BANKRUPT TOBACCONIST.

New Zealand Herald, Volume LXV, Issue 20024, 14 August 1928, Page 12

BANKRUPT TOBACCONIST.

FIRE CAUSES HEAVY LOSS. PROMISE TO PAY DEBTS. A meeting of creditors in the estate of Thomas Joseph Harris, tobacconist and stationer, of Symonds Street, was held yesterday, the official assignee, Mr. G. N. Morris, presiding. Tho schedule showed debts amounting to £BO 15s, all of which was owing to unsecured creditors. There were no assets. ' In a written statement, bankrupt said he commenced business as a stationer and tobacconist in October, 1926, and he found the proposition a payable one until he had the misfortune to be burned out last September. Following this he was able to meet practically all his debts, except the amount which was now outstanding, which ho had been unable to pay owing to the fact that he had been out of employment for some time. In reply to the assignee, bankrupt said all his books were burned in the fire. He had had extensive experience in the tobacco business over a period of many years. On going into business on his own he had a clear capital of about £650, and for the year in which he was trading he was drawing about £7 a week out of the shop. There was every indication that the business would improve still further before tho fire ruined future prospects. At the time of the fire he owed about £6OO. His stock had been qugmented considerably and was valued at about £I3OO, but he lost heavily, as it was insured for only £7OO.

" I cannot, understand a man doing what you did." remarked the assignee. "If you had split up what money you had among all your creditors thero would have been no trouble at all." The meeting was adjourned after bankrupt promised he would pay his debts in full as soon as he had the opportunity. He said he was married and had two children. He did not expect to have workbefore September.