IN BANKRUPTCY.

Poverty Bay Herald, Volume XXX, Issue 9644, 20 January 1903, Page 1

IN BANKRUPTCY.

— -• The following is the statement of the bankrupt, Joseph Robert Sigley :— "ln May, 1901, 1 began business in ' Gisborne, having material and tools to the value of £50 o{ my own. My brother, Mr J. Sigley, bought for me the business known as the Cook County Plumbing Works, costing £150, for £50 cash and the rest m two bills for the balance. The cash I shortly afterwards. repaid, and paid the first bill m cash, and have gradually worked off the other one. On balancing accounts at the end of 1902 I discovered the business was insolvent, and at once informed my brother of the state of affairs, m the hope that .lie would afford aid to enable me to wind up without loss to any creditor. This he refused, advising me to state the case to Messrs Briscoe McNeil and .Co., the largest creditors. I did this, asking help. This was refused, and after a short interval I received a. wire demanding that I should at once file my schedule m bankruptcy. In the meantime a secured creditor put a man m possession, thus closing the concern and making bankruptcy inevitable. I attribute my failure to not having .sufficient capital, to having been obliged to pay off the cost of the plant at too short a period, to the expense and loss of time and trade consequent on two removals to fresh business premises, to the fact that m Gisborne there exists more establishments m my trade, than is needed, and these being wealthy conccnw and well established makes it extremely difficult for an outsider to get a footing, and fit the end to the presence of a bailiff m my shop,, and the pressure from without compelling me to file at once."