INEXPERIENCED

Sun (Auckland), Volume IV, Issue 941, 7 April 1930, Page 11

INEXPERIENCED

BANKRUPT GROCER MEETS CREDITORS From Our Oicn Correspondent HAMILTON, Today. Price-cutting and fierce competition were cited as the reasons for his failure by William Eric Cox, a young grocer, formerly or Whitiora, who met his creditors before the official assignee, Mr. V. R. Crowhurst, today. The schedule showed debts £786 6s, all to unsecured creditors, and assets £353 13s 7d, leaving a deficit of £432 12s sd. The bankrupt, in a statement, said he started business on borrowed capital in December. 1925. He was then 23 years old. His takings went up to £9O a week, and business appeared to prosper. He married last September. Before Christmas there was keen competition, and increased turnover did not yield equivalent profit. He borrowed £l5O from his father--in-law, but was unable to carry on last month. The assignee said the bankrupt must have known what his position was in January, when he was about £2OO down. Bankrupt replied that he had no idea. One of the creditors said he appeared to have lost an average of £4O monthly since starting business, and there must be something wrong somewhere. Probably bankrupt sold considerably below cost. The assignee said bankrupt was a young man, lacking in business experience, and advised the creditors to oppose his discharge immediately. It was resolved to advertise the business for sale, and to call a further meeting.