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Otago Daily Times, Issue 23690, 23 December 1938, Page 2

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BANKRUPT BRICKLAYER FAILURE IN BUSINESS A deficiency of £2Ol 12s 4d was revealed in the bankrupt estate of William Herbert Gibson, bricklayer, when a meeting of his creditors was held yesterday before the official assignee (Mr J. M. Adam). There was a small attendance of creditors. Mr G. M. Lloyd appeared on behalf of the bankrupt. Lack of Experience In a statement the bankrupt said he had been bricklaying on his own for the past four years, most of his work having been done in the outlying districts around Dunedin, particularly the Taieri Plains. He had found it necessary to buy a car under a hire-pur-chase agreement. The bankrupt attributed his financial difficulties to the following causes:— Insufficient business experience in the trade: loss on jobs undertaken due mainly to too fine prices, cost of cartage and incidentals; 'expense involved in the purchase of the car. its upkeep and running expenses: and, more recently, because he had had to pay £3 a week out of his wages for the maintenance of his wife and two children. “ I gave up bricklaying on my own account about two months ago,” the, bankrupt added, “ but after being a fortnight-off work I was engaged by the Love Construction Company as a bricklayer. I now receive £5 11s a week net. This is, of course, a full week’s wages, and I have lost approxi- <’ rnately half a day a week through bad weather. 1 have no assets whatever,, and am unable to make any offer to my creditors." Amounts Owing The principal unsecured creditors -were as follows:—Grace Hilda Gibson (Mosgiel), £BB 18$ 2d; Archibald Wilson (Henley), £23; Robert Muirhead and Son. Ltd. (Mosgiel), £l3 12s id; West Taieri Garage and Service Station (Outram), £ll 2s 6d. There were no secured creditors. In reply to questions by the assignee, the bankrupt said he started on his own with about £2O capital, but he made very little on the joos he undertook. and seemed to be paying off back debts all the time. A considerable amount of money went in the purchase of trucks and a car. The largest unsecured debt was in respect of maintenance due to his wife. One of the creditors. Mr J. Muirhead, said that if the car bought by the bankrupt had been used only for the purposes of his work, the runnini cost of it would have been considerably reduced. “ This appears to be a case in which nothing can be done," the assigne# commented, in conclusion. Best for the range—LlNTON—the QUALITY COAL. Gives a steady, even heat.—AdvL Try it: A few words In bold typ« in plenty of space attract attention. Daily Times.