A TE KOPURU BANKRUPTCY.

Auckland Star, Volume XXXVI, Issue 45, 22 February 1905, Page 6

A TE KOPURU BANKRUPTCY.

A meeting of creditors in the estate of Herman Ruppa, storekeeper of Te Kopuru, was held at the Official Assignee's office yesterday afternoon. Mr E. Gerard presided, Mr J. C. Martin appeared for some of the creators, Mr T. Cotter for Messrs Liehtenstein, Arnoldson and Co., and Mr Singer for the bankrupt.

_ The chairman stated thaf the liabilities were £769, and the stock was valued at £441 18/5. There were £55 in book debts. It was resolved to dispose of the stock by tender. Bankrupt on oath said he came to New Zealand from America in 1903, leaving a. wife and family,' whom he had supported ever since. He sent £10 every three weeks, from the takings of the business. He received financial help on starting business in the colony to the extent of £200 from Messrs Laehtenstein and Amoldson (the latter of whom was his brother-in-law). He got goods on account from Auckland warehouses, some of the goods being bought for him in the above firm's name.

To Mr Martin: Mr Arnoldson saw witness in America, where he was not doing well, and it was arranged he should come out to New Zealand. When he arrived, he consulted Mr Lichtenstein about commencing business as a gum buyer, the result being that he was helped with a loan to start at Te Kopuru. The arrangement was that Ruppa should send his gum to Mr Lichtenstein, who would give him the best price for it, and also let him have money for gum when he wanted it, though no arrangement was made about payment for the goods or to the extent of the loan. Bankrupt applied to Liechtenstein and Arnolrlson for£so about a week after he went to Te Kopuru, and some weeks later they sent the second sum. £150. Being unable to meet bills some time after, bankrupt came to town, and Mr. Lichtenstein put some money in the bank for him, and again later on gave him cash to settle his bills, thoug-h the last time bankrupt had some difficulty in getting the money. He had agreed to pay interest for the money lent him. Bankrupt did not think he was insolvent, but thought he was making money. He had never been in the col-> ony before, or in fact in any description of business. He was engaged in labouring work when in America.

Mr Gerard said it was a most extraordinary thing for a man from a foreign country, and one who had never been in business before, to come here and develop into a gum merchant.

The meeting was, at this stage, adjourned sine die.