In Bankruptcy.

Feilding Star, Volume XIX, Issue 56, 3 September 1897, Page 2

In Bankruptcy.

A meeting of creditors in the bankrupt) estate of Jiis. Cohille. of Halcombe, was held in the Court House, Feilding, yesterday afternoon. The D.0.A., Mr' G. S. Scott, nnd the following creditors wero present: — Mr A. G. dirty, representing the debtor and A. "Williamson ; John Colville, representing himself (£" 18s) and G. Colville (jL'l 15s); J. McMillan, cf McMillan and Son (£9 2s 2d) ; J. (. (Jrubb (£2 9s 4d) ; W. Brown, for Scltindcrs and Co. (£32 19s 4d) : J. Trewin (£1 i»s 3d). The debtor was also present. The list of assets and liabilities was set down as follows in the debtor's statement ; -— Unsecured creditors, .£165 lfts lid. Assets— Stock-in-trade. .£ls ; book debts, ' .£10 ; machinery, plant, tools of trade, £100; furniture,' £20; total, JEISI. In his sworn statement debtor stated that he commenced business on February 11th, IH9.">. without capital except what ihe plant represented and which he ostiniated us being worth JEIOO. It was n good order. The stock with which he started included boots, shoes, leather, and grindery to the extent of about j£ll2 and | this he obtained from his mother, giving her four bills each of j£2B payable in periods of two months. His books being in the hands of the D.O.A. at the time of making this statement the following figures must be considered only as approximate, although he thought thoy would be borne out by his books. During the two .and a half years he had been in business his transactions had been as follows : — Total receipts from all sources, j£r>;s6 ; stock in hand, JEIS ; total, .£551 ; stock at commencement, £ 112 ; purchases, je-233, total, L 345; gross profit, L 206; wages, L4!J 10s ; rent, L 27 3s ; repairs, LI 7s, total, L72 ; net profit, Ll3 4s. Thus showing an approximate net profit for the two and a half years of Ll3O. This did not provide any remuneration for himself or for payment of current household expenses nor did it include cost of living for his employee who boarded with him for about eight months. His household expenses amounted to Ll #34. The immediate cause of his bankruptcy was pressure from Hannah and Co. and J. C. Grubb. He attributed his position to insufficiency of trade, keen competition, and divergence of trade to Feilding. His bad debts would not extend L6. In reply to questions debtor said the plant which he valued at 1,100 was given to him by his father in February, 1895, he paying nothing for it ; he took no wages out of the business and .and only what money he required for household expenses, j he hud no offer to make. John Colville made an ofl'er of L4O for the whole estate and which it was decided to accept. It was resolved that the debtor be i requested to make out a statement of all moneys expended since he started business.* On the recommendation it was agroed that the debtor's wife be allowed to retain the furniture. The meeting then adjourned.