AN EXPENSIVE MOTOR BUS.

Dominion, Volume 3, Issue 816, 13 May 1910, Page 2

AN EXPENSIVE MOTOR BUS.

MEETING OF CEEDITOES,

A first meeting ' of' creditors in th» estate of David , Kossborough,' of^-Petone, motor proprietor, was to have been held before the Official Assignee 'yesterday, but lapsed lor want of a quorum. The amounts owing to unsecured creditors totalled ,£254-7s. Gd., and the asset*, amounted to JZ3SS, value of stpck-inl ' trade. The principal unsecured creditori wore: Wairarapa Farmers' Association, Masterton, ,£ll 10s.; Ewirigton, Master, ton, wheelwright, i:58; Stewart's Motor Works, Featherston, £12; Mrs. -Loasby, Greytown, .£ll9'7s. 7d.; Motor : Import Company, Christchurch, .£26 7s. lid.; T. Wagg, coachbuilder, .£l4 10s. There were* no secured creditors. • The debtor, in a written statement, explained that ho started business as a motor-coach proprietor in March, 1909, with a capital of .£2OO, which he in-. vested in a motor 'bus. He had thea. no liabilities whatever. The bus cost about _a>s, of which he paid £200 down in cash.i There was nothing owing on tho bus now. His present position wal due to the fact that his capital was. invested in a bad motoi bus, and he wal continually called upon to have it repaired, even having to put a new engine in it at heavy cost. Further, owing to depression in "Masterton, the bus could not be run. at a profit.. He bad a wife in bad health, and was at present working on the' wharf. When pressed by an creditors he filed his petition, the nlmg fee being found by a relative. He adopted this course so that one creditor should not have undue advantage over another.