FRUITERER'S LOSSES

Evening Post, Volume CIX, Issue 45, 22 February 1930, Page 29

FRUITERER'S LOSSES

| KEEN COMPETITION

AND LACK OE CAPITAL

Lack of capital and keen competition were blamed by Alfred Felix Stevens, at the meeting of his creditors yesterday afternoon, for his failure in business as a fruiterer and greengrocer in Kilbiruie. A quorum was not present at the.meeting, but the bankrupt was. examined by the Official Assignee.

The total debts were shown as £196 7s, and the bankrupt said he had no assets. The principal unsecured creditors were: Bowie and Co., Wellington, £100; Slater and Co.. Hastings, £GO. ■ .. In his sworn statement the bankrupt, said he bought his business at 43, Coutts street, Kilbirnie, in September, 1927, for £240, paying £10 .town, .with the balance to be paid at the rate of £3 a week. His rent was £5 5s a week. When he opened the shop he had-two Chinese to compete against, but ho had a good run of luck. ' After being in business some months, he decided to purchase a motortruck with a view to cutting down carrying expenses, and so that he could get his goods earlier. His trade remained good until ho was faced with further competition from another Chinese, whose cutting of prices materially affected his sales. He became so worried that he tried to sell the business at any price, but he ■was unable to obtain a buyer. When his wife left him and went to work, for a man in the same line of business at Hataitai he suffered a further-setback. His takings dropped each week, and then his landlord took possession of the premises for the rent owing, £13 18s. The result was that he walked out with a few shillings. Bankrupt said his creditors had treated him very leniently. At present he was working for the City Council driving a milk cart, and he was earning £4 ltis a week. , In answer to the Official Assignee, bankrupt said that the £10 with which he started the business was all the capital he had. Out of the weekly wage he was now earning he had to pay £1 15s a week for board and £1 10s a week for the maintenance of his wife and child.

Mr. Tansley said it did not appear that Stevens could make an offer to his creditors.

The bankrupt said that as soon as he could get some money together he would be quite willing to do something for his creditors.

The meeting was adjourned sine die,