IN BANKRUPTCY.

Taranaki Daily News, Volume LII, Issue 19, 16 February 1909, Page 4

IN BANKRUPTCY.

A meeting of the creditors iu tlie estate of \Y. H. Selilierike, tobacconist, of Jiew Plymouth, was held in the olliee of .the Deputy Oilicial Assignee (Mr. J. S. S. lleilley) yesterday afternoon. Six creditors were present, and the debtor was represented .by Jlr. A. K. StuiMlish, his solicitor.

The bankrupt's sworn statement was as follows:—In August, IDOU, he was working for Mr. \V. freeman, hairdresser, who had l a business in ' Egmont street, aud who owed the bankrupt i;2U ior wages, bankrupt had no -money of hi* own, but as l-reeman could not carry on, Selilierike iook over the business. To do this he borrowed • £OO from Air. Weston on a. bill of sale (backed by Mr. J. Avery), and agreed to pay the money oil' at the rate of 3Us per fortnight. Subsequently he moved to.premises in Devon street, and for a time did very fair business, lie married in January, 11)07, aud at -first lived ou the premises in Devon street, but owing to his wife's 1 ill-health, he rented a house in which he lived for about nine nioiithb. As business was slack he | found he could not keep the two places going, so moved back into the rooms oyer the shop in Devon •street aud had lived there ever since) lie had alwuys ! lived economically, and his personal and household expenses were usually under 30s a week. When .he started in business he was couiident that it would increase, and th/it he could make a fair Jiving at- it, but his hopes were 1101 realised. He attributed his present position ' ciiielly to the general slackness of trade. Tlie payments under the bill oi .sale got in arrear, and recently he had had to sell some of the articles included in the security,'and with the proceeds of the sale he paid oil' the balance due to Air. Weston.

In answer to questions he stated that his takings averaged about £1) a week, of which, about £3 was taken in the hairdressing saloon. There was practically no profit on the sale of tobacco. During the past two years he had paid oil* CUO to Mr. Weston, <uid interest at 8 per cent, lie kept no banking account, but kept a cash-book, and'bought his stock for cash.

The following position was disclose. 1 .: —Assets: Stock in trade £2O, book debts £lO, furniture £4O, amount of iuoney paid on account of purchase money £l2O, of two sections at Lynmputh £80; total £l5O. Liabilities: Unsecured creditors, C. T. Rundle £2B 10s, E. Dingle £lO 12s. Baker and Co. (Auckland) j£lo Up, Smallbone and Grace (Wellington) £3 lis, Bellringer Bros, £4 lOii, A. Cieorge £4 Is, A. E. Wiitkins- £'. l 14s, "Daily News'' ,£3 l>s, O. W. Govett £25, C. Carter £1 4s 3d, E. Revnoklk and Co. 15s; total, £ll2 13s.

It was decided that the Deputy Oilicial Assignee should realise the book debts anil sell by auction the balance of furniture, interest in the Lynnioutli sections, tlie stock, and petroleum shares.