CHANGING FASHIONS

Hokitika Guardian, 17 September 1929, Page 6

CHANGING FASHIONS

JEWELLER’S FAILURE

MASTERTON, Septi 13

Change in fashion and a decreased demand for jewellery was a reason advanced for his failure by George Dallas, watchmaker, of Masterton, in whose bankrupt estate a meeting of creditors was held this morning. It was decided to allow bankrupt to carry on for a month, during which time an endeavour will be made to realise on the stock. All moneys are to be paid to the D.O.A. (Mr A. D. Low), and the creditors will pay rent, assistant’s wages and bankrupt’s wages. Bankrupt’s papers showed debts owing to unsecured creditors amounting to £473. Assets were valued at £172, leaving a deficiency of £3Ol. In his personal statement bankrupt set forth that he had been, carrying on business in Masterton, as a jeweller, for some time prior to 1925. During that time an accident had prevented his attending business for five months and on resuming work he had found it necessary to call a meeting of creditors : a settlement had been arranged on the basis of paying them 10s in the £l. He had continued business in the same premises, but owing to change in fashions and the decreasing demand for jewellery, trading had gradually decreased. Under his lease he was prevented from carrying on any other business in the premises'except that of a jeweller, and that had prevented extension to more profitable lines. Owing to the fact that his business was still decreasing, and the fact that he had to pay a high rent, he now found it impossible to profitably carry on. Pressure had been exerted by one of his creditors, and also by the bank; and he had arranged a mortgage over his stock for £2OO, of i which £l5O was to repay the bank overdraft; he had intended the other £SO to be paid to his creditors. It was not immediately forthcoming, however, and in fairness to his creditors be had thought it best to file, to enable such steps as might be thought best to be taken in realising assets to the best advantage.