CAPITAL £15!

Dominion, Volume 3, Issue 927, 21 September 1910, Page 8

CAPITAL £15!

P A HOTEL-KEEPER'S TROUBLES. ' For -want : 'o.f' tile' necessary quorum -the; meeting, of,.creditors, .'convened, by ■the',;Official-; Assignee uMr. A. Simpson). : for tho purpose... .of investigating - the affairs of . Francis ; James; '.'Morrisj ■ private -. hotel-keeper, : : of • Island'';; Bay,: lapsed,further proceedings being adjourned sine dio. ; ;';.;According .to a'; written; statement, supplied, by, the! bankrupt, his 'difficulties'were'traceable to starting in business with; insufficient ' capital.'.; In January last, 'under, arrangement,with . Mr; Hamilton Gilmer; ;ho took over - the old Island ■ Bay. Hotel as a . first-class house/-, a condition of the transaction, .being,the'-'bankrupt' stated,- that tho hotel .should be thoroughly, renovated and furnished:. • The. rental agreed upon was £5 weekly, but-possession'was, npt given till April .4,. .too late in the seaHe.had only £15 capital to start, with, 1 ; and; things gradually went' from bad to. worse.. There were no secured creditors. The principal/-.unsecured creditors were:— Hamilton Gilmer, Wellington, ;£106; Bartolo Russo, £-16 (about); W. Wylie, New'te™,; £20 .12s. ;Bd. The-, total amount owing to the ' unsecured; cred-, iters was £204 13s. '4d. The. assets totalled £28, making a deficiency in;. the estate of £176 15s. 4d. , V,