CYCLE DEALER'S FAILURE.
VENTURE AT MORRINSVILLE. START WITH SMALL CAPITAL. [RT TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON, Wednesday. An inquiry was conducted at Hamilton to-day into tho bankrupt estate of George Andrew Wilson, cycle agent, of Morrinsville, by the official assignee, Mr. .T. H. Robertson. Bankrupt's schedule disclosed debts amounting to £432, and assets at £256.
Insufficient capital, too much credit, and a falling off in tho value of second-hand motor-cycles, were described by Wilson as being the cause of his failure. He said he commenced business at Morrinsville in December, 1926, as a cycle and motor dealer. His capital was £4O. Ho took over the agencies for several motor-cycles but losses occurred through fire and damage (o one of the machines. His shop was burgled and tools and accessories were taken. Of tho 12 motor-cycles which ho sold only ono transaction showed a profit. The creditors decided to leavo the realisation of the assets in the bands of the official assignee.
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New Zealand Herald, Volume LXV, Issue 20116, 29 November 1928, Page 13
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160CYCLE DEALER'S FAILURE. New Zealand Herald, Volume LXV, Issue 20116, 29 November 1928, Page 13
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