BANKRUPTCY.

Timaru Herald, Volume CXXIII, 14 April 1926, Page 13

BANKRUPTCY.

G.. WESTOBY, JEWELLER. A mooting of creditors in the estate of C. Wcstoby, jeweller, of Timaru, was held yesterday afternoon.- There were present—Mr E. Raymond (Deputy Official Assignee) and the following creditors: —Messrs lv. Mayo, J. O’Leary, C. W. Tubb, and C. O. Yogeler (Priest and Holdgate). Mr A. L. Hudson was present on behalf of Air C. W. Tubb, and Mr C. Webber on behalf of bankrupt. . The statement .submitted by bankrupt showed secured creditors totalling £730 18s Gd, and unsecured creditors £2GO 7s lid. The estimated value of securities was given at £9G7 10s, leaving a surplus to contra of £23G 11s Gd. Other assets included stock-in-trade £7O, ■ money owing on-repairs executed £lO, making-a total of £316 11s Gd, leaving an estimated surplus over*liabilities of £SO 3s 7d.

The unsecured' creditors are as fol-lows:—'W:-J. Wosney (Invercargill) £9 I -Is, Laidlaw and Gray (Dunedin) £8 10s, Langley and Sons £1 7s Gd, Novelties Ltd. £lO 12s 9d, F. and It. Martin (Cliristchurch) £1 2s Gd, F. siaden and Son (Clmstcliufy'T) £32, Priest and Holdgate £Bl 16s- 9d, Southern Agencies Ltd. 19 Bd, Ken Mayo £l2 12s, J. O’Leary ’£4 ISs, England Mcltae Ltd. 17s Gd, Mrs H. Wcstoby £Bo,’ 1 Brehaut ' Bros. £l3, Powell £1 14s', Pai-a Rubber Co. £3, Soutli British 'insurance Co. £2 3s 9d.‘ C. W. Camelon £1 19s Gd. Total £26G 7s lid. Secured creditors were :—Ancient Order of Foresters Lodge £sll, Cecil Tubb (Tiniaru) £215, Tim,am Borough Council £4 18s ‘ Gd. ' Total £730 18s Gd.

BANKRUPT’S STATEMENT. I In bis sworn statement bankrupt I said that he was a married man with • two young children. He commenced | business as a jeweller and watchmaker I in the Arcade, Timaru, towards the end [of ,1919. For four years prior to that i Ire had been laid up with sickness,, and j was in hospital practically all the time. Previous to that he had been engaged .in farming. Upon commencing business i bis capital amounted to £125. The rent of the shop was 17s Gd a week, but for the past three years it had been 25s per week. He did good business for a while, taking from £2 to £3 ' a day, which-, showed, a profit .of about ,£6 a week. He married in September, I 1920, and bought property in Roslyn 'Terrace for the sum. of £750, paying about £SO (including expenses) in cash, and the 'balance was covered by two ■ mortgages, which were still on the pro- : petty. In October, 1920,-Mrs Westoby j lent'him £BO for the purpose of buying stoek; that .amount was still owing.to | his wife. He continued, to do quite : well until, about two years ago, whon | business commenced to fall off,- dropping af> the beginning of the • year to about £5 to £6 a month. He continuedin the hope that business would pick np again, but ho , was summonsed: by a : Christchurch firm, and in March his stock was seized under a distress warrant. He - had to. borrow the money ] to pay the filing foe, as ho had no money whatever. He attributed . his position to tho competition of’the larger r firms and the general falling off of! trade. He considered that a sale of | his house could be effected at a figure | which would enable all liis creditors j to be paid in full. ■ To the Official Assignee, bankrupt , said that he discovered his ppsitiogjast Christmas, when 'trade began 1 to ‘show a falling ,6ff. ' Dbripg' the last fqur months he had not paid any of his I creditors. . ’ .. 1 '.

The meeting was adjourned sine' die, the Official Assignee to make- whatever arrangements were necessary to wind up the estate.