RENT TOO HEAVY

Gisborne Times, Volume LXV, Issue 10308, 18 January 1927, Page 3

RENT TOO HEAVY

PHOTOG R'APHEIt’S BANK-

RUPTOY

STATEMENT OF 15. T. DODDRELL JUN. •

High overhead expanses are wind Elworthy Thomas Doddrell (junior) photographer, attributes the need lor his li ing a petition of bankruptcy with the Deputy Official Assignee yesterday. Bankrupt, in his statement says: “I commenced business on April 20 ,1925, by purchasing as a. going concern the business of Mr L. Ellerbeek. 1 paid a deposit of £SO, this amount being advanced to me by my sister as a loan. L agreed to pay the sum of £SO on July 1, 1925, £SO on December 31, and thereafter instalments as set out in the agreement of purchase. Mr Ellerbeck required an endorsement on the promissory notes, but this I wia>s unable to obtain, and on consulting my father he agreed to advance me £4OO as a loan. I then negotiated with Mr Ellerbeck on a cash basis, and eventually purchased the business for £3 37 10s, plus the £SO which I had already paid as a deposit. I paid my sister the £SO I had borrowed out of the £4OO.

“The business did not come up to expectations from tho outset, the winter period following immediately on the purchase being particularly bad for this line of business. 1 carried on until. March, 1826, and then found myself in difficulties. My father again came to my assistance with a further loan of £IOO. This year wo were doing rather better, and 1 had every hope of holding my own until my lease ran out in October next, but my health broke down 1 am now under medical treatment, and have no hope of resuming business for a considerable time. I attribute my present position to the fact that I contracted to pay too heavy a rental for the premises, namely, £5 per week, plus rates, amounting in all to £6 per week for premises situated upstairs, with a very small entrance. I have found this burden far. too heavy, and have no option but to file.

“ Ihave struggled hard to make a success, having worked from 7 a.m. until'9 and 10 p.m., for practically the whole period. I have not had a day’s holiday for the whole of the time. My household expenses have been very small ; I have employed no labor, as my wife has assisted me in the business.”

Bankrupt owes £715 to unsecured creditors, and his assets total £272 Is '3d, comprising stock-in-trade, estimated at £175, hook debts estimated to produce £3O, cash in hand and at bank £l4 6s 3d, cash in Post Office £2 15s' 3d, and furniture £SO. The total deficiencv is therefore £445 Is 6d. The unsecured creditors are as follows: E. T. Doddrell, senr., £SOO, Kodak, Ltd.,- £lO3 6s Bd, Gisborne Borough Council £52, F. Hall and Sons £l6 7s 6d; R. G. Crawford £9 3s, Te Rau Press £6 8s lid, H. J. Clayton £5 9s Gd, McKeague and Co., £3, Coutts and bkn £2 Ss 6d, EUis and Bull £2 os, 'J'. G. Johns £1 15s, «■ A. Stoneiiam and Co., £1 12s, IV H Green and Co/ (Wellington) £1 7s 4d. A. Langridge • and Co., 15s 9d, Gisborne Times 9s, J. T. Hill 15s. rent to date £lO. electric light 11s, gits 19s 9d.