A PETROL STATION

Evening Post, Volume CXIV, Issue 91, 14 October 1932, Page 10

A PETROL STATION

FAILURE TO PAY

DEPRESSION AND PRICE-

CUTTING

A petrol' station proprietor, Cyril Herbert Preston, faced a meeting of hi» creditors to-day at tha office of tha Official. Assignee, Mr. S. ■Tansley. His total, debts were returned. at £2371, with a- deficiency in the estate of £1608. The principal creditors.in the estate were his mother, to whom he owed £1000, and the five major oil com-, panics, to whom he owed sums ranging from £250 to £100. Mr. B. li. Mac* alister appeared for the bankrupt. I In his statement the bankrupt said that he commenced business abont five years ago as a petrol station proprietor in Bay road, Kilbirnie. For this purpose he obtained a loan of £1000 from his mother. !For two years he was. able to conduct the business at a. profit, but since then there had been a. loss. This loss was due to a drop in turnover caused by the depression, and to price-cutting between petrol vendors. The bankrupt said that he had: offered the oil companies 5s in the £1, but'they had endeavoured to get him, to offer 10s, which he could not do. As his relatives wer| unable and unwilling to assist him further, and as he was being* pressed by the oil companies, he had no option but to file.

The meeting was adjourned for ,a week so that the question of a. lease might be considered. In the meantime tenders for. the stock will be called for. " •

A motion was carried recommending that the bankrupt's discharge be facilitated, several creditors remarking that had they accepted the bankrupt's offer of 5s in the £1 when originally made they would have been far better off than they were now. Tribute was also paid to the thorough way in. which tho bankrupt had kept his books.