LOST IN SPECULATION

Sun (Auckland), Volume III, Issue 770, 17 September 1929, Page 10

LOST IN SPECULATION

MIXED SUCCESS OF CONTRACTOR DEFICIENCY OF £I,OOO Speculative building, in spite of several periods in which profits were made, eventually brought Thomas Henry Daly, of New North Road. .Mount Albert, to bankruptcy. Daly met his creditors before the-acting-official assignee, Mr. V .R. Crowhurst, this morning. Mr. Crowhurst, mentioning that he had received Daly’s statement at. such short notice that be had not been able to make a thorough investigation, adjourned the meeting for ten days. He will go fully into Daly’s position. Bankrupt had a deficiency of £1,012 6s 5d on his estate. He owed £ 2,022 6s sd*to unsecured creditors, and had £l.OlO assets. To secured creditors, £75 was owing, but the value of the securities was estimated at a similar sum. Under examination Daly said he had taken out a statement of his position 18 months ago, when his affairs were little different from what they now were. He had hoped to secure an overdraft so he could improve liis business. He had called his creditors together before the assignee’s meeting. Daly began business with his brother in 1920 with a capital of £IOO, and profits were shown on each transaction for 18 months. Then heavy payments came on a property at Grey Lynn. The brothers separated, and Daly started again with practically no capital. A brother-in-law later joined him, and put in £4OO capital. The partnership did well until a buyer fell short by £7OO on the sum due for contract work on three sections. When the brother-in-law retired from the business. Daly opened again with small capital. He could not make headway, and.filed in bankruptcy under pressure by his creditors.