Welsh Newspapers

Search 15 million Welsh newspaper articles

Hide Articles List

17 articles on this Page

CARNARVON JEWELLER IN THE…

News
Cite
Share

CARNARVON JEWELLER IN THE BANKRUPTCY COURT. PAWNING PART OF HIS STOCK. ttobert Lloyd, watchmaker and jeweller, High stiver. Carnarvon, was publicly exa- mined at the Bangor Bankruptcy Court last Thursday. "Having to sell stock under cost to meet grossing creditors bad trade, and sickness in family," were the causes. His gross liabili- ties were returned at £ 1,364. there being a deficiency of £ 1,089. The debtor has been j in business for ten years, having started with a capital of £ 20 borrowed from the Old Bank, Carnarvon, his father becoming guarantor. His stock-in-trade had been Rold for £ 450. The bankrupt stated that he had no furniture, and that his father was tenant of 37, High street, Carnarvon. He was tenant of the house and shop, 35, High street, Carnarvon., and had scheduled £ 20 1,e4d as the landlord's claim for rent. The bankrupt stored mat ho only kept a rough • ledger with debtors. Since March. 1903, the lId loss on the business amounted to £ 479. Household expenses swallowed up £ 200; mies, rent, and light, Cloo, solicitors' cost on writs and summonses; executions, discount- ing bills, Ac., absorbed another £ 200. Ex- penses mrough illness of family represented f-30. and bad debis C62 13s Ikl. There were four creditors for money lent to the amount of £ 83. PAWN IN G TRANSACTIONS. The Official Receiver reported that. during ;4he last two years the bankrupt had pledged a great quantity of his stock-in-trade with Mr William Hamer, pawnbroker, Carnarvon. Some of the goods had been redeemed by him for the benefit of creditors, and he wa3 obtaining a report as to the value of th^ re- mainder. The bankrupt also admitted that he had during the past twelve months sold a good deal of jewellery under cost price to meet pressing claims. The Assistant Official Receiver (Mr Tobias) said that at the last hearing the debtor had stated that he could not identify tome of the goods he had pawned, aud asked if the bankrupt still adhered to that state- ment, to wliieltIJoyd replied that ho did, except as regarded some silver watches. Asked if it was not usual for watchmakers to k'^ep a stock-book, the debtor replied that such a book was not kept at the shop he was in and he had never been taught to keep Mich a book. As a matter of fact, haven't you recently been buying goods only to pawn them?—Oh, no. Didn't yon pawn goods directly you bought them?—Well, perhaps after a week or a fort- night. Aud you have pawned in a very wholesale way?—Well. yes. He thought the value of the pawned goods still unredeemed would b.iJ about E140. He could not say exactly what percentage of the value of the goods he pawned he got, but he considered the pawn- broker with whom he dealt gave very good value. He admitted in detail obtaining goods from a. large number of jewellers in various parts of the country and pawning thorn. Amongst. others lie obtained FOrnI) gold, watches from Russell and Son, Liverpool, one of which he sold to his solicitor for £12. He understood that his solicitor wanted it lor his son. He banked the money. You still owe Russell £ 35?—Yes. Have you pawned any of their goods ?--I can trace them in the statement. How soon after receipt?—Oh, weeks or months. He had sold a largo quantity of goods under cost, price to meet pressing creditors.. Ho had had some dealings with local money-lenders, but only to a small ex. tent. He had borrowed money from Mrs Ovcra, of Dinorwic street, Carnarvon, and from Mr Yanpolski, of Enngor. He had not pawned IIY articles except at Carnarvon. The stock a, his shop war. bought on his behalf by his father for £ 450. The Assistant Official Receiver: You are Bware that you cannot buy stock valued over x20 as an undischarged bankrupt without giving notice to your creditors. i The Debtor: I didn't know that. Ha had been selling over the counter goods under cost price. UNBUSINESSLIKE AND UNPROFIT- ABLE. The Assistant Official Receiver: It was neither busine^iike nor profitable. The Registrar: Why didn't you file your petition ? The Debtor: I didn't think it was so bad. I thought things would come belter. The Assistant Official Receiver: You founded an ea«y kind of business by taking -your stock to the pawnshop. The Debtor added that he had as many as four or five legal processes in a week. 5 The Registrar: All the more reason why you should have filed your petition. A WRONGLY-USED WORD. The Assistant Official Receiver next quea- lioued the debtor as to the allegation that he had lost £ 1H "through defalcations of traveller." and 11, explained that the sum re- p I- 4 presented losses owing to the failur" of his traveller to get the IUOHOV in. and to his ex- penses on ibe road. The Assistant Official Receiver: But you say they were defalcations. Is then* any blame attached to the traveller? The D. btor No. The Assistant Official Receiver: Well your statement to the Official Receiver is not correct. The Debtor: I did not know what it meant. The Reg istrar: But you should not have used a word the meaning of which you did not understand. The Assistant Official Receiver: You hav* accused the of taking money that be- longed to you. The Debtor <)h, no. He didn't do that. The Registrar: The statement must bit corrected, and losses in trade substituted for defalcations. The Debtor, in reply to further questions, admitted that he never kept proper bookt of account! The Registrar: If you had you might not have bteri here. The Debtor said that he paid all monies into the bank with the exception of what ho look out for household and travelling ex- penses. He. never thought of ascertaining whether his business was increasing or de- creasing. The Assistant Official Receiver said that he found that in 1803 the debtor had paid C938 into the b;u)k, whilst during the follow- ing year lie paid :CLnG7. showing o consider- able increa.se upon the previous year. "That was because I was selling at such a, low pric." explained the debtor. "I sold at tremendously low prices." The Assistant Official Receiver: So it's .sasy to have good trade if you sell under coat, price. YOIt I'un do busÍlH'ss, ùnt it's not pro- fitable bushier. At your preliminary exa- mination you said that you began to realise that you were in trouble when you had to borrow from Air W. J. Puny and Mr Stythe, Carnarvon ? The Debtor: Yes. He bad been selling watches worth 26s for a sovreign. Answering Mr Richard Roberts, his soli- citor. the debtor said that his father paxi thfl rent. Mr Hamer. the pawnbroker, had ad- vanced very reasonably on the articles he had pawned, having given within twenty pounds of the actual value of the goOd: He (Mr Roberts) had advanced him part of Hio money with which to file his petition. The examination was closed.

.A BANGOR HAIRDRESSER'S FAILURE.

ANGLESEY APPEAL CASE.

SLEEPLESSNESS.

PORTMADOC URBAN DISTRICT COUNCIL.

[No title]

----------------------------SULPlIOLINE…

---.-----------.----BLOOD…

Advertising

GWYRFAI DISTRICT COUNCIL.

A POSITIVE PROOF.

PENRHYNDEUDRAETH BOARD OF…

PWLLHELI ATHLETIC SPORTS.

[No title]

Advertising

[No title]

Advertising