AUCTIONEER’S FAILURE.

Hauraki Plains Gazette, Volume XXXV, Issue 4791, 19 December 1924, Page 3

AUCTIONEER’S FAILURE.

P AERO A MAN’S BANKRUPTCY. A CASE OF MISFORTUNE. An adjuorned meeting ofl creditors in the bankrupt estate of Bernard Stansfield, of Paeroa, was held at Auckland on Wednesday, the Official Assignee, Mr W. S. Fisher, presiding. It was stated that the stock had been sold by auction, but so far account sales had not yet come to hand. Mr Stansfield said the auctioneer informed him that the gross return was £145.

Bankrupt's .schedule showed unsecured creditors to £272 12s, and the assets were estimated at £367 12s 7d, of which £l3B was stock, £53 furniture and fittings, and book debts £l4O. The bankrupt stated that he started business at Paeroa as a land agent, auctioneer. and furniture dealer. When Saturday was declared the weekly half-holiday his business fell away, as lie could not get people to attend auction sales on other days. His business also suffered from competition. His trouble had always been too little liquid capital. 'n answer to questions witness stated that his father had been an auctioneer at Bradford, England. Witness had only a little experience in thin trade. His real trade was wool’clnssing He. had £250 when he started i' business at Paeroa.

Mr Fisher said that bankrupt had put up a fair story. He perhaps paid too much for goodwill. This might he considered as a case of misfortune. Misfortune generally included a little foolishness, still he was justified in struggling on in the hope of trade improving.

The meeting separated without passing any resolution.