BANKRUPT CAMERAMAN

Sun (Auckland), Volume I, Issue 280, 16 February 1928, Page 15

BANKRUPT CAMERAMAN

“NOT MUCH AGAINST HlM’’ UNLUCKY STUDIO VENTURE The involved business transactions of Arthur Joseph Bell, bankrupt photographer of Auckland, were the subject of a lengthy examination this morning by the Official Assignee, Mr. G. N. Morris. At the conclusion of the inquiry the question of bankrupt’s discharge was left in the hands of the assignee. Bankrupt owed £268 to unsecured creditors and £BOO to secured creditors. He valued Ms securities at £350. His total debts were therefore £7lB. He had no assets. Bell furnished a long statement of his various transactions, beginning in 1920 when he bought his father’s business in conjunction with his brother. He then had £3OO capital and no liabilities. In 1926 he owed £I,OOO. Since then he had endeavoured to pay his debts, but trade depression had been against him, and eventually he had to tile.

Cross-examined. Bell said that he had kept no* private books. In 1920 when he bought out his father’s business, he had £3OO cash and no liabilities. After a year’s trading he had to move to new premises. After this his liabilities amounted to about £I,BOO. Bankrupt said that he had to spend about £9OO in fitting out his new premises. His other liabilities were the result of a shingle-quarry venture. After nine mouths’ operations he lost everything.

Bankrupt was criticised for taking over the Tadema Studios in 1926, when he knew the photographic trade to be in a bad way. He lost £250. “That seems to have been bad judgment on your part.” said Mr. Morris. “I do not think there is very much against this man,” said the assignee. “He certainly was foolish in taking on the Tadema Studio, but he did this with the full knowledge of his only creditor.”