DALMATIAN FAILS

Sun (Auckland), Volume IV, Issue 970, 13 May 1930, Page 7

DALMATIAN FAILS

BOARDING-HOUSE BUSINESS FALLS OFF £.30,000 TO YUGOSLAVIA Increased competition and the hard times faced by his patrons were the reasons given by Thomas Anich for his failure as a boardinghouse-keeper. At a meeting of creditors held yesterday, it was disclosed that Anich, late of Yugoslavia, was in debt to unsecured creditors to the amount of £661. He owed secured creditors £43 0, his securities were estimated at £690, and his book debts at £250. liiu deficit was £134. Bankrupt, who was represented by Mr. C. Webb, said he began as a boardinghouse-keeper in 1925, with a capital of £454. For three years business was good, but in 1928 falilng gum prices affected his patrons and competition increased. At the end of 1928 he purchased land at Penrose, and financed quarrying operations, but the demand for stone fell off. He tried poultry farming on land at Glen Eden, but lost from £250 to £3OO. In reply to a question he admitted that in the past three years he had sent £30,000 to Yugoslavia. “But. this was on behalf of my countrymen.’* he explained. He had taken £ 3.000 and £76 in gold to Yugoslavia in 1920 but lost most of it through the inflation of the currency.

The meeting was adjourned pending further investigation.