A BUTCHER FAILS.

Taranaki Daily News, Volume LVII, Issue 309, 8 June 1915, Page 7

A BUTCHER FAILS.

MEETING OF CKKDITORS. A meeting of the creditors of Frank 'fait, butcher, of New Plymouth, wan held before .Mr. J. S. S. Medley, Official Assignee, yesterday afternoon. Bankrupt's statement showed that the amount owing unsecured creditors was £-l. r >B lis 2d, and secured creditors £OS. The estimated value of securities to meet the latter was £IBB lis 3d, thus leaving a surplus of £123 lis lid. Other asset's were estimated as: Stock-in-trade CM. book debts CI 10, cash in hand £lii 12s 2d, furniture £25, prnpcrtv £SO, hank credit lis .Id, tlins leaving a dHicien/v of £72 His .«!.

Bankrupt also put fn a statement in wlii'h he said that he started business shortly before Christmas, mil. with a capital of £K2 cash," horse, light trap, harness, trade necessities, and 'furniture in leasehold premises in Devon Street Fast, at a rent of £1 l!!s 8d per week. He had since purchased a plant at a cost of £35, and ell'ected other improvement,. The business was attended with varying success, in August, i!) 12, he was losing money, which he attributed to (lie use of inferior stock supplied. Altering his buying methods, he made a profit (he next year, and from that dale to about nine months ago he made progress. Latterly matters had been worse, attributable to the enormous increase in the price, of all kinds of stock, horse feed, trade requisites, etc., without any corresponding increase in retail prices. Drawings had always been made on as low a scale as possible, being £IM !ls lid during the year ended March 31st last. Shortage of capital had been a handicap, and the outlay on plant, etc., together with the. inevitable giving of credit, had caused him to fall behind in his payments, tie cil'ed a meeting of his creditors, and had fill J at their request. .Ex'.mined, bankrupt, stated that he had been living at the rate of about £1 a week. His takings averaged about.C3.s per week, and expenses about £lO. He had asked £2OO for the. business without book debts.

It wits eventually decided, on the motion of Mr. Nichdlls, seconded by Mr. Xolan, that the D.0./i. run the business until the end of the month, and thrit tenders be immediately culled for the purchase of the business. It was also agreed to make Mr. 0. Honeyfield a preferential payment of .€l3 10s for two cows supplied after the meeting of. creditors was called.