“HOPELESS!”

Sun (Auckland), Volume 1, Issue 40, 10 May 1927, Page 16

“HOPELESS!”

KAURI-GUM MARKET BANKRUPT’S STATEMENT "I attribute my present position to the hopeless state of the kauri-gum market, in connection with which * market report has lately stated that the prices are admittedly lower ttyan the cost of production,” said Herbert Archibald McMillan, of Mangawai, who faced his creditors in the office of the official assignee this morning. McMillan’s debts to unsecured creditors amount to £1,548, and secured. £520. His assets are £1,070, leaving a deficiency of £B9B. In the course of a statement, he saJ that he commenced gum producing * Waipu about six years ago, but wards moved to Manga wai (trading .McMillan Bros.”), where prospects an prices seemed more promising. Exceptional rains, however, held p his work there, and by the time he w able to proceed with the cleaning, & had to sell at a price 33 1-3 per ce lower than he had anticipated. . “I may say,” he concluded, 4 during the years I was engaged in t production of gum neither I nor family took holidays, and worked co throughout the whole perioo often for ten hours a day.” , * T»he official assignee was instruc to facilitate McMillan’s discharge.