupt's discharge.