FRUITERER'S LOSSES

Sun (Auckland), Volume II, Issue 570, 24 January 1929, Page 16

FRUITERER'S LOSSES

HINDU COMPETITION BLAMED MUST PAY 15S IN THE POUND One of three reasons for the bankruptcy of James Dermot Walsh., a fruiterer, of 51 Richmond Road, Grey Lynn, was the competition caused when a Hindu syndicate opened, an up-to-date shop opposite Walsh’s premises. Walsh gave to his creditors this morning inexperience and ill-health as the other two reasons for his failure. After a long examination, Mr. G. N. Morrip, the official assignee, said that he could not understand how Walsh had lost £SOO in a year. Walsh’s statement could not explain the loss and bankrupt said he did not know. The creditors passed a resolution that Walsh should pay 15s in the pound before he could get his discharge. Bankrupt could name as his only asset a book debt worth £3, while he owed £9O 10s. I-Ie paid £425 cash for his business in November, 1927, and trade fell oil after six or seven months. “I tried to struggle on, but things went from bad to worse,” Walsh said. “I have a wife and two children and I find myself without money or work.” In the opinion of Mr. Morris, Walsh had been losing steadily from the time he began business. His turnover had dropped as much as 66 2-3 per cent.