IN BANKRUPTCY.

Gisborne Times, Volume XXV, Issue 2025, 9 March 1907, Page 4

IN BANKRUPTCY.

S. T. STANTON’S ESTATE. Tito following is the statement handed to tlio Deputy Assignee (Mr J. Colentitn) by Sydney Thomas Stanton: “I arrived ill Gisborne in August, 1905, with a capital of over £2OO. I started in business as tea-blondcr. I employed a canvasser at 30s a week and commission. After two months .1 took a shop in Peel street. Towards tho end of the year 1905 I fitted up part of tho shop as tea rooms, in order to advertise my tea. This experiment was a costly failure. Prom tlio beginning of 1900, I sublet half tho she]) to Mr Pcckovor. 1. ascertained my position on January 2nd, 1900, and found that I was £ll4 7s lid to the good. I had expected to go back somewhat while I was making my teas known. From tho boginning of the year I dispensed with my canvasser, and did that work myself. Husiness continued unsatisfactory. In February my son took ill, and died in March. I was anxious just after his death to settle up my affairs and leave the district, but just then there arrived a large quantity of crockery (costing mo £00) which I had indented six months before, and had tried to stop. I found it impossible to sell it. I held an auction sale for two days and only sold £7 worth, while the expenses wore £3 10s. About May, 1900, I rented a shop in Gladstone road, thinking the more prominent position would help my business. I had to give this up about the middle of July, as I was doing practically nothing there. In August I reviewed my position, and

found I was perfectly solvent, but I had realised by this time that I could not make my living off tea and crockery alone. I removed from my dwelling, lived for about six weeks at tho back of the shop, and then took a small house at 12s Gd a week. I had every ground at that time for bolieving that a general grocery business, in combination with my tea business would bo successful. Accordingly I fitted up my shop and stocked groceries. I employed a young man as canvasser for about two months. I was disappointed altogether in ' the results. Much of my stock was damaged owing to the dampness of the shop, and trado was never brisk. In November I wont to Wellington and explained my position to my creditors there. They acquiesced in my continuing : n trade, and I hoped things would improve. Towards tho end of December my largest creditor declined to let my account increase. I said that it would bo impossible to ■carry on, and I determined to realise on tho stock while I was still solvent. I had a possible chance at the beginning of January of disposing of my stock at a slight discount, but negotiations fell through. My business at this time was not paying the rent. I made out a balance-sheet at the beginning of January, and seemed (taking stock at cost) to bo solvent. I soon found I could not realise at a satisfactory figure, and that much of my stock was quite unsaleable. I then, on February sth, 1907, put my position before my creditors, and asked them to accept ten shillings in tho pound. Four, representing £ll7, accepted, but three, representing £32, declined, and insisted on my filing. I am sure my offer was the utmost my estate would have yielded. I attributed my failure, firstly, to insufficiency of capital to push my tea trade in face of the strong opposition of the local stores; secondly, to my personal ill-health, and to expenses of illness in my family. I have always paid 20s in the pound up till now, and it is a matter _ not only of regret, but also of surprise to me to find myself in this painful position.” Tho statement showed the debts

-mtl ll rh?-af'VliaE 1 " aniou ll l by £4l 14s. Tho assets ' are—Stock-in-trade valued at £2S 2s 7d, book debts £3 10s, cash in hand £65 2s od, furniture, etc., £25. List, of creditors: W. and J. Turnbull, Wellington, merchants, £9l Is; Nelson, Moate and Co., Wellington, tea merchants, £l2 10s; Noton Bros., Auckland, tea merchants, £l2 ; Mennie and Co., Auckland, biscuit manufacturers, £5 ss; Gibson and Co. Auckland, tea merchants, £l4; Thomson Bros., Wellington, produce merchants, £lO 18s 7d ; Forster, "Wellington, chemist, £2 6s 6d; 11. J. Bushnoil, Gisborne, printer, £7 18s Gd; J. Innos, photographer, Gisborne, £3 12s; Charlos Clarke, Gisborno, sexton, £3 17s Gd.