LABOURER’S BANKRUPTCY.

Star (Christchurch), Volume XLIV, Issue 191, 13 August 1931, Page 7

LABOURER’S BANKRUPTCY.

Meeting Adjourned to Kaikoura Next Week. A meeting of the creditors of William George Smith, labourer, of Waipapa Bay, Clarence Bridge, called for to-day, was adjourned to Kaikoura next week. Debts were shown to amount to £293 9s 3d, and assets to £l6, leaving a deficiency of £277 9s 3d. There was no quorum present. Mr Russell appeared for the bankrupt. In his statement, bankrupt set out that he was a Public Works exployee engaged on the Main Trunk line. He purchased eight and a-half acres m Hawthorne Road, Kaikoura, for £IOOO, in the boom period. He was doing well at the time, but later became indebted to a stock firm. He was further handicapped by family illness, and had to go out and work, having been engaged until two years ago on mustering and driving. When the slump came he was unable to find anything to do, but secured work on the railway last September. In the last sixteen months he had earned £137, and his wages for the last two months totalled £7 10s and £7 respectively. In view of the low wages, he was unable to pay off any accounts, and had to file. His only asset was a whare valued at £l3, apart from the real estate, which had a valuation of £825. What it would bring, however, would depend on how the mortgagees regarded it.