AN AGENT’S BANKRUPTCY

New Zealand Times, Volume XLIX, Issue 11295, 22 August 1922, Page 3

AN AGENT’S BANKRUPTCY

bookkeeping criticised. OFFICIAL ASSIGNEE’S STATEMENT. A creditors’ meeting Teas held before the Official Assignee (Mr S. Tansley) yesterday concerning the affairs or John Alhon Hoban, commission agent, Wellington. , , , Tlio financial statement disclosed unsecured creditors amounting to £470 16s Bd, secured creditors £2O 3s, against which the assets amounted to £290 17s, including £250 hook debts. The principal unsecured creditors were: J. Moran, £l6B 4s lOd; I. J. Thompson, £75 16s 6d; Beayis estate, £<o; Hawken and Bell, £32 18s 3d; and A. W. Brailsford, £3O. The deficiency was £l9O 12s Bd. In his statement debtor said that up to June, 1921. ho was employed by Oscar Beavis, who was carrying on business. as a commission agent, but who died in April, 1921. 'Debtor assisted in clearing up bis affairs, an<L fchen set up in business as a commission agent for himself, having £39 in the bank. He took an office in Victoria street, and later in James Smith’s buildings at 31s per week. Business was very* fair until March, 1922, his earnings being from £5 to £6 per week. He sold goods to two or three men wiho failed to pay him, and these transactions had brought about his trouble. The landlord also put in tho bailiff for rent, and this had not yet been paid. He (debtor) was a married man, his wife and daughter being in while his son was with him in Wellington. CAN ASSETS BE REALISED? Debtor stated that the book debts at £250 should be able to be collected in eighteen months. His biggest debtor was in Auckland province. He did not know definitely where he was, but he was a “dro-pper” or hawker, going round the hotels and houses. A debtor said it seemed to be a case of not keeping proper accounts and proper books. They could sympathise witn a man who failed honestly, but the books available showed the receipt of sums much, in excess of the amounts banked. Debtor did not seem to have banked all sums received. Debtor said Ids books were gone through by an accountant, and he was given a new set of books. He had a bank pass-book, but it was at James Bmith’s buildings. 75 PER CENT SHOULD BE PROSECUTED. The Official Assignee said that 75 per cent, of the men who came there* flhould be prosecuted for not keeping books. They did not ’ keep proper books, and when asked for a statement they could not give one. As to whetiher*there was criminal intent that was another thing. Another creditor said that the point was that one of the books produced showed the receipt of large sums in cash, hut they were not banked, and there was nothing to show where the money had gone. It was stated that there was some stock at James Smith’s buildings, including some rat poison and borerkii'ler, as well as material. A creditor suggested that debtor should bustle round during the day and see if he could not sell some of the rat poison. It was decided to adjourn the meeting until the next afternoon (to-day) to see if some of the assets can be disposed of, and to obtain the books from James Smith’s buildings.