SADDLER'S AFFAIRS

Hawke's Bay Herald-Tribune, Issue 113, 29 May 1937, Page 10

SADDLER'S AFFAIRS

A Hastings Bankrupt REASONS FOR FAILURE A meeting of creditbrs in the bankrupt estate of William Mathews, saddler, of Hastings, was held at the Hastings Courthouse yestertray afternoon, the Official Assignee, Mr G. G. Chisholm, presiding. Bankrupt was represented by Mr C. Duff. The financial statement revealed that the amount owing to unsecured creditors was £448 14/11 and there were no secured creditors^ The assets were shown at £151, comprising £46 15/3 stoek, £54 15/9 book debts and £50 in plant. The deticiency .was shown at £297. Bankrupt's personal statement read as follows: — "X commenced business as a saddler on. my own account in Hastings in May, 1935, prior to which I had been employed in. that capacity by another Hastings firm for 21 years. I had, as an empioyee when I started on my own, a man who had previously worked with me for 20 years and to whom I was paying a wage of £5 for a 43-liour week. In our first year we did a fair amount of business, and at the end of that period I had my accounts made up and I found I had come out all square. I understood that was as good as 1 could expect for a uew business and was -then confident that I would sueceed, as I expected my business to grow progressively better as 1* became better known. "Wheu the working hours were reduced to a 40-hour week and wages inoreased to £5 4/- a week my empioyee asked for £5 10/- a week wages as I had previously paid him more than the award wage, and though I was willing to pay him the award wage, he declinod to continue at that figure. As a result I liad to let him go about October of last year and from then on my business, in spite of my own efforts, lias been going downhill. I have not been able to find another suitahle man to do the work aud could not, even by working long' hours, cope with it myself. "My rent . got Buhstantially in arrearg end my landlord, who had been Yery lenienb to me when he knew how thmgs were, found himself unable to carry me on any longer. In the circumstances I had no alternative in the interest of all my creditors but to file my petition. I have hook debts and stock-in-trade valued at about £100, out of which I hope my creditors will be able to receive some dividend. After a brief examination of bankrupt, the meeting decided to dispose of the stock and the . plant, and the meeting was adjourned sine die.