MEETING OF CREDITORS

Southland Times, Issue 21627, 12 February 1932, Page 6

MEETING OF CREDITORS

PICTURE THEATRE VENTURE. A. D. CRAWFORD’S ESTATE. A meeting of creditors in the bankrupt estate of A. D. Crawford was held in the Gore Magistrate’s Court yesterday afternoon, five creditors being represented. Bankrupt’s statement of assets and liabilities showed amounts owing to unsecured creditors totalling £1603 6/7 and to secured creditors £75 18/3. His assets were nil. The amounts owing to unsecured creditors were as follow:—Film Exchanges Association £448 8/9; C. and W. Hayward and Co, Dunedin, £lB5 19/9; William Stevenson, Invercargill, £220; Gore Publishing Co., Ltd, £172 1/8; R. Allison, Gore, £209 8/3; H. Johnstone, Gore, £170; H. a'nd J. Smith, Gore, £3O 7/10; Stevenson Bros. £l4 13/3; Southland Electric Power Board, £ll 16/9; Steel Bros., Gore, £9; Dominion Electric Co., £lO6 5/3; T. L. Piller, Gore, £9 8/-; W. Cox, Gore, £2 9/8; United Trading Co., £8 4/11; W. T. Matheson and Co., £2 7/4. The only' secured creditor was the estate of Agnes Gibson Bannerman, the amount being £75 18/3. In his sworn statement bankrupt said: — “I commenced business screening moving pictures in the Town Hall, Gore, in 1918 showing on three nights a week. My capital at that time amounted to £l5O which I put into a portable picture plant. A fortnight after commencing business the influenza epidemic broke out and the theatre was closed by the authorities for a period of six weeks—part of the Town Hall being used by the local authority for fumigation purposes. I carried on in the Town Hall for two and a-half years when owing to the fact of the Gore School being burnt down and the Town Hall being required as a temporary school I was obliged to move into ' the Theatre Royal where I remained for six months. During the w'hole of this period of three years I carried on iny’ occupation as a carpenter and for the last two years of the same period I showed pictures in the Horticultural Hall in Mataura on one night a week. In 1921 I leased the Princess Theatre from Mr William Stevenson at a rental of £lO per week which was subsequently, in September 1928, increased to £ll per week as improved seating accommodation had been provided. I continued screening silent pictures in the Princess Theatre until July 1930. Six weeks prior to this last mentioned date another theatre had , commenced operations in the town and was showing talking pictures while I continued to show silent pictures. This was a losing proposition for me and eventually Mr Stevenson decided to remodel the Princess Theatre and allow me to instal a talkie plant. While the alterations were being made the theatre was closed down for a period of two months during which time I was without any income and was at the same time losing my connection with picture patrons. I commenced showing talking pictures in September 1930. My weekly expenses at this time were as follows: —Rent of theatre £l3 10/-; hire of talkie plant, £l7; hire of films approximately £4O; lighting £2; wages £l5, including £5 which I drew’ for my own personal and household expenses a total of £B7 10/-. My receipts at the same time averaged £7l per week. As time went on I was on account of the heavy overhead expenses gradually going back and after putting the position before my landlord, Mr Stevenson, he, in January 1931 reduced the rent to £lO per week and also found £lBO to reduce amounts owing to Film Exchanges and to provide a progress payment due on new projectors. As I found myself unable to keep up regular payments to the t Western Electric Company and to the Film Exchanges the latter body in June pooled my outstanding debts to them amounting to £285 5/9 and reduced future film hires by one-third. Things, however, did not improve and on account of the general depression people were not patronizing the pictures to the same extent as formerly and my position grew’ steadily worse. In September 1931 the Film Exchanges withheld supplies of further films and I was unable to carry on whereupon the landlord to protect his interests entered into possession of the theatre. I attribute my failure to insufficiency of capital, competition in the same line of business in the town, heavy overhead charges and reduced takings due to the general economic depression.” No questions were asked by creditors and the meeting was adjourned.