STRUCK THE SLUMP.

Taranaki Daily News, 17 October 1922, Page 8

STRUCK THE SLUMP.

AN AGENT’S BANKRUPTCY;? MEETING OF CREDITORS. The bankrupt estate of Frederick Tlouan, land agent, New Plymouth, 1 formed the subject of. examination at a I meeting of nine creditors, held at the office of the D.O.A. yesterday. The D.O.A. (Mr. J. S. S. Medley) presided. Bankrupt was represented by Mr. R. H. Quilliam. Bankrupt’s statement showed that the amount owing to unsecured creditors was £lOO2 Ils 4d, assets being shown as 'furniture £l5O, leaving a deficiency of £852 Ils 4d. The D.O.A. explained that several creditors had withdrawn their claims against the estate. Unsecured creditors: H. M. Thomson £4, Smart Bros. £1 10s, F. Coleman £5, C. L. Wilson (Eltham) £2O, J. Logie £2O, F. W. Eberlet £5. and Andrews £2l 17s, E. L. Humphries £6 Ils 6d. F. IT. Shaw £l7 10s, F. A. Avery £2, Teed and Co. £1 16s, Hannah and Co. £2 10s. T. P. Anderson £5, C. J. Shannahan £4, H. Northover (Eltham) £l3 Os 6d, J. R. Penn (Inglewood) £6OO, Purser’s \Ltd. £4B 18s, Public Trustee £B5, Geo. Grey £9 8s 4d, A. A. Burke £2 6s, Geo. Gibson 17s (id, Daily News £7 Bs, R. Deare £2, Bendali and Co. £2 6s 3d, Ambury’s Ltd. £3 Is 4d, John Hale £9 12s 9d, Morey and Son £9 10s 2d, Convent £]2 sfi, W. T. Hookham £lO. A. S. Brooker £l. McLeod and Slade Ltd. £2O 0s 6d, N.Z‘. Express Co. £1 ss. A written statement was put in by bankrupt, which read as follows: “I commenced business in partnership withJ. R. Penn in November, 1919, as gen-’ c-ral commission agents and chief agents for Taranaki for the British Traders’ Insurance Co. We had no capital to commence with, and we had to rely solely on our own efforts to build up a business. Thing? went fairly well for the first six months, but then the slump started, and business has been very dull ever since. Of course expenses in establishing the business were very heavy for the first twelve months, and the cost of running the office was also heavy. The result of the land agency business, from which we had great hopes, was very disappointing. It became obvious that the business could not support both of us, and we dissolved partnership in April. 1921. I tpok over the business and all liabilities as from that date, and continued to run the business on my own until January, 1922. During the last two years the land agency business has not paid expenses, and the cost of insurance business has also been very heavy, as I have four children and my house rent has been 35s per week for the past two years. At the present time I am receiving a salary of £6 per week, which is barely enough to live on. I regret very much having to take this step, but find that my health is suffering through worrying over my liabilities. Tn time to come-1 hope to he able to liquidate all my liabilities. I f ball certainly try to do so. but my present position, as set out. is hopeless, and I have adopted the only course left open to me.” The D.O.A. said he did not hold out much hope of the creditors being paid at present, the furniture being the only asset, and. according to the Act, he was entitled to keep £25 worth of that. The bankrupt was formally questioned under oath by the D.O.A. Th°re being no questions asked. Mr. J. M; - Lend moved and Mr. Saunders (Purer’?, Ltd.) seconded, that bankrupt’s ’ir-niture be returned to Mrs. Honan. There being no further business, the D.O.A. declared the meeting closed.