BANKRUPTCY.

Wairarapa Age, Volume XXVIII, Issue 8100, 21 March 1906, Page 6

BANKRUPTCY.

ESTATE OF G. G. EDDIE. FIRST MEETING OF CREDITORS. The first meetiug of creditors in the estate of G. G. Eddie, adjudicated bankrupt, was held in the Masterton Courthouse, yesterday, before Mr W. B. Chenuells, D.O.A. The creditors present were:—Messrs R. and E. Tingey aud C. E. Daniell. Mr P. L. Hollings appealed for the bankrupt. Bankrupt, in his vritteu statement, mentiened that prior to his erecting and starting the Lincoln Road busiues-J. in April, 19013, his Queen Street business (cnbiuet-mak-ing aid pictnro-framiug) wns in a sound and prosperous position. He had started four years previously in the business in Queen Street with £3O, and in April. 1003, his position would have then shown Hliahtly over £3OO to the good. The flourishing condition of his Qneeu Streofc husi neaa encouraced him to venture into the Lincoln Road husinees, coupled with a dosiro to help his mother, for whose uon«fH he really starte-l the second business. He also acted on the exportation of getting £IOO or thereabouts from a near relative of his mother, who had intended to advance £IOO, to enable his mother to join him in the business, but that promised remittance never come to hand, and the ;vant of sufficient capital to run that business was one of the main causes of the disaster. He attributed his whole failure to the grocery business in Lincoln Road. For the first seven mouths that business appeared to be paying well, judging by the turucver, which reached beyond expectations. The stock. however, for the same time, showed a loss of over £7O. He then immediately placed the whole thing in the market for sale. In spite of his efforts losses continued, the cause being partly on account of his business being run at a disadvantage, and, also, the lack of sufficient knowledge in that particular line of business. He had to devote his personal attention to bis business in Queen Street, aud his mother managed the business in Lincoln Road. The earthquake of August, 1904, brought a loss of £lB to the stock and building, the chimneys being knocked down, and all bottled stock destroyed. In October laßt, bis Queen Street business suffered'a loss of between £3O and. £4O, damage done by, the flooding of bis premises. Being deprived of capital caused by the reverses, ft course, sent things to the bad. About 12 months ago. he found be waa quite unable to carry on two businesses to advantage, and in order to save the Lincoln Road property he offered bis Qneen Street business, which is a paying concern, for sale many times at a low price, but without success. For the last three months bis health had been failing, and finally six weeks ago he was compelled to give up hie Queen Street business on account of illness. He bad injured bis health by overwork, and worry of the two businesses, and had been in a bad state for some time. He had only been away from bis business for three days in seven years. Bankrupt, under examination, stated that his statement of assets and liabilities, and bis wiitten statement, were correct, but there might bave been a few small items omitted. He attributed his fuilure to theloes in connection with the store in Lincoln Road. His mother did not put any money into the Linooln Road business, but she intended t& do so, if she got it. She bad no property or means. She expected to receive money from relatives at Home, but bad no money in ber own right. The businesses were botb worked together, but he found that the store wa& not paying, ana tried to sell, but could not do so. He found after seven months on stocktaking that there was a loss of £7O, and he did not close the business as be hoped to "pull it" round. He was making over £5 per week when he took the grocery business on, and most of bis transactions bad gone through the bank. He had lost about £lO on bad debts in the store. He never made it a secret that the store business in Lincoln Roa* was his. The U.O.A. was requested to allow the furniture over and above the amount allowed by the Act to remain with the bankrupt. The meeting then adjourned sine die.