BANKRUPTCY.

Timaru Herald, Volume CXXIII, 1 April 1926, Page 3

BANKRUPTCY.

ESTATE G. T. NELSON. A meeting of creditors in the banknipt estate of Gilbert Thomas Nelson, plasterer, Tiumru, was bold yesterday afternoon. The Official Assignee Mr l'. A. Raymond) presided, The following creditors were, present: Messrs G. xt.. Andrews (.John Edmond Ltd ), a. aiiileison (Briscoe and Coy., Ltd.), A. Stonyer -Mc-ALeckm and Coy.) -M L. Giglis was present on behalL ol

bankrupt. The unsecured creditors were| “Reese Bros. (Christchurch), pi* 1 Mclloekiii and Co. (rmuiru), XlO 1 s 3d; D C Turnbull and Co CIO, .John Edmond Ltd., LEI; A Dunnelt. £5 Ids fid; J. Ballavityne and Co. CO, A Gnbites, £0 18s Gd; G. and JCremr, £11; H. Hornsey £b ■ J. ,

(Jraigie, £1 ss; Timaru Herald Co., L i r»s; Commissioner <» Cum n Lnnus_ £0 IGs Gd; Timani Brick Works, ~00 4s; Dunedin Fibrous Plaster Co. £3 7s; Briscoe and Co., £3l Is 6d; New, Zealand Hardware Co.. £lO Os Gd. I Bankrupt in bis personal statement said that lie returned to New Zealand in 1919 after four years of war service, and resumed his trade as a. plasleioi. In 1920 be commenced contracting on his own account. Ho was fairly successful at Ibis earning on an i).''*-™!- 0 £1 per day till the middle ol 19--, when, things being very dead in the plastering line, be gave up contracting and took up a job for wages, in «>o meantime, having obtained an advance of £9(50 under the Discharged Soldiers Settlement Act, lio purchased a section and bad a bouse built. He put £o-0 of bis own money Into this. It was just after the completion of the house that, things became slack and lie bad nnlliinu- to do for six weeks. Towards the end of 1922 the foundations of the house began to sink ; the walls cracked and a chimney sank three inches. The underground drainage and hot water service were damaged and file I'oumi.ilious bail to be taken out and rebuilt. All this cost £IOO and until lie surrendered the property to the mortgagee. Die keep-

ing of it in repair was a constant dram on' his pocket. 'Hie espouse incurred in connection with the bouse also kept him slant of capital l<n- bis business, so flint, lie got Lied up with merchants '.supplying materials. He was m partnership with another plaTcror for three months of 1922 during witch tunc he went hack £-10 and eventually disso-vetl pGrtiKM Ht- v/Ms < > ;ivni)iLX £6 a week at present. His Junidure was purchased with a repnlrint ion loan, his own savings having gone into the house. He had no a"*els excepting too,is in trade valued at dOs. H< at■L,diluted his failure to the expense »)- urred and the depredation in value ol the property ow.ng to the n.ulty ‘oust, ruction of his house, ami Die couscrmet. I -cl; .-' r caidtal lor Ins business. To Ihf O Kirin ’ Assiij:ii»h' : Bankuipl viiil ho eonsiuoroct iiis position v.as sumul no till March 1925. He had been paving off bis creditors ns well as In cm.hi. ami until Du-n I bought ho would be in a position to continue doing so. The meeting was adjourned sine die.

• LADDER KIES 111 EEICE LT’I K.S. V meeting of creditors i;’ Hie fiankrunt, estate of Rercival Richard Join.stun, labourer, of Euirlte.. was called yesterday a! tin- otliec ol tin l ().- (icinl Assignee, All- E. A. Raymond. Tim hnnkri.pt was represo.’.L-d by Mr A. D. Mcßae. There were m* »Tin 1 it.ors present. nn<i a. lor ->an.\i UpL * -tutemeiiL hud been received the. meet, iii., was ud.iourned sine da.. Rankrupl's hint, meat showed tin

secured creditors £195 12s /d, and as sets nil. The unsecured creditors arc as follows: —Superintendent State Ad. vances (Repatriation Branch) Wellington, £49 12s ; J. K. Miles, Fairlie, £42 3s 6d • Kenneth Anderson, £39 10s; J Caskey £2B Os Od; L. M.- Bruce. £lO 10s 9d,’C. J. Talbot, £l2; F. C. Lake, £7 10s; C.F.C.A., £6 15s; H. S. Lamb and Coy., Timaru, £6 13s; AV. Adamson, Fairlie £4 los 8d; Portei and Dawson, Timaru, £3 17s 2d; W. Andrews, Fairlie £3 10s; Dr Louglinau, £2 12s; B. AAclsli, £1 16s. In his sworn statement bankrupt said that in May, 1923, lie started a carrying business in Fairlie with a j

lorry and a team of 6 horses, lmving previously been employed by Mr Phillips carrier, Fairlie, and being coun- [ dent, that the prospects were sufficiently promising to justify the venture. He put £SO of his own capital into the business, and borrowed the sum ot two

hundred pounds at 10 per cent, on a chattel security over, the lorry and buses. After operating for twelve . i months he realised that he trcmlcl not : hope to carry on and the lorry and buses wore sold under the security. Ho lost all ho had put into the business, besides finding bimself m debt lor tlie twelve months lie had been oper- : uting. Since going out of the bustness be bad attempted in different ways to make good, at first taking up a posir»on with his wile as married couple at Otaio. He then worked at a tannery at Green Island, Dunedin, and

subsequently as a sawmill hand at Catlins. He then returned with lus wile and familv to Fairlie and worked on a tractor at Pleasant Point. Ho next commenced work with Air Cook at Ins wool scouring works at I'airlie in December, and was still engaged vyitb him while the works were opeiating, fiiidino- work in the off season fencing and gorse cutting. He was a married man with two children, and ho attributed his failure to the ill-advised venture he made in commencing business in Fairlie without sufficient capital, and to the fact that the returns did not come up to expectations. One ot bis creditors bad pressed linn, sind lift bad no alternative but to hie his petition in bankruptcy. 1