WONG HONG’S BANKRUPTCY.

Woodville Examiner, Volume XXV, Issue 4343, 11 May 1910, Page 2

WONG HONG’S BANKRUPTCY.

The fheeting* of creditors of Wong Hong, fruiterer of Woodyille, which .was to have been held at Dannevirke on Monday morn-i ing, lapsed for want of a quorum. QuingLee was the only creditor present. The bankrupt and his solicitor, Mr H. Barnett, were in attendance. The following statement was submitted to the Deputy Assignee : “ I came to Woodville six years ago and bought the business 1 have carried on for .£3BO. I had ho money, but You .Hee and other Chinamen lent me the amount named. I did well for the first three years, and in that time repaid £3OO out of the £3BO I had borrowed, and was able to send about £SO per year to China where I have a wife and two children. In the fourth year business fell away, and I could not pay anything of the amount borrowed, but sent about £3O to my wife. In the fifth year I sent about £l6 to my wife, but again could not pay anything off the amount borrowed. I was able to meet my trade bills up to the end of the fifth year. The falling off in business in the fourth year vyas caused, I think, chiefly by Messrs Mitchell, Griffith and Co., entering into the fruit trade. The further falling off in the sixth year was directly caused by another Chinaman starting in Woodville as a fruiterer. I have no money or property, and am sorry that I am quite unable to make any offer to my creditors. You Hee sued me about two months ago, and obtained judgment for £72 10s. The Phoenix Biscuit Company also sued me, and in March obtained judgment for £3B odd, so after consulting my creditors, through Mr Burnett, and at their request, I filed a petition in bankruptcy." A deficiency of £UO 2b 4d is shown, bankrupt’s indebtedness to unsecured creditors amounting to £213 18s 4d, and his assets totalling £lO3 16s. There are no secured creditors. The chief among those unsecured are: Bannatyne and Hunter, Wellington, £42 4s 4d ; Phoenix Biscuit Co, Dunedin, £BBIBs 6d; Hawke’s Bay Fruit Co., Hastings, £25 3s 6d ; You Hee, £72 10s. The Deputy Assignee remarked that the business had been conducted in such good order that he had had no trouble whatever in connection with the bankrupt’s affairs, No tenders were received for the purchase of the business, and the Deputy Assignee is now dealing with it privately. The value of the business, as shown by the stock sheets, is £162 5s Bd.