BANKRUPT SAWMILLER

Waikato Times, Volume 125, Issue 20952, 3 November 1939, Page 3

BANKRUPT SAWMILLER

£295 DEFICIENCY POOR MACHINERY, NO CAPITAL With assets amounting to £BO and total debts amounting to £375, leaving a deficiency of £295, William Samuel Walker, a bankrupt sawmiller, of National Park, was called before a meeting of his creditors, in Hamilton, yesterday afternoon. The meeting lapsed for want of a quorum. In his statement, Walker said he purchased a mill and cutting rights for £350 in September, 1938. He arranged an advance of £SOO. Transfer difficulties over the title to the land resulted in a delay in commencing business, and trouble was experienced at different times with the machinery at the mill. Then an injury led to Walker stopping cutting in March last. Up till that time he had received £266 for timber, his total expenditure having been £904. Walker attributed his failure to the state of the plant, which was far worse than he expected, to the injury he received and to his lack of capital.