SHORT OF CASH

Southland Times, Issue 19277, 23 June 1924, Page 6

SHORT OF CASH

AGENT GOES BANKRUPT. EX-INVERCARGILLITE’S AFFAIRS. (Special to the Times.) CHRISTCHURCH, June 20. A meeting of creditors in the bankrupt estate of Stanley Archibald Hall, salesman of Christchurch, was held to-day, the Of ficial Assignee, Mr A. W. Watters, presiding. Bankrupt in his written statement said that early in June 1922, he had severed his connection with Messrs D. W. McKay Ltd., Invercargill, and had started out in business in that town on his own account. He had £125 available at the time, besides his household furniture. Before he starter! business on his own account he owed about £7O in Invercargill, but had paid this off before commencing his own business. Dif ficulty had been experienced in securing suitable premises, and when these had finally become available, bankrupt had hud to spend £6O in renovations, etc. He had commenced business in October and was hard pressed for money, but had hoped for the support of the fruitgrowers in regard to the charge for fruit containers. Bank nipt had done his best to carry on but was losing all the time. He had held weeklysales at Otautau, but these had also proved a failure.

On arriving in Christchurch about a year ago he had had to pay for board and residence for his family. He had found a position with Tonks and Morton at a salary of £2 a week with a commission on sales, and he considered he would be able to clear off his liabilities within the ensuing twelve months. The total amount which had so far been found as owing to unsecured creditors was £199 Os 4d, the Official Assignee intimating, however, that a number of creditors had yet to prove their claims. There were no assets. Hall stated at the meeting that he hail sold his house before he left Invercargill, but he had received nothing as a result of the sale, because the dwelling was fully mortgaged. He explained that he had left some of the books of his business at Invercargill, but the remainder were available and were in Christchurch. He stated that he had not kept a trust account. When he hail commenced business he had intimated his intention of charging for fruit containers. This course had raised the opposition of the Invercargill Fruitgrowers Association, and the secretary of that body had protested to him about his proposed attitude on this subject. When he commenced business he really possessed nothing, as the £125 mentioned in his written statement was used up. The Official Assignee: You know it is a dangerous thing to commence business without capital. To Mr Brassington: Bankrupt said he was in debt about £5O when he opened up business in Invercargill. He admitted that he had brought 500 goldmining shares at 2s each about three months ago. These shares he had subsequently sold at a slight profit, and had had to use the money for household expenses, paying off some of his debts, etc. He had sold 200 of the shares at ss, 200 at 2s 6d, 40 at 3s and 50 at 4s. He had actually arranged to sell 200 of the shares at 5s before he had bought the 500. He knew, however, that he could obtain the 500 shares without any difficulty. Since he had arrived in Christchurch he had earned £240 13s 9d in commission from Tonks, Norton and Co., but was at the present time £23 5s 6d on the wrong side of this firm’s ledger. However, this sum would soon be cleared off.

The meeting was adjourned sine die, no resolution, having been passed.