CHINESE HIGH FINANCE

Sun (Auckland), Volume I, Issue 299, 9 March 1928, Page 13

CHINESE HIGH FINANCE

RESTAURANTEUR FAILS “TIMES VELLY VELLY BAD” “I get some money from my friends,” seemed to be the basis of the business ventures of Willie Shacktai, a bankrupt Chinese restauranteur, who was examined this morning by the Official Shacktai submitted with characteristic Oriental calm to a patient questioning by Mr. Morris. “This fellow seems honest enough,” was liis summing up. Creditors quite agreed. It appeared Shacktai has had much tribulation. “Ah, very, very bad times, poor business,” he assured his hearers in accounting for his failure. He owed £ 431 to unsecured creditors and had no assets.

In a statement Shacktai said that in June, 1922, he and one Charlie Wong Sun bought a cafe business in Hobson Street for £525. They carried on for two years at a loss, then in 1924 sold out for £l4O. They next opened the Star Dining Rooms in Wyndham Street and business was all right for a time. Later on they moved to Albert Street, taking the name of the business with them.

Shacktai was not working in the cafe all the time, but came down for weekends from a potato farm at Pukekohe, in which lie was a partner. Everything was satisfactory until the end of 1925. The year 1926 was a poor one and 1927 was very bad. They got steadily into debt and could not meet their liabilities. They ultimately sold out. Shacktai lost all he ever had. He expressed a wish to pay his creditors if he ever had the money. Interesting sidelights on how the Chinese help each other came out in the course of Shacktai’s examination. Asked how he got the money to start again after his first venture proved unprofitable, the debtor said that his friends advanced the money, which, after hard work, was duly paid back. Now that the partnership had finally ended in bankruptcy his partner, Charlie Wong Sun, was being looked after by a Chinese club. Shacktai has a wife and two children living in China, and to his family he used frequently to send fair sums of money.

Creditors were satisfied that the bankruptcy was one of misfortune and were content to leave things as they stand.