TAILORS BANKRUPT.

Sun (Christchurch), Volume III, Issue 699, 8 May 1916, Page 11

TAILORS BANKRUPT.

MEETING OF CREDITORS. A meeting of the creditors of Fred. Rowe and Thomas Henry Rowe, trading together as tailors at 625 Colombo Street, Christehur-ch, as Rowe Bros., was held by the Official Assignee this afternoon. The bankrupts, in their statement, said that they started in business about 14 years ago with a capital of £IOO, each partner contributing £SO. About two years ago trade commenced to decline. In June, 1915, a fire occurred in their premises, and stock to the value of £l2O was destroyed. The insurance payments amounted to £73. Their difficulties increased in December last, when business was bad, but the creditors were not informed of the position until April, as it was hoped to recover the leeway on the Easter trade. Owing to the abnormal conditions and small profit on stock, their optimism was not justified, and they immediately filed their schedule. The attributable causes of the failure were (a) cost of material, (b) loss of customers through the war, and (c) bad debts. The allegation by the creditors at a private meeting that £SO of stock had been purchased in April was incorrect. Neither possessed private means. Since Christmas each had drawn £2 13/- a week out of the business. Both were married men, Fred. Rowe having two children, of seven and four and a half years respectively, and Thomas Henry Rowe a daughter of 17 years, partly dependent on him. The largest amounts due to unsecured creditors were:—Ross and Glendinning £SO 1/5, Sargood, Son, and Ewen £4l 8/11, Kaiapoi Woollen Company £39 7/9, Bing, Harris, and Co. £24 12/5, A. E. Ackroyd £l6 15/4, Philip Wilson and Co. (Wellington) £6 2/9, and T. Whitmore £5 10/-. The total unsecured debts were £213 15/6. A. J. White, Ltd., also had a preferential claim for rent amounting to £36. The stock-in-trade and fittings were estimated to produce £BS 11/-, the total deficiency being £l2B 4/6. The opinion was expressed by several of the creditors that the failure had been caused by misfortune, and it was decided to leave the estate in the hands of the Official Assignee to wind up. No opposition would be made by the creditors to an early discharge.