A MIDHIRST GROCERY.

Stratford Evening Post, Volume XXIX, Issue 124, 18 July 1911, Page 7

A MIDHIRST GROCERY.

j BANKRUPTCY PiIOCEEDi X(iS. j A QUESTION OF J'AIITN iOUSH! P j j | j An .id.ioin 11c I mooting; of <s < ■;i! i i IV the estate of Kims Frederick F;\;n----i I n, jyrcccr, .Uid'ii.st, v, an licitl nt tin: th'ice of the I.Vpircy Official Assignee I (Air A. Coleman) yesterday afternoon. Too total lin!jililies were shown an | X O'J 2d. Tiro •amount mvlic' to j a -'imated value <■{ sen;; dies in-ley; | c I DO, leaving a dohii of £ IAI Kin. A Ik- | -neonrod creditors totalled CS ; I Pis | 2d. Tiw assets were set out as folia .vs : Stock-in-haulo £IOO, -lym?; I •Jo its (£2’)o) csti.naled to produce I £fit), furniture £id. horse, coni and j harness £OB, property (sectinn) £.5, I let it COOS. Tnis leaves a deficiency I t ,r jc; j ![ s I The list of unsecured creditors in fellows; Clod: am I Co. (Now Ply•i moaiiii) £l2O, F. Huso (Afidhirst) £23, Burgess, Fraser and Co. (New Plymouth) £B2 os 3d, Hatrick and

1 - ■-■• \ >.. u ~ h;i; ■■.. /i , \. oil) I til l.Li.mhirst) £2B, L. D. Nation and -Co. (New Plymouth) £22 10s lid, Dr. C<rbcry (Stratford) £lO 10r., Midhivr" Dairy Factory Co. .'.'-3 [,2s. Youiu Hobbs and Co. (Sb n Lfo: •:!) CO. The Secured ercdifais were: Tara naki Land and Building Soocty (Nc, Plymouth) £2-5, F. Huso (Alidhirst £221. The cecmrity (two sections a I alidiiirst) was valu* d ai £IOO. Thy bankrupt made the Follow iu; I siat jiiieat: About two years ago 'crAi over the gro< cry business al Midhirst from Askew Keightley. wa,s then solvent. My liabilities amounted to about £lO. I owned ; xttago and three sec Lions at Midhirst valued at about £llO. Then wis £25 still to be paid to the Tarnuaki Building Society. I put no capital of my own into the business. E. F. Huso (.hd the financing. He paid £BO for tho goodwill, about £BO for stock and expended about £64 in purchasing cart, borso and harness and • other tilings, our airangomeut '■>■ rig that I was to manage the business and he was to take no active interest in tho business, but was to share the profits equally with mo at the end of each year. There was nothing in 'writing. I had about seven years' previous experience in tho grocery line Avitj Mr Parkinson. I was to receive '■:.:>. per week for managing the business. J. engaged a bookkeeper and paid him £2 per week. I'he hist three months things went smoothly. After about; sir. months [ found 1 had bad debts on the books amounting to about £3O. Huso became dissatisfied with the business. f!e said tile money was not coming in quick enough. He suggested that ! should take over the business my-

s:lf and give him security For about £22-1 which ho had paid out in eon•..'Ctioii with Llio business. I agreed to this proposal.; I gave him -,, mort;::;ago over the cottage and sections as security. f (hen commenced to aarry on the business myself. Ft was not a success. Tilings have gradually got worse. I found I had t'i give :i lot of credit and had great difficulty in getting in money. I iJso had bad debts on my books and iVrand if, impossible to pay my bills in che i'.-'guh'ir course of business and so loot discounts. I had to carry on "; means of bills most of the time. [ was greatly handicapped 11)rough nob having nay capital behind me. I had to pay wages most of the time it £2 per week. 1 also had to pay .•eat at 7s Gil rcv week, besides inter-

st to ansa at ■"> per cent and inter .:st to the Taranairi Building Sociotj amounting to- 10s IDd per month. I 'v:-; aJsi> handicapped through nol Living a proper knowledge of buyi had no previous experience of it. In certain cases 1 paid to, much for stock I purchased. J nlsc stock which proved unsalethlc. In other cases i bought too I irueh of ou.o linu of goods and found

I ;,i eat difficulty in sailing it. About tour months ago Levin and Co. pres-:-d me, for their account for stock. ! Had no money, and had to borrow ': :m Huse. I also lost part of my iiSuora about lour months ago hough Kiiuil"; booking broad at (kl "'' loaf. J sold bread at 7d per '-.:i'. ~\",v business lias declined dur"lndlay bought out Parkinson's busi-'•"-■3. I attribute my insolvency to '.J.ving tju inucli credit, eornjxdition, id debs and inability to get in my >acounls, in consequence of which i onld not pay my bills in time and i lost the benefit of discounts; also -• i being handicapped through having : bad l:no»v]--dgo of buying and no At the iii:-1 snooting of creditors on June 6th Air K. S. Johns (Cock and Jo.) was appointed supervisor to act .villi tiio D.'O.A. i" the management •-."A realisation of the estate. it vas also decided that the meeting *e adjourned to enable af; Buse to make an of!\ r for the busin; ss as a vimp, concern, no ars: ts l > be renlis ■d iii the meantime. At yesterday's mooting there wore iolil'S (Cook alld Co.), !'::i::-7 Ciiiw-' ioss. I'l-asej' and Co.), T. C. IA.-okos, ;; C. k>ay (L. D. Nathan and Co.), i.-d Bookman (Hatrick and Co.) Mr Stanford a!>j)i a red f'oi bankruivi u'/l Sir And-rsoM for s!i Hose. "nd liarnos: bad been '.old for VII 10. v and had bad an olfor o! C 7 for j the eai t which had bt-cn n I'us -d. ! [iankrupi valued i he bot;••■-, eat'; a id i seem as if b<- had ovei -\ ah:cd bis j Mr Anderson'said his client bad no oiler to make as to taking ore: the business. The Assignee said in that case the nexi business was to decide on the in answer to -i or- tlitor IS'sr Ander)si sair! Mr FTuse bad nothing to do I :.ith tl.f business. ! Ml' Fraser said the present was

not the iiine to gc into the questiot of partnership. tint the creditors wo irk not admit him as ) m-urnd ercditm .Mr Anderson said Air Muse wouk press iii.s claim. AI r Stanioi d said the previous meeting had boon adjourned to tor aide Air rinse to maim an efi'er, noi to enable iii.’n to consider the matter Me Anderson said too position non was that Mr .Huso would not make an oiler. The Assignee said it did not seem necessary to diseases rise m .. ter tn;timr nfc present. lie thought lie should lake legal advice, on tqimstion ol pai tiioi snip and act acocrJingiy. Persrmajly he saw grave gionnds against Air Huso being adintted as a f.eeui'ed creditor. Air Fraser said ho had seen many eases on ail forms with wu, presen and lie l objected to Air ‘.wise being put in as a secured creditor. Mr Join is said in- had always dealt with-bankrupt, on the assumption that Huse had put his money into the business as a partner. The meeting was adjourned sine die.