"BAP BUYING."

Star (Christchurch), Issue 11216, 23 October 1914, Page 5

"BAP BUYING."

BUTCHER BANKRUPT. CREDITORS' MEETING LAPSES. A meeting of creditors in the estate j til .Tames Edward Fort, butchor, Hijih Street, was to havo been iielcl this morning in tho Official Assignee s rooms, lnit lapsed for want_ ol a quorum, the Now Zealand farmers 00-oporativo Association, 0110 or the ihreo unsecured creditors, not being represented. ' Bankrupt, in his sworn statement, said that he was a married man with a family of two. Ho had been in business as a butcher for about thirteen years, and during the last threo and a half years had carried on a business in Lower High Street under tbe style of Sutton Forest Meat Company. He did not believe that he had . been capable of paying 20s in the pound since he first went into business, as he .started on borrowed money. He had been struggling 011 _ for years, going from bad to worse, til] one of his creditors levied a distress warrant on his shop, and he was then incapable of carrying on any longer. He had kept no proper record of his trade except a rough memorandum book. and a cheque book. He did not bank everything he received, but paid accounts in cash as cash was available. At times he had taken up to £4O per week, but recently his receipts had dropped down to as low as £l2. Ho estimated his weekly expenses at £6, including rent and wages to himself and son. It was impossible for hirn to say what profit (if any) ho had ever made. The accounts due by liim were for stock, rent and money borrowed. He did not consider he had lived extravagantly, and ho attributed his bankruptcy to bad buying, want of capital and strong competition. He had set down all his assets in his schedules, and he bad no prosoective benefits from any source. The assets ho uossessed were not over-estimated. Bankrupt further stated that he filed with money belonging to his creditoi's. He had been bankrupt onco before, sixteen years ago. The unsecured creditors were:—New Zealand Farmers' Co-operative Association. £BS: H. Matson and Co.'. £26 lis ' 3d; and E. W. Hall (herbalist), £149, making a total of £260 lis 3d. The assets amounted to' £2B. made tip of furniture £2O and stock in trade £S. There was a deficiency of £232 lis 3d.