FAILURE AT PALMERSTON NORTH.

Wanganui Chronicle, Volume LX, Issue 16824, 27 November 1916, Page 4

FAILURE AT PALMERSTON NORTH.

ARAMOHO BUSINESS MAN'S VENTURE/

In connection with the bankruptcy of James Henley, cycle importer, the bankrupt's liabilities are set down at£477 Is 7d, and assets at £317 7s 3d, leaving a deficiency of £159 14s 4d. The banlirupt's statement is as follows: — "I started business as a cycle importer and boot retailer at Arai^iho in October 1913. I had a capital or £150 cash. Business was good in b,oth branches until August iyis, when it began to be seriously aifected by the war. In February last it had declined to such an extent that I had to try some other ineaiis as an additional effort to keep going ,and started to hawk drapery round the outskirts of Wanganui. While so engaged, I heard from some wholesale with whom I had done business that there was a good opening in the cycle business at Palmerston North. I came to Palmerston North, and finally, concluded to take over the business • and | stock-in-trade of TVIr. George vSkinner at £136, of which sum I paid £50 in cash and the balance was arranged to be paid by instalments, all of which have been paid. Atter arranging to take over the business in Palmerston North, I told out my stock ,of boots at Aramoho to ■Mr. Luxford for £48, and kept on the cycle part of the business in the hope that I might be able, to dispose of the lease advantagequsly, and Lhat the business in the meantime wornd pay working expenses. In September last, not having been able to sell the -lease at Aramoho, and the business rut paying working expenses, I closed' ,ip business there and brought the remainder of the stock to Palmers .on Norh. The Palmerston North business has been a complete failure. Tt has never paid. When I found that I could not make the business pay I tried to get up a picture show to v'sit the-smaller centres. -With this end ;n view I borrowed £30 from my wife, and sent £27 of it to Sydney for .a-bio-graph and a lighting outfit. When it arrived and was unpacked, it w*s .toiind to be out of working condition and I could not do anything with it Before taking over the Pahnerst-.n North business 1 told most of my Wanganui and Wellington credi lor.s that usiness had not been good and that I hoped to recover my position -by taking over the Pahnerston North business. I also told them again before Closing the Aramoho business that things had not turned out as expected. I bad no trouble from any creditor until about three months ago when an Auckland creditor sued for the amount of his account., When further action was taken, I filed."