BANKRUPTCY.

Colonist, Volume XXXVII, Issue 8065, 9 October 1894, Page 2

BANKRUPTCY.

A meeting of the creditors of James Graham, paintar, was held yesterday afternoon, when Meßsrs Cock & Co., Messrs Healy & Eon, 6nd Mr J. P. Cooko we.-c represented, and the traveller of Messrs Smith & Fmith wa toned the proceedings. Mr A. A. Scaife, the Deputy Offioia! Assignee, presided, Mr Fell appealing for bankrnpr. The Chairman said he bad looked into tbe est tte. Tbe stock and book debt 3 had been fairly va'oed. The furni ure was worth about £35 more. The property bad ooet £1,200, but whether it would sell for £1,000 was another question, bonsidering tbe state of the market for properties. There was ye y great sympathy with the bankrupt, and all were sorry to see him in his present position.

Mr Fell agreed with Mr Soaife that all felt sincere sympathy with Mr Graham, who was a sober, steaiy, and hardworking man. The keen competition in bia trade, the dullness of tbe same, and the fall in the value of tha property in which Mr Graham had put his savings, were the causes L r bankrupt's position. Mr Graham had committed no imprudence, but bad lived hardly, and wo; kad harder to maintain hia famUy. His ease was one of sheer misfortune, and no one was io blame.

Bankrupt, sworn, stated : I have been 17 years in business, and previously worked as a journeyman. I have lived in Nelson 49 years. I bad a li tie over £300 when I started business. I leased premises in Trafalgar -and Bridge streets prior to building for myself. I bad my present premises built about nine years ago, and (he building cost me, roughly, £400. I pot most of my then capital info the building. There was a mortgage of £500 on the land. I built the second shop two sears after, and let it to Mr Stannard for 18s per week. That building cost me about £260. Ihe whole property cost me about £1,200. Mr Stannard was my teDant for two or two and a-balf years, when he lott bi3 Wife, and left Ne'son It was quite IS months before tbe shop was let again ; wben it was let for three mooths tit 153 per week. It was then empty again for seven or eight monha. It is now let for 12s per week. Each time it was let I had to alter the fittings to suit the businesses of the different tenants. I had an unexpired lease of Mrs Wat era's properky, for which I had to pay £1 a week, and it was empty for 15 montos, then was let for 12s 6d per week for the other nine months of my term of the lease. My trade losses for tbe past eight years amounted to between £50 and £60, and in addition I lost £20 on the Scotch Church job. Last winter I was doing next to nothing at my trade. Two of my sons worked with me, and lived at home uotil recently, when one got married. They did not get wages, only receiving a few shillings when I could spare them. One son is of age, and the other 18. We are niae in famiy, and the youngest is seven years old, With the exception of Messrs Smith and 1 Smith's account, the others are current balances of running accounts. The former account has never ben reduced. Of Messrs Pitt & Moore's account, £56 is for interest. The account with the Building Society was taken up to try and reduce the amount borrowed on the property. I bad to cease making the payments, Bnd the £14 or £15 of that account belongs to Mrs Wilkie. The guarantee to the Colonial Bank was given by my brother John Lr £60. My average weekly household exptnses amount to between £2 5s and £2 10s per week. The causeß for my bankruptcy are having the premises so long empty ; the state of my trade, jobs being taken at prices not much more than covering material ; and the scarcity of work. I wi-h my estate to be taken right off my hands. The state of trade is so bad that I feel I cannot make an offer to my creditors.

Mr Scaife thought the fall in the value of property was quite sufficient to account for bankrupt's position. Mr Gooke expressed great sympathy with tha bankrupt. He would like to know if Mr Graham could net make an offer. Mr Fell said the bankrupt working as a journeyman, with hia family to keep, could not wail make an offer, particularly considering the state of his trade. Mr Graham felt he could not make an off r. He would not have a shop again. He would have to try and make a living as a journey ir an. '

"Mr Healy proposed that tbe estate be wound up, and that the bankrupt be allowed to retain his furniture. Seconded by Mr Bettany, and carried unanimously. MrCooke proposed, and Mr Healy seconded, that the bankiupt be recommended for his immediate discharge. Carried unanimously. The binkrupt thanked the creditors for their kindness. His affairs had caused him months of mental agony, and he would never forget their kindness to him. The meeting then closed.