SALESMAN’S AWAKENING

Sun (Auckland), Volume II, Issue 533, 10 December 1928, Page 13

SALESMAN’S AWAKENING

"ROBBED PETER TO PAY PAUL” EXTRAVAGANCE CRITICISED John George Cooper, a bankrupt salesman, of Queen’s Avenue, Mount Roskill. thinks that the principle of robbing Peter to pay Paul is all wrong. He said this in his statement to his creditors this morning. Cooper was informed by the official assignee, Mr. G. X. Morris, that the assignee would oppose his discharge from bankruptcy. Although the creditors agreed that Cooper’s discharge should be opposed, they did not move a resolution to that effect. Mr. Morris said that Cooper's, position was not satisfactory. He had been Insolvent when he came to Auckland in 1324 and had been slipping back all the time. Cooper’s financial statement said that the unsecured debts were £5lB. There were no assets. Mr. Morris remarked that the Receiver of Land Revenue had proved against the estate for £1,400 but bankrupt said he had no knowledge of the claim. In his statement, Cooper said that he had taken over a farm in 1920, after his return from the war, under a mortgage to the Government of £2,150. He put £250 cash into the farm and improvements cost £350. A slump compelled him to walk off and he came to Auckland £2OO behind. Since the middle of 1924 he had been employed as a salesman to a city firm ot booksellers. He had a wife and two children and had been unable to get ahead of his debts.* “I realise the futility of vobbing Peter to pay Paul.” Cooper said. “I had no option but to file.’' “You’ve been living beyond your income,” Mr. Morris decided after examination. “You say you owed £2OO when you came to Auckland. You averaged £7 10s a now you owe £SOO. Your never been satisfactory.” Bankrupt said, that the men from whom he had got-advances knew that he was in debt. He thought that lie had reasonable prospects of paying. To a questioner, he denied that he had executed a bill of sale over his wife’s furniture. ITp to about six months ago, he admitted, he had given her nearly £6 a week. “You havp been insolvent since you came to Auckland,” Mr. Morris said. “You have borrowed recklessly. There is no doubt in my mind that you have been extravagant.” Mr. E. L. Thwaites. for bankrupt: Most of the money borrowed has been during the past six months when his wife has been ill. Mr. Morris: If The people from whom he borrowed had attended the meeting, there might have been some information about his incurring credit without a reasonable chance of paying. One debt of £4B was admitted by Cooper, who had not included it in the list. A creditor’s representative said that he knew bankrupt’s wife personally, and he was convinced that had she known the position she would have been against extravagance.