SLUMP BLAMED.

Press, Volume LXIII, Issue 19150, 5 November 1927, Page 27

SLUMP BLAMED.

TYRE AND RUBBER MERCHANT'S FAILURE. A meeting of the creditors of Walter Antil East, 275 Durham street, tyre and rubber merchant, was held yesterday morning, Mr A. W. Watters, Official Assignee, presiding. Debtor, in his sworn statement, blamied the prevalent depression in business for his bankruptcy. His statement also set out that in May, 1925, lie left the Tramway Board's employ, and started business as a shearingraaehine mechanic with £BO capital. At the end of a year he extended his business, including that of a tyre and rubber merchant, and cycle mechanic. His capital then was £4O. in addition to plant. His rent was £2 10s a week. Between May Bth, 1926, and October Ist, 1927, he drew £235 7s Id, and during that time he paid £Bl into his capital account. Ho was married and had four children. The debts, all unsecured, were set down at £974 5s 4d, and the assets ai £604 19s, leaving a deficiency of £369 6s 4d. The principal creditors were:— A. R, Blank, rent, £34 10s; British Textiles, Wellington, £l6 12s 9d; Combined buyers (Wellington), £55 7s 7d; John Chambers and Sons, £45 18s 3d; P. E. Clark and Co.. £22; Cvcle ana Motor Supplies, £46; "Ellesmere Guardian," £18; Hope Gibbons, £56 19s Bdj Levin and Co., Wellington, £34 6s lid; Lyttelton Times Company, £4O 8s; Maling and Co., £3O Is sd; Merchants' Supplies, £lB6 12s 2d; McWhannel and Spanjer, £l3 12s; New Zealand Farmers' Co-opera-tive Association, £33 12s 2d;'. New Zealand ' Loan and Mercantile Company, £ll4 12s 8d; Premier Tyre Store, £ll 2s; South Island Trading Company, £4O 14s 2d. Mr Watters said that the book debts stood at £l4O.

Bankrupt, in reply to Mr Wattcrs, said that in addition to £4O capital mentioned, the plant was worth about £IOO. Since lie started in business seventeen months ago, he had lost about £3OO, above £155 he had drawn as wages. He was declared a bankrupt about thirteen years ago, and was discharged. He read the notice of discharge in the papers. Mr Watters said that bankrupt had not been discharged. "Wlnat he read, probably, was,that the estate had been released. His deficiency at his previous bankruptcy was £259, and the estate paid a dividend of 7£ per cent. The estate was left in the Official Assignee's hands.