COMPETITION AND THE SLUMP BLAMED.

Star (Christchurch), Issue 19201, 15 October 1930, Page 2

COMPETITION AND THE SLUMP BLAMED.

BANKRUPT BOX-MAKER MEETS HIS CREDITORS.

Keen competition and the genera! depression, together with lack of an efficient plant, were the reasons given by George Frederick White, a boxmaker, of 463, Tuam Street, as the cause of his bankruptcy, at a meeting of his creditors this morning. The Official Assignee (Mr J. H. Robertson) presided. Bankrupt, in his statement, said that in February, 1926, he started business as a cardboard box manufacturer with a capital of £4O. For the first few months, the business was conducted tinder his wife’s name. At first he had had only one machine, but after eighteen months he installed a more up-to-date plant costing £2OO. Till the middle of 1925, the business paid, but after that ne had to go to Messrs Simms and Sons, who had rendered him considerable assistance. That firm guaranteed a bank overdraft of £lls in consideration of obtaining a security over the additional plant. The first plant was hired from Simms and Sons. From the beginning of 1929. his business went back. He carried on in the hope that he would be able to recuperate his losses to some extent. His wife also worked in the business, and from time to time they employed two girls. Simms and Sons were the principal creditors, to whom £460.6s 7d was owing, £196 9s lOd of which was unsecured. Liabilities to unsecured creditors amounted to £213 13s 4<h Bankrupt’s assets amounted to £9O. The estate was left in the hands of the assignee.