FRANK IN BUSINESS

Sun (Auckland), Volume III, Issue 675, 29 May 1929, Page 9

FRANK IN BUSINESS

FAILURE OF CITY BAKER CREDITORS’ SYMPATHY Considered by his creditors and the deputy official assignee, Mr. V. R. Crowliurst, to have been frank in his business dealings, W. G. Prinn, bankrupt baker, of Hobson Street, had no resolution passed regarding his conduct this morning. Mr. Crowliurst took it simply as the feeling of the meeting that P.rinn had been largely, the victim of opposition and trade depression. One creditor said that he would have no objection if Prinn restarted business.

Creditors suggested several ways for the disposal of the several premises conducted in the city by Prinn, but a 'committee was appointed to go into the question. The deficiency in Prinn's finances was £1,214 18s 2d. His total debts were £2,457 Bs, and his assets £1,242 9s lOd. Prinn said that he came from Taumarunui about seven years ago. About a year later he began business in Queen Street. paying £6OO for the shop and fittings. Later he had to get premises in Hobson Street, paying £1,060 to enter. Of this, £4OO was paid in cash and the bill of sale for the balance was eventually paid off. In buying the business he had an agreement with a wholesale firm, under which he bound himself no: to bake bread in Auckland. “I realise how foolish I was to sign this agreement,” he said. “It was one of the causes of my trouble.” He said he was confined to small goods, and lofet his bread trade.

Opposition then worried him, and. to counteract this he took premises in Karangahape Road and Symands Street. Trade depression affected him further. He removed the Karangahape shop to Quay Street. He called, his creditors together, considering that it was his duty to carry on only with their consent. His health had also suffered because of the long hours of work.