FISHMONGER'S FAILURE.

New Zealand Herald, Volume LXV, Issue 20002, 19 July 1928, Page 11

FISHMONGER'S FAILURE.

START ON BORROWED MONEY. "PURELY THEORETICAL PROFIT." Generally bad conditions, opposition, che long summer and shortage of supplies were given by Philip Douvergne Lailoley, fishmonger, Otahuhu (Mr Hart), as reasons for his bankruptcy at a meeting of creditors yesterday. Mr. V. K. Crawsliaw, deputy-otficial assignee, presided. The schedule showed unsecured creditors £302, and assets £l3O, leaving a deficiency of £172. Bankrupt stated that until last December his position was satisfactory, but the opening of a shop directly opposite early in January made a decided difference. He tried to sell but failed. In reply to questions, bankrupt said he began his business with £l5O borrowed from his father and £75 borrowed from his wife. His average takings during 1927 were £l4O a month, and he estimated his profit on that at 50 per cent. A creditor said that at that rate there was a laree amount unaccounted for. Bankrupt denied a suggestion that he had failed to attend to his business and harl been drinking too much. Mr. Crawshaw said that apparently the cash-book had been kept all right. After careful figuring a creditor estimated tho bankrupt's outgoings at £136 a month, and said the 50 per cent, profit must have been purely theoretical. As there was no quorum no motion was put, the bankrnpt's affairs bring left in tho hands of the official assignee.