IN BANKRUPTCY.
ESTATE OF E. J. MANSFIELD, FRUITERER. A meeting of creditors in the estate of Edwin James Mansfield, fruiterer, was held 'in the Official Assignee's office yesterday morning. The bankrupt stated that he. was a married man .with'a young family, and had been in business for six years as a ■ fruiterer and confectioner. He commenced business on a borrowed sum of i £300. For/ about eighteen months business was brisk, and then he started to get behind with tho heavy interest and payments on a house. His average weekly takings were about £25 to £30, of which he estimated £7 as clear profit, and his weekly expenses were £10, which included about £2 10s to £3 per week for himself. He did not bank all the moneys received, but kept a rough cash book. Ho had not at any time drawn from ihe business more than £3 per week for the maintenance of his family. He attributed his bankruptcy to lack of capital, poor takings consequent upon' competition with street hawkefrs, and the Saturday closing, which ho considered had a bad effect upon the small retailer. There was a security over his furniture, fittings and stock, and a second mortgage over his house, there being a first mortgage of £490. The- Government valuation on the freehold property he thought was £650. He had no trade, and would have to depend upon casual labour for a livelihood. The Official Assignee suggested that one of the creditors should buy the business, as it was perfectly satisfactory, of old standing, and had good prospects. The bankrupt thought he could find a private buyer. It was decided that tho business be left in the hands of the.Official Assignee, to arrange a private sale, and if the could not be effected to sell the business by auction. The principal unsecured creditors are: G. Kirby £108 12s, Christchurch City Council £32 Is. Mrs Sheppard £15, Dr. Orchard £34 12s, J. Patterson £51, Jamieson and Anderson £47.
The'assets are stated at £259 15s 6d, and the liabilities £438 15s.
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Press, Volume L, Issue 14975, 23 May 1914, Page 2
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343IN BANKRUPTCY. Press, Volume L, Issue 14975, 23 May 1914, Page 2
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