TOO MUCH COMPETITION

Sun (Auckland), Volume III, Issue 641, 18 April 1929, Page 10

TOO MUCH COMPETITION

BANKRUPT SADDLER BLAMES MOTOR-CARS CREDITORS SYMPATHISE Competition from motor-cars and lack of capital to carry on his business as a saddler were the causes ascribed by John Dempsey to liis financial failDempsey met his creditors in the office of the official assignee this morning, his schedule showing debts totalling £7,770 and assets estimated at £7.844, giving an estimated surplus of £76. Bankrupt said that he opened a saddlery business in Dargaville in 1910. For a few years lie did very well, but the growing number of motor-cars on the roads made business difficult. Then his shop was condemned by the Government and he was compelled to buy the freehold and erect new buildings at a cost of £2,300. He considered that his failure was due to lack of capital. He had never gambled in his life and was almost a total abstainer. It appeared during the discussion that followed that bankrupt had been forced to file by the action of one of his major creditors. Several of the creditors sympathised with him and the official assignee remarked that his books were among the best kept and most complete that he had seen for Bankrupt’s house and shop were said to be worth approximately £6.000 and it was agreed that these should be put up to auction while the stock would be dealt with by a committee of creditors.