CLERK’S INCREASING DEBT.

Manawatu Herald, Volume XXX, Issue 400, 20 June 1908, Page 4

CLERK’S INCREASING DEBT.

A strange tale was told to the Acting-Registrar in Bankruptcy at Sydney of how a small debt, like a rolling snowball, attained big proportions in the course of nine or ten years. Bankrupt, a clerk in the public service, said he borrowed some nine or ten years ago a sum of £6O, giving a bill of sale over his household furniture as security. After a couple of years the furniture was re-valued, and a further loan obtained, making the total £*]o. Since then two promissory notes, aggregating some /54, had been given and negotiated, part of the proceeds going towards reduction of the initial indebtedness. All the time he had been paying at the rate of £2s per annum off the principal, and an additional amount, varying from ,£lO to per annum, according as the amount of the principal debt fluctuated. Some months ago his furniture was seized and sold, realising yet he found himself still iu debt to the company from which he had borrowed the money to the extent of ,£Bl. And this In spite of the fact that, according to his own calculation, he had, since borrowing the first amount, paid the company no less a sum than ,£l4O. *