BOOTSELLER'S DEBTS.

New Zealand Herald, Volume LXI, Issue 18897, 20 December 1924, Page 14

BOOTSELLER'S DEBTS.

UNFORESEEN CIRCUMSTANCES, INSUFFICIENT CAPITAL. COMPETITION OF SYRIANS, A meeting of creditors in the bankrupt estate of Haroii Alfred Christopher*, engaged in tho boot business at Warktvorth, was held yesterday morning. The official assignee, Mr. W. S. Fisher, presided. As there was not a sufficient numher of creditors pscsent to make a quorum, no resolution was passed. Bankrupt attributed Iris financial downfall to four reasons: not sufficient .capital to start with; sickness; competition; and the loss oj the bulk of his customers through unforeseen circumstance?. Tho total debts wcbo set do/un as amounting -to £6550 16s, made up of £561 Is 9d owing to unsecured creditors, and a bank overdraft; of £69 14s 3d. The total assets were shown: to bo £155 los Bd, including steck-in-urado, £57 10s 8d; Singer sewing £25; and shares in tho Northern Buildting Society, £12 14s. The deficiency was £475 5s 4d. In reply to questions by the official as. signee, bankrupt intimated that ho had had a lifelong experience in the boot business. Prior to opening a shop at Warkworth h© had carried on a boot business at Papatoetoo for abo*t nine years. He went to Warkworth ip February, 1922, and was farming for a year, for the sake of his wito's health. He admitted that when he commerced in the boot business at Warkworth he was. in debt to the extent of nearly £100. They wero fairly old debts. Mr. Fisher: By carrying on business at Warkworth for .18 months you have gone back to the extent of about £400.Yes, I sold my goods at cost. Did you explain to.your creditors that you were soiling at cost?— No,' I wanted the money. I thought it unnecessary. _ What is vour excuse in carrying on in that way I thought I would enlarge and improve the business,, and also sell off old stock. Did it take you 18 months to find out that you wero carrying on along ridiculous lines?— I always realised that a good business could' be worked up at Warkworth and district. Bankrupt went on to say that the cement works at Warkworth were closed, and ho lost considerably over that. There were some 150 employees at the works, and the money that was coming into the district was gone. Bankrupt admitted that during the 18 months his personal drawings hud amounted to £388. A Creditor: You don't consider that excessive or extravagant? Mr. Fisher: No, considering that he had sickness, I do not think it a bit extravagant. Although he had been going back steadily over a period of 18 months, bankrupt said ho did not consider it necessary to take the creditors into his confidence There wero Syrians carrying on a similar trade at Warkworth. In reply to further questions bankrupt stated that he had four _ children. He paid a small rental for his shop, which had now been closed. Mr. Fisher: Couldn't you have got any ordinary employment? A Creditor: I can quite understand why he started at Warkworth. Mr. Fisher: He was a Britisher competing with Syrians, and naturally imagined that ho had a good chance of succeeding. And then there were tho cement works. •

After further questioning the official assignee and a creditor wero left to decide the best way in which to make a good realisation from the stock-in-trade.