FEWER BANKRUPTS

Sun (Auckland), Volume II, Issue 553, 4 January 1929, Page 11

FEWER BANKRUPTS

HOPEFUL SIGNS FOR 1929 OFFICIAL ASSIGNEE'S REVIEW Only 24 bankruptcies were registered in the Auckland Province in November-December last, compared with 58 for the same period of 1927, and 65 in 1926. This substantial decline is looked upon as a hopeful sign for 3 929 by the assignee, Mr. G. N. Morris, who says, “I am led to believe that there will be a further drop this year, but I am not saying that conditions will be back to normal. A few years ago the number of cases for the whole year rarely exceeded 100.” A comparison of the bankruptcies in the last three years is as follows:

The fact that the Hamilton Supreme Court district was separated ffcom Auckland last year alter the value of the comparison. There were 39 bankruptcies handled by the Hamilton office during the year, so that for purposes of comparison the total of 1928 was 172 bankruptcies. THE MAIN CAUSES Failure to keep books was one of the principal causes of bankruptcy, and also failure to make intelligent use of the books which were kept. Of the total number of meetings, approximately 80 per cent, were held in the city. The total assets in the case of those handled by the Auckland office were £67,805, the total liabilities to fully secured creditors £125,531, and the total liabilities to unsecured creditors £117,590.

Farmers headed the list, there being 16 of them. Of the other bankrupts there were 15 builders, eight contractors, five agents, five labourers, throe tobacconists, three hairdressers, three garage proprietors, two solicitors, two taxi-drivers, two plumbers, two grocers, two electricians, and two commercial travellers. The miscellaneous cases included an accountant, a. baker, a boot manufacturer, a bush man, a butcher, a clerk, a compositor, a drainer, a fishmonger, a fruiterer, a “gentleman,” a horse trainer, a jeweller, a linotype operator, a motor dealer, a photographer, an omnibus proprietor, a radio dealer, a seaman and a tailor.

January ... 1928 1927 • .17 1926 February .. , . .. 15 14 21 March 18 16 April 15 • 18 May" 21 12 June ..... .. . 29 14 J uly 21 14 August 12 14 September .. . 15 19 October 18 30 November .. . 20 December .. . 18 15 Totals .. . 133 220 198