BANKRUPTCY TROUBLES.

Gisborne Times, Volume XXVI, Issue 2188, 12 May 1908, Page 1

BANKRUPTCY TROUBLES.

GEERICIAL ASSIGNEE’S "INTERESTING EXPERIENCES. All- James Ashcroft, who ’acted for nearly a quarter of a century at. Official! A.ssgnee in Bankruptcy in various parts of the Dominion., has supplied: the “New Zealand Times” with ail interesting account -of hie colonial experiences. -Mr Ashcroft came to New Zealand in 1802, and at once found employment in the office of a linn doing -a. very extensive business as -importers' in Lyttelton and Christchurch. He had not been .with the firm for more than a few months bolero it -beca-mc hie duty to balance its hooks, and during the procehs he discovered what- he describes as a unique',case in c-olonial -accountancy. “The books would l not balance,” be says, “and 1 had to try hade to the previous year. Then I discovered ail error of no less than £20,000 in. addition of'the goods account. 1 pursued the matter further, and discovered that tho sheets of tlio private lodger bad been, pasted together. £ separated them, and then found in profit and loss- account the amazing entry, ‘Balance Y’35;310 aiuL-Aonie.. shillings -and peifee; My~''£TS~‘3l!}, etc.’ That was a rough gubss, probably not far from tho truth. But the cash -w-as out £7OO, and there were mimenoilß other errors. Tho books had been kept on correct principles of 1 double entry, hut this, to say the least, w-as -an unusual variation.” The bookkeeper who was responsible for this -performance subsequently went into business? on bis own account, and managed to run up debts to the extent of £20,000 before bis creditors suspected that- there were limitations to his commercial ability. It is not surprising to learn- that his original employers failed' -for some £120,000, but .Air Ashcroft -is satisfied that they were -all liouoraibfe men. He attributes their misfortunes to “rashness and itoo little attention to detail.” He is disposed in the evening of his life to look .‘leniently upon all unfortunate traders. “I have arrived at the conclusion that two-thirds of -the bankrupts are honest bankrupts, and' such as the Act is designed to relieve,” he explains, in answer to the criticism that- lie was sometimes too e-asy with the debtors. “They .may he all sorts of fools, but not rogues. The other third includes a nice assortment- of very doubtful characters.” -Air -Ashcroft still loves his little joke, and declares that the only really satisfactory reason he lias over known -for a bankruptcy was the ono given -by -the -undertaker, -who complained that there Qi-ad been a great falling off in liis business. He fells, too, of tlhp bankrupt who rejected the sympathy of bis creditors in his concern for tlieir misfortunes. “In trouble!” lie exclaimed. “I’m not in trouble. It is you and the other fellows who are -in trouble.” Tlio chestnut is venerable enough, but no one has -a hotter night to revive it than the -genial official who has ministered ,tq the needs of unlucky debtors and sorrowing creditors for a quarter of a century.