BANKRUPTCY CASES.

New Zealand Herald, Volume LXIII, Issue 19510, 14 December 1926, Page 11

BANKRUPTCY CASES.

LOSSES OW LAND j ELDER!* FARMER'S POSITION, DEFICIENCY OF £250!) SHOWN* [BY TELEGRAPH. —OWS COEE.K;SX , OND£STi3 HAMILTON. Monday. To losses on several land transactions was attributed the failure of John Teddy, farmer, Hamilton, who recently filed His petition in bankruptcy. A meeting of creditors was held to-day, Mr. V. H, Sanson, deputy official assignee, presiding. Bankrupt's schedule showed that debts totalled £2568 10s, and assets £3l 17s 6d, leaving a deficiency of £2556 12s Gd Bankrupt said ho exchanged some Auckland bouse property for a farm of 433 acres at Pukeatua some years ago. He thought the To Awamtitu-Arapuni light railway would run through the property and that ho would be able to sell at a profit. The scheme.was not proceeded with, and his farming' operations there cost, him £4OOO in four years, largo numbers of his cattle died. Three years ago ho exchanged the property for sections at Frankton, and these ho exchanged for a fruit farm at Henderson. The Pukeatua farm came back on his hands, while the fruit farm was a failure. After holding it for two years he abandoned it. Very little equity existed in any property ho held. Bankrupt said he was 74 years of ago and was unable to do active farm work. He admitted telling' the Auckland I.and Board that ho was worth £6OOO, and so hd was, on paper. As there was no quorum, no resolution was passed. .CONFECTIONER'S FAILURE. . UNSUCCESSFUL .VENTURE. [BY mECiurs.—-OWN coJuasapoNtaxi.} HAMILTON, Monday. A mooting of creditors iu tho bankrupt estate ""of Francis Henry Roy nay no, confectioner, of Hamilton, was held today. Bankrupt's schedule showed that debts totalled £4OB 16s lCd and assets £9O, leaving a deficiency of £;518 16s 10d.: Bankrupt said ho left the Railway Department after 19 years sendee in September,, 1925, owing to ill-health, and bought a confectionery business in Hamilton fo.r £475. He paid £5 a week rental for the shop and dwelling. He paid £2GO cash for tho business and gate a bill of salo for the 'balance. Tho average takings; wore represented to him to be £4O a week but he found they did not exceed £27 a week. The spending power of tho people became reduced and competition affected his takings. Bankrupt attributed his position to the excessive price paid for the business, increased competition, excessive rental and to the slump. The deputy official assignee, Mr. V,' H. Sanson, criticised bankrupt's actions in buying goods wlien he knew ho was hopele'ssly insolvent. Tho meeting was adjourned to Auckland to enable Airs. Royn&yno, who was regarded as a partner in tho business, to be examined. DISCHARGES! GRANTED. APPLICATIONS AT HAMILTON, [BY TELEGRAPH.—OWN CORBESEONDBNT. ] HAMILTON. Monday. Applications for discharges is bank- , ruptcy were granted by Mr. Justice Herd- ! man in the Hamilton Supremo Court today to the following: Thomas Gibbs, taxi proprietor, Hamilton; William Percival Culleit, contractor, Hamilton; James McJndoe, farmer, Ngaruawahia; Andrew William Robson, builder, To Kaiti* .Frederick Arthur Fulton, farmer, Tataanui; Lionel Lo Grand Jacob, land agent, To Kuiti; Reginald 'Smith, cycle dealer, Rotoraa. A LICENSEE'S AFFAIRS. ' BUSINESS AT OKGROIBE. [BY TBLE6BAPH. —OWN CORRESPONDENT;] HAMILTON, Monday, The former licensee of the Okoroiro Hotel,, James Chalmers, who recently filed his petition in bankruptcy, was examined before- Mr. Wyvern Wilscn, S.M., to-day , under 1 tho provisions! of the Bankruptcy Act,

In answer to Mr. D. Snymour, who appeared for the two principal creditors, bankrupt stated that four years ago he rented! the Okoroire Hotel at £385 per annum. Ha completed the period owing £IOOO to tinsecured creditors, and there wore «o assets in the estate. He contended 'that the purchase of two motor-cars in 1823 was a sound business venture, but said tho car service ho conducted between tho railway and tho hotel resulted in heavy loss. Although ho had paid over £6OO to the vendors he still owed £-200 on the cars.

Bankrupt said his takings this year were not as good as they were, last year. He had kept no record to show how his takings had been spent, but he paid current accounts in cash. Hg admitted that He had started with no capital, and that he expected to run the business at a loss for three or four, years. He maintained that his successors won Id reap the benefit. of the work he had done. The evidence will br> forwarded to the official assignee.