BANKRUPT CHINESE

New Zealand Times, Volume LIII, Issue 12527, 17 August 1926, Page 7

BANKRUPT CHINESE

FREQUENT OCCURRENCE POSITION UNSATISFACTORY LAUGHING AT MERCHANT Per Press Association. HAMILTON, August 16. Strong comment was made at a meeting of creditors to-day on the large number of Chinese bankruptcies which were occurring, and the unsatisfactory position in which creditors were left. Creditors in the bankrupt estate of Wing Lee, Chinese fruiterer, Hamilton, were not at all satisfied, to-day when they held a third meeting to inquire into his affairs, the previous two having been adjourned to enable bankrupt to furnish a statement. His debts were shown at £634 19s 3d, and his assets were estimated to realise £176, including stock £l5O. Mr Robinson, of Palmerston North, one of the creditors, said that in four months, according to bankrupt s books, he paid £876, and he had thus been paying out £54 a week apart from rent, which he had not paid. According to the turnover he was doing a good business, and it seemed incredible that he had lost £4l a week. ALWAYS GOT OUT OF IT Another creditor said that the Chinese were simply laughing at merchants, and openly declared that Chinese bankrupts always got out of lt- Mr Hughes said the better class of Chinese merchants were anxious that some of the less honest ones should he convicted. The Deputy-Official Assignee expressed the opinion that it was time that merchants dealing with Chinese and Hindus asked the Customs Department to afford them some sort of protection. How this was to he done he could not say, unless it was some system ot registering them when in business. Mr Hughes Bnid his firm was suggesting cash transactions in the fruit It was finally decided to recommend the Assignee to place the matter in the hands of the Crown Solicitor.