STOREKEEPER FAILS.

New Zealand Herald, Volume LXIV, Issue 19732, 3 September 1927, Page 14

STOREKEEPER FAILS.

A FAMILY OF TWELVE

"CASE OF INCOMPETENCE."

QUESTION OF KEEPING BOOKS

When he had ten children to look after Reno Joseph Caltaux, storekeeper, and his wife managed to live somehow in two rooms at Whcuuapai, but when two more arrived they found it impossible to continue. This was one of the outstanding facts in the statement made by Caltaux at a meeting of creditors yesterday. Caltaux, who was represented by Mr. Duthie, has lately been keeping a store at Nile Road, Milford. One ot the creditors summed up tho position by saying it was mOro a case of incompetence than anything else. "I doubt whether he is much of a business man," commented the official assignee, Mr. G. N. Morris. "Ho admits hi', does not know how to keep books and has carried on without keeping them. I do not see how he could tell how he was going 011." The total unsecured debts amounted to £274 13s 3d. The assets were only £B, consisting of £5 for stock-in-trade and £3 for book debts, leaving a total deficiency of £266 13s 3d. In a written statement, bankrupt said that in July, 1923, he was carrying on business as a storekeeper at Whenuapai and was burnt out. He was able to pay only 14s in the £, which his creditors accepted and gave him a clean receipt. He put up a new'shop at very little cost, carried on for 12 months, then sold out and leased another shop. He paid his original creditors a further 6d in the £. In the new shop the first year was fairly good, but for the last 18 months business had been very bad. During four years 110 made losses amounting to nearly £2OO. The shop ho leased at Whenuapai had only two rooms and he tried to carry on there with a family of 10 children, but when a further two arrived he found it impossible. He sold the stock, paying the proceeds to creditors, and went to Takapuna, applying for a Government loan. He had paid only £3 on the house there and had been advised it was most improbable the Government would grant a loan. He had drawn 30s a week from the business, together with food for the family, and for the last three years had kept no books. He attributed his difficulties to the depression in the country. The Official Assignee: Did you know how to keep books?— Bankrupt: No, I was learning. He added that his reasons for not continuing to keep books were "lack of time, no room on the premises and the children singing out and crying." Asked how long he had kept books, bankrupt said four or five weeks. A creditor said bankrupt was no business man and it was thought best in his own interests as well as in everyone else's that he should file. . Mr. Duthie said there was no chance of his starting out in business again on his own account. He realised he was not cut out for that. The official assignee said bankrupt seemed to have been honest and the fact that he had made an additional payment to . his first creditors showed he meant well. No formal resolution was considered necessary.