BANKRUPT NEWSVENDOR.

Taranaki Daily News, 15 November 1922, Page 7

BANKRUPT NEWSVENDOR.

CREDITORS’ MEETING LAPSES. ESTATE OF A. C. FOX. Owing to want of a quorum the meet|ing of creditors in the estate of Archi•bald Campbell Fox, newsvendor of New Plymouth, which was to have been held yesterday, lapsed. The meeting was therefore adjourned sine die, after which, the D.O.A. (Mr. J. 8. 8. Medley) examined the bankrupt under oath. Mi’. A. A. Bennett represented the bankrupt, who was also present. The statement of assets and liabilities (details of which were published yesterday) showed assets totalling £55 and debts to unsecured creditors amounting to £2(15 3s sd, leaving a deficiency of £2)O 3s sd. In a written statement, bankrupt said: “I am a married man with four children. I am living in a four-roomed house, which I rent at 30s per week. All rent is paid to date. In October, 1919, I took over the railway bookstall at New Plymouth. I built the present, stall myself. At that time I owed £B5 in connection with building the stall and stocking same. This amount was paid up within six months and I kept current accounts paid up at the same time. I continued paying my current accounts until the end of 1921. From the latter part of 1921 I commenced to get behind in the payment of my monthly current accounts owing mainly to the destruction of the Wlienuakura bridge early in January of this year. The train service was seriously interrupted for about four weeks, and my trade suffered accordingly. Since that time up to the present trade on the trains has slacked off considerably. My average earnings during the year have been about £4 a week. Out of this T have been paying £1 10s per week for rent and £1 10s per week wages for a girl on the stall. The rent •for the railway stall is £l2 10s per annum and this is paid in advance until next month. My living expenses are about £2 10s per week. Some of my stall employees have proved incompetent and have caused me a lose. I have been pressed by some of my creditors and have been forced to file.” Examined under oath, bankrupt said he travelled on the train, his earnings at first being about £5 to £5 10s a week. He managed to “keep square” till the latter part of last year, though he never kept any books, but tried to pay his accounts as they came in. He had an account with the bank, hut there was no money there at present. From January, -1922. his earnings commenced, to fall off, his weekly takings then averaging about £4. All his assets were disclosed in his statement. His people had had his life insured, for

what amount he did not know, as he did not pay the premium. He held no shares or debentures of any sort in any company. He was forced to file when two creditors obtained judgment summons against him. He could make no offer before next month, when lie was prepared to pay 5s a week till such time as he could get his discharge, providing, of course, that he could carry on the bookstall. Mr. T. C. List expressed the belief that, though bankrupt had acted foolishly in the past, he had now learnt a lesson and, as he had a. wife and four young children to provide for, the speaker was willing to help him with a supply of papers on the railway, and facilitate bankrupt’s early discharge.