BUSINESSMAN FAILS

Sun (Auckland), Volume II, Issue 482, 11 October 1928, Page 16

BUSINESSMAN FAILS

HAD OFFICES IN THREE CITIES NOW EARNS UNDER £3 A WEEK David W. Mackie, of Grey Lynn, who recently had a paint and polish manufacturing business in Auckland, Wellington and Christchurch, is now an hotel porter earning only £2 17s 6d a week. H E met his creditors this morning and gave as the main reasons for his bankruptcy the losses from the placing of a faulty mixture of polish on the market at Christchurch, and the dishonesty of some of his. canvassers. Slackness in sales forced him to close his Southern offices, and he subsequently had to sell his Auckland business for £195. Practically all this amount was in promissory notes, and Mr. G. N. Morris, the official assignee, stated to creditors this morning that the notes would probably prove worthless as the buyer was believed to be bankrupt. There was no quorum at the meeting, but Mr. Morris is to investigate bankrupt’s book debts. Mackie’s debts were £970, his assets £894, and the deficiency was £ 76. Mr. Morris said that Mackie should nave made full inquiries as to the financial position of the purchaser of his business. Otherwise he had not been at fault. Considering bankrupt’s meagre earnings at preesnt it was not likely that any offer could be pmde.