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ADVER TISER 'AjS^D TIMES, FR ID A Y . A PR IL 15. 1932. ‘ MONEY TO BURN


Chatburn Company Director Caught in the Slump.


Neither Dividend Nor Fees.


I" l>oujj;ht 1 dozuti


i'l'ii used, <f«‘uness. IJIS 1)0011


•‘V nuiii IMS done


>ir sovoti I'VouId be wooks.


' lur!'” ho •• Weil,” I'm not


pii.' work I Clithoroe arc


|iMnd, Oil oariiosi. " nntiood


'{'>rv tile iiioideiit


Financial Transactions Outlined in Bankruptcy Court.


Watson >lMiitloW(inIi. of Smithies Jhidjie. I liatburii. were oiulinod in ilie eoni^o of ills lirst - \am in a lion in bankruptcy, holure .lie BejtKiar (.Mr. K. Bromnor) at JllaL-l;- I'uni B; akrnpicy Court on ‘Wcdiiesdav morniiu:. The canso ol liis failure was ; -.cribod 1 debtor to tho slumj) in tho \-aluo <1 shaiv> bold by him. Cross liahiliiio* .•I'ummiod in


The III aiii-ial oiM*raIion.s of .l<diii William


baidvrnpt< \ . dio.se d*-ln< runnin" to hotwoon Ltl.DOO and ‘.7.00(1.


Before the War.


s told Id ew. It, I liMjtucllor


, iiij: man I niyht to tdi- <l()wn be l ike


J 'Mvaeoly, I - M yarti


bo flood I lor :iu


liand in


'ictoriaii ill raise : of tin*


1 ilios the


the oli- Ti.e


I ommond


I inrasiiiro I I'lituont <base of ’ (jlK'S-


|d(I have 'I ui>on


'■ Sliani i“«’dinj:lv


' n . .Kid


1 Wyi'e of tlie Fvlde inl­


I bob nvo a larj:e ri.'tul a t amis to •'■almine


..ieki)ool untioi- and


l t* d that; 111 least


::tlesman bir \arimi' llnii' in ilie cotton trade. e;iM! iig liauti LdUH i-t L-lHI) a year, I'rotii IdM lo


::<• w;i' a ivpreseiitaiive and


niliei'- t(iriii'i.l prii'aie li.tnilotl company r.dll'll .'slnuileu oiii.s l.iiniLod with the ■


.\honi Ilild. he ami ilin'o


W. Carte l » d iitor. who was not legally ii presented. s. id that im- several years prior lit


Kepiyin*! o the Olllcial Ueceiver (Mr. J .


( oiirtaiild- ii' c. pariniemal manager at a 'iiailar <:daiy.


was eligaLl-'d Oil re ai'i-h .'nul esperimeiltal u'lirk lor the .Vilmi'-.iliy during I'dl." and 1ti(> following year .as umnsferred to ilio


account io ;i eonsiib'iig enginoi'r and ariirieial 'di; incr>’h;im a dl. I.loyd-street, .Miincliest*'!'. witli a cap ;:l of .ahoiit Cl.500 to C2.000. ea'li he had it tlio time.


bnsine>s wa- '■ticcossfnl. Varying Profits.


what, .vmir pmlit w.i- boiweeii 1922 and l!'27 cut- of till- b u - i t i i ' - I iiiiild not from memory. Appru\i::;aieiy r - -1 have !i ; the faiiite-c


I O' M the I'poa rod •• Deal- If


r>. I , .may


‘ iropoljs n i th a for ty


b.’oii in luer of I- Ahhoy d onoo, When


morciv M


^nuTous 'iirions


”; been w from


I - .-allod The


I iiop.s in fViiper \ town ' I ■


lilt from


.iiloday, i: —ami latter.


lordon, 'I one


|:iio was was a


•‘10 the


,\t the -r Hell


I ii<ol.’ ”


I writintx I ! ovoiiL 1 tnlatod I ovo : ‘ Oh.


^-dford'i ^lrnwaIl


[ Messrs, -haired


i Brad- called a ^Ir.


f■ npain I a .Mr.


[ of tho ! asliirc ■| actic- •T has


, I resent Bnotli- iii a


11 shop cwncr.


l lo was iTtlioni is a


f jiiittcc Vncillor mem-


l id has I'nittec, Com-


is in •rouch arnmar


Inis. ‘■nt of . ro<M»ry


A’ isdom t* inor- as the Barn-


• fc. She • over had a


plod.” ' l-acd.'’


i'lea.


was nevor ‘.■l.ddii ap.ut from my ilrtuvings. I was taking living esponso- i.nt, approsi-


Ciin you -ay it w


yoar. apail from tny ovpeiiM''. and that -ort oi tiling.


1 eannot. -ay. Was it “


M' CH't) or Cl.900?—I t


nialely CO'" nr Cldii a year. Apart from that, wlia; wa- toe prolil?--


* 'u b 'ia III ialr C 100 ..r C5(l0 a hi l'.)27. .\oii di'eoiitiniiod tlio morciiaiil-


until 192!b'—Yos You liavo invo-tod a ei.n-idcralile -.lun of uioiiev in tlio shares oi various (oi,pauie>?


uig p a n of the bu' i t ic—1' -Yo'. the prolit urns going. Tliejo wa- loo jnu>'li compoti- iioii ami I was vory bii-y on I'l iisuhiug w'ork. Did von (.uitiniie \oiir eonsultc.g work


column for the i-fi-t ot the shar«‘-. Do these ameums ropre-ent moneys :i''':ually [i.iid liy you for ilio -h a ie sr—They did, with Olio exception.


Yes. In tlii‘ l i 't of share- yon bold, there is a


l.iiiiited, tlie cost i- -tatod to be L'.'.li"*, f biiiiglit 2.0Ci0 or .3.WO,


In Tr.anspnreiit Paper Shares Costing £26,445.


fonsnlting bu-im'-s!- \c s . i>robably. Does tliai mean this money you invested


Kxaetly.


and in having and selling silk eompaiiios’ shares, of wliich I had knowledge. Your tran-.ietioii in shares made you


Out of your inn-lilting Imsiness.'—J juit . 1 imsiderahh* suiii'^?—Yes. .. More iicrlmps than your bu-ine^s."—yiy ^


(onsulting wa- worth nearly C2.999 a year. Is tliat after you gavi‘ ni* the mereliant-


doing teclinieal and export work. Were you a promoter of any of these coin-


jia u ii's ?—No. Wore V..U in any sense a company pro-


III! te r ?—None* whatever. The Megi-trar: You created the atmo-


spliore. as i t were?


a-sistanee—finaneial and technical assist- at?ei». "During the boom, T was very inneli in ilomaml.


Debtor: T was giving expert advieo and . Seven Directorships.


of tiireo iMihlic (‘ompaiiies ami four jirivate I'ompanies ?—Yes. To (loiil ivith ttif piililio c-ojnpnnips lirst.


of whicii 5s. was paid, and 35,000 B sliaj'e- of Is. each fullv paid, in th a t compan.v


work?—Yo'^. .'\nd yon bought 19.500 A shares of • ! ,


1 <Ii<3. 5Vas .voiir remuneration as director to ' . I


!)(' C.500* a vear?—Tt was. Did you receive that for one yoar.-—I


lliink i t Avas only part of a .vear. 'I’liat IS all you roceiA'ed?—Yes. On tlie date of the receiving order there


The Official Receiver: 'Were you a director Olio is tlio I'oimdois' 'j'riist ami liivostmoiit


Cmiipanv l.imited ?—Yes. Tlio object of th a t was general finanro


sriit your earning- as eonsulting_ engineer and a profit made on transactions in sbaros.*' Yes. and in helping to promote eompanies. I freijinuitlv got. iee- ol C509 ami Cl.990 for


uig busines-?—5'es. .So th a t tlie-e 4iionoys you invested repre-


o\[iended i- C29.115. moneys actually paid in cash by you to those diOereiit compaic- Can you give the C’oiiii any idea wiien ,\ou began making those inv-isiments? Mas it before or a lte r .von discontinued your cyii- sidt.iiig busine--y During the con.-iihi'g business, .\n,v a f ic j- -Y e s . Wore iiK'-t of them bought during th"


I'/siinuitiug that .\ou paid C2,909 auil not '-■'.1)09 for ilio.'i' shar<". the amount mtndly


bad been made in your business?—^es. Assuming mo-t of the money was found


while you were i-arrying on the hiisim—.^ it ii'oans'ynu lotind approximately C29.(Uli)?—


memor.v, I tliiid; I had on year showing a slight lo-'. but iipart fr. Ill iliat. j wtis in- ii'icsied ii: \arioU' -hare' .aid bad a profit ill tliose. (an yoii give aii\ tipprcvimato idea of


imiieaiioii i | the amount ef prolit you made a year? h v;iried.


'rin- (itic ial IJeceiver: i an you give any •speaking from


v. as emplii.vi'd by Ceiai ''e l.imited :is levtile eiriisnltaiit ill ;i -alar> eveiiiimlly reaching I '1.25(1 a year. 1m 1922. lie liegaii 'aiiinC'S on his own


.\rmy iimi -erved u.;lil deniohilisaiion late I I 101'^. Ki'"iii id l ' until Xnvenibi'i', IdU). I I was I'liipl'yed Ity Mriver Broilier-, >i|siiou. a ' K'clinieal adviser at a salary - i C7U0 a yi^nr.


I'l 'I’lie


• i) war. ill' wa-« i-i .:ageil in \v:ir work and l:s|m-.d i f his siia'CN in ilie comi)any. Me


‘,1 .'hare- bo tiii iglii iliey were Indf paid, lie w:i' : lilted ’•.MilO of the shares and appointi''! iiianag'ig direrror at a salary o! Cod!) .1 yfiir. 'I'bat company was sold '•iirii’tiiiie during I <• ujir. On the ontbre.ak


in he \va- employed by


•ben Ilf nianul 'luring ami selling ilross Li'od'. Tlie is'i.'d capital was


Doiitor ji. lueetl l.-itH-f> fj’oni several of i!io prill! I'ill .Todiini-'. iniimatinj^ that ;!io.\ laid c iiitonti<in .if jn-oi'in^ in tin?


' ’ourtHl b. -iliiie.s ititaliod L‘>,‘


iOs. lid ., and mi- JS2 I C. t^(l,


is a call on the A sbarc.s amounting to C2.S55 ?—Yes.


are depo-itoil with the British Kcpiitable C'eulral Tni-t Limitod'?—M'itli the iiiaiiag- iiig direclur of th a t company. Will you explain th a t? - - . \s security. Wliai for?—Against calls of .shares i


3 be certiliculcs for both A and. B shares


that company. A Film Company.


iiieiiL Company l.imited, <lid you hccoinc a director oi British and Foreign Films Limiieil?- I did. 'file olijeri of i.lio company was to produco


cacli lull.\- paiil, ami your wife took J),L)UU similar -hare-?—Vos.


idms ?—\os. .iVnd you look 3,999 ordinary shares of 5s.,


Ma> your wile moans of hi*r own?—Yes, Mad -lie at that lianc?—Yes.


paid the ic-i. She paid for .1,909. And you paid for o,U()0?—Yes. \\ Ik'ii wa- tlial?- It. was w lien the com­


wile bad? No. I have kept oiir affair.s M'paraic. .\iv you (luile sure at that lime you could


I have tried to keep my wife’.- atiairs away fiditi my own. Ilavc you any itlea wlial properly your


pay all your ilebt-?—Oil, yes. Your romiiiicraiion as a tliroclor of tlial


company wa- C25l) a year?—Yes. Did \ou draw th a t?—No. Those -hare- are with the Alidhuid IJaiik


iliit'ctor was Transparent Paper Bimiied, ilie obieec ot wliicli was lo maki? a special kind of papi.'i*?—Yes. You laid IdO defi'iTcd -hares of Is, each,


her -IjUfiL) >liaies?-•She had it left, hy licr father live year.s ago. Mi*w much wa- she lelt?—I nevor knew.


Were solvent? Oh, yes. (Jiii'.e sure? (Hi, yes. Where tlitl .Mjur wile got the money for


pany wa- lornied- 192.S, I tliink. Could .vou say at that time wiiellier you


Did .-ac [»ay lor them? Part of tliem ami A., nominee of the Fouiidors Trust Jnve.sL-


capital of £IUU a creditor for £3,I9S. \\ here did i t gob tho inoiiev from?—By the sale of property, tho Bridge Hill IMilL for .Cl)5,000.


irore is a small companv with an issued ’


only sold part of ihc estate. What heuame of tho other p a rt?—Jb Avas


What did they pay for i l? “ £S5,900. 'I’hev


sold as a separate traiisaiTinn. For how iiiiicb?—I really eoiild not tell


you. becan.se it was mixeil ii|> with ilie in- dividimls. The original liohler ot the property lichl it in spite of the ciunpimv baviiig soltl it.


Somewhere in tin* nature of £15.999 or C20,tK)0.


Has that coiii|)any jiaiil a dividend? --No. It Inis not even paid director.-’ fees?- No.


£15,000 Profit.


have been referring lo ? --.\ll llirougli 1927 and omvards. Wliat sliareliolilers in that coniiian\- arc


W IiaL wa- llie dtile of the iraiisacLion- wo


e(nii[>any? -'I’uo of tlioni liave in tiie way of loans.


think tfn* same as I liave paid. Will yon re-miinl mo wlnit the prolit was? — 1 am speaking from memorv.


liimiieii a- part seeiiritv for an overtirali ? • Yo-; The lilird . company of which you tvero


luHy pai l, and 259 ortlinary share.- of Cl, i’ull\ paid? -I think mo.sl of those shares are depo.-iieil a- -eciiritv inr a loan of C3.999. When did vou get tlial loan?—In 192S or


.Vo. ue i:a>t -omc calls <;n the t’oimders Trust. N


an I'.UO in lOl’i’, lie 'J'iiat mean- you were .-hort of money?—


still owing?—Ye-. Ilo.v i.iu-'li did .A'on pay in ('all- to the J’omider- TrU'i?--l have paid ii all less


’oii reijuireil C3.099 for this?—I did. Tiu'ie are c.dl- on tlial Tni-t ol C2,955


-hare-. 299 fully paid ami 5s. paid on the otlior-. Be-ido-> that there ivero 35,000 at Is.


Paper Limited ale with the Midbind Bank? “ Not many. Mavo \o!i any -lian*- in tliat cmnpany


.''OHIO of these share.- in Transparent


:i dividend ?—No. M.ive V'II drawn any remuneration?— Ye-, al.oni the lir-t two ye.-ir-. at C25U a .A ear.


:>part from tlio=i‘ depo-ited with I’nbluM- and Indu-trial Trii-t T.imiied and the .AMdlaml Bank?—No. Ma- Tran-parent Pajicr Limited t'ver paid


The Private Companies. Now wiili n-gai'il to the private romiiaiiie.i.


The Briti'li Jvinilahle Trii-t Limited wa- furnieil 1-! engage in gemwal liiianeial work?


\ share-. 5-. paid and 10,999 L-. B shares, fully paid?—Yes. Are ilii* cortilicate- for tlio-o shares with


-Ye<. ^’our liolding there ecmsisteil of lO.OOO Cl


the m.uiagiiig tUrcctor of iliai company?— S'es. Why ? —Ih^cause the company rould not


failed to -ell ill** l•'ollmlers Trust share.- and the nione.x uas found for the Iviuitablc 'rrnst, share-.


- 1 Avas selling my Founders Trust shares .ind applied for tin; Kqiiitahle 'I’nisL .-hares. Having appHid, 1 had to take tlicm.


pany should lend C3.099 to Smithies Bridge Trust, wiiicli would take up the share.s in F.iiuitable Trust, and 1 should git'o a liill behind Smitliie- Bridge 'J’nist.


company? -No. in iny name. M’hat did you do Aviili tbein?—They were


in Biiii-li Fquilable Central 'I'rnst Tiimited wa- foiiiirl by the Ixfiiiitable 'I'rust itself. Wer*‘ the -hares issued in the name of the


they AVei'e never is-ueil to me, 'I'liey were handed I rom the company lo the managing direi'tor.


Getting Round Companies Act.


-olveil ii-ell into this: 'Fbese shares Avore i'-ued by the eompanv in .your name. There was an tidvaiice made lo Smithies Bridge 'I'ni-t and ilicn the ananaging director of ill.- Kfpiitalile 'rriisb heUI tlie .sliare.s as


The Otfieial Beteivcr: The transaction re-


-eciirity for the loan by the ]v|iiitab|e Trust I ■


behind it ?—5'os. In fact, the Kquitablc Trust boiiglifc tlioso


> the Smithies Bridge 'JVust, willi you


di:ir(‘-- for you?—Yes. .\nd ilic managing director helil tlicin


year?—Ves. ili'Ve you drawn i i?—No.


No.


until tiiis money was paid?—Yes. It was an arrangement to get round llio


C.iiapaiiic-' Act?---Yes. Your lomuueralioii Avas to bo £200 a


|ian\ Limited, which was a small company to ciii'ry oti cxpeidmeiual work?—'J’liey Avere the founders of tlie process of Transparent


Paper Limited. The nominal capital Avas £100 and you


No.


bail 25 Cl lully paid sliares?—Yes. Is that comp*any still in existence?—Ye.s. Did vou ever draw any remuneration ?—No. Has the companv ever paid a dividend?—


Small Company Lends £3,198.


an i-ssucii capital of £100?—Yes. What was its object?—It was the foutider


company of a property Avbich Avent to Transparent Paper Limited. \Yliat was your bolding?—Thirty £1


The Bridge lia ll Development Compait.v Limited was another small company Avith


lla- the companv ever paiil a dividmid?— 'Mien llierc is the If.S. IE. B. 'I’nisb Com-


P»ridg<‘ T n i 'i that handed the certificates t.) tile managing director?--! did. M"W dill you come to bold them?—Benlly


money uliatever for tlio.-e slum*.-. 1'lie money refpiin*(l to pay for the shares


hold the sliaic.s. Did the company advance your money?


f I t was suggested the com­ I paid no


L-2.i'ii-i ,.ld. .\Ii>igetlier you mu-i liavt* jiaid nearl.v Cl9.'"i9 ;o that t'ompany?—1 had 10.909 Cl


iuteml to make a claim against you?—Yes. 'riiere is ilio Smithies Bridge Trust


Ye.s. Did she get any henolU?—No. Was any loan made to her?—No. I.s this one of the creilitors th a t doe.s not


Cl5()l)0 to £20,900. 'I’licro were four of you?—Yes. (.)nc of the shareholders was your wife?


cainmt borrow from Jiis own company. It is another way of getting round tho


the Trust .sliares. Was the company formed for tlial pur­


court. Docs i t represent all the shares now held by j’ou?—Yes. ILivi' any of these companies ever paid


a dividend?—No, not since T had a holding ill them.


Ts there any imiilveb price for tliese shares? —No. nob for any share I know of.


dn-trial sharo.s are in a slump. 'I'lie Begi-trar: You amist nut say that,


dicated other shares occasionally quoted in tin* list, and mentioned th a t British and Foreign Films T.iinileil was in liquidation.


Claim for Surtax. The Olilcial Deceiver ask<*il if debtor had


that ill the continued absence of surta.x re­ turn, they liavo exercised their powers and made an asse.-sment on you of £L'L1(.'9. Did you hulge notice of appeal?—1 did. Have yon ever paid surtax?—No. Yon in fact made siillieieiit to render you


bad correspondence with the inland Be von tie dep.iriMUcnt respecting surtax. Deliior agn’i'd he had, ami said th a t on .March 25ili l:i-t. an a.s-essment was made on liiiu of .C13.100. 'I’lie (Mlicial Jtocoiver: 'J’lie letter reads


years, or i t may be throe. I bad an ex­ planation which Avas (piile satisfactory. My irotiblo is entirely due to my own negloci of surtax returns. At th a t time, Trans- pari'iii Papers bad spent 9150,000 to carry on the proco.ss and bad failed to do so. A*s


for income tax purposes?—Ve.s. Begularly?—Kxcept for tin; ki.st two


helrl by (he managing director of the emn- pany :i- p.irl security for the ^.^.Ol'f). Tiie Begi-lrar: Was it the Smithies


.surtax upon my back but J saved a public company Avliicli i.s earning profits. The revenue people refiisi* to witlnlraw.


Tax Returns Not Sent.


toiicli with ever so niaiiy lii'ins of accountants?—Yes. You could have bad returns i>rcpared for


rile Ollicial Beceiver: You Avouhl be in


<l(*a(I about the time and it Avas a one imni show. Yon could have got anotlu;r?—When you


yon?—My own accountant liatl done my returns ior years and years.


Ife dropped


years? - I made a return about six anontlis ago.


f <li(l not jiay them but tho value of my securities was an unknowu quantity. No­ body could say what Avas the A-aluc of Founders 'I'rnst shares, because there is no


—T never did realize i t until tlicse proceed­ ing started. Yon knew the calks were tnadc on you?—


No. Ycm knew tluxsi* shares were d(*preciated?


market in tbom. .\ml none for lv|uitnble Trust sbarcs?—


—Ye.s. Did you ever prepare a statement lo see


No. Do yon now realize i t?—T don’t realize it


noAV. Silver Wedding Gift.


sliarc-s, tran-ferred to my Avifo. Arc they of any A*aluo?—^No. Were ymi chairman of directors of th a t


company ?“ Yes. Have’ yon dra\A'ii any rcinnnoration?—No.


an issued capital of £100 is a creditor for C3.19'^ money lout. Please exidain that. Debtor: Tiiey had funds. Tliey made a


pr.ofifc on the sale of the mills. Tlicy made profits they itavi* not distributed.


Is it still in e.xistencc?—Yes. The Onici.al BeceiA*er: This company Avith


Officinl BocciA'or referred to the fact th a t the liousebold furniture. Avas elannod by •Mrs. Sbuttlowortb. Debtor said bo trans ­ ferred the furniture under deed of gift on July 6th. 1927. to mark his sih'cr wedding. The Offieinl Beecivor: Was tlioro no other


After dealing Avitb other liabilities, the


reason?—None Avliatovor. "Were you solA'cut or not?—I had money


been burned. (Continued a t foot of next column.)


to burn. The Begistrar: So far as I can see i t has


what your position was?—I have done so freqnenily. Didn’t yon realize you Avero insolvent?—


iiip order Avas made?—That is so. When did you realize you were insolvent?


1 small business man Imt you wore in a largi* w.ny of business and could <*asily have got ai'cnuntants to make the retuVn?~T was worried. Blit no ri'tiirn bad been made for some


ban* a lot of worries----- 'I’hat might be satisfactory in the case of


spent seven or eight moiitlis. working ilay and night, seven days a Aveolc. At the end I was a, physical wreck. During that period 1 neglected tlio whole of my corro.-- pondenco. I have Imniglit this claim of


a last resort:, they asked mo to take it in band and try to save tin* company,


I


liable to jiay surtax sometimes?—Not in any one year. Did ymi fnnii-h returns to llie authorities


unnled on the .‘-lode i^xchange?—Yes, Transparent


Lhero is a niarki;t price. 'I’ho Oflicial Iteceivor: Arc any of them


l*ap(*r Limited.—Debtor in­ Ini-


noA'or paid a dividend ?—No, i t tloe- not trade. Take this list of share.s handed to the


panies’ Act Avas altered. Debtor: J i wa- done undi*r legal advice. 'I’lie Ollioial l»eeoi\’er: 'I’bat eonipany has


C'onipanio-’ Act?—.So far a.s J IcnoAV, it is a legal way of gelling round th a t Act. \Vliat. was accoiMpli-lieii ?—'J’lu* 3.900 of


pose ?—Yc.s. 'I'be Uegislrar: Then i t is time the Com­


Liiiiito<L we Imve mentioned, the fourth private company of wliich you were a director. 'I'liat again bad an i.ssueil capital of C190 ami it was formed to IniiuUe the liiiaiico of llie Brilisii ( ‘eutral Trust Limitetl. What exactly does th a t me.'in?—A director


there hesiilcs \on ? -'I’liree other.-. Have they drawn inoiieys out of the


(mild you say what tho loans are?—1 J t was


f i imi tod?— | i »•^•»•ntllallv came out very proiilalily. Ji looki-d at one fime ;L would be a serious los.-, \Vjiai was tin* amount of the piolit?-—


a profit, or ji b»-.s? - In a profit. 'In tin; Bridge Hall DevelopmiMit (.'onipany


Was ib a t a iran-acfion wliicb resulted in ANXIOUS TO PA Y 20s. IN THE £


Barrow Resident and His Debts Due to Unemployment.


HIS BUSINESS CAREER.


allrihiiled his l:iiliire to being uiietiiployeil lor several montlis.


War-Ruinod Business.


•I. \\ . l.'arter), debtoi* stat<*i( that tor .-e\‘erai years prior to 1912 be was in the textile imlnsiry In Belgium.


Ivxaiiiined by Ha* Oilicial Beei*iver (.Mr.


eniployi'd as le.xtili* «'Xperl by a lirm of arlilicial silk iminufaclnrer.s in .Mons. On .iViigusi l.sL, 1911, la* joined the Belgian Army ami the business was left in charge .Mr. !Morean. In 1915. debtor came to


creditors tliomseive- advised him be wa.s taking ton nmcii on bis own shoulders and Ilf* was rompolled to file his petition. Moi'can secured his discharge from banlc- riiptcy ill 1922 and lu* (\'erhek<*> nhlnincd lii.s in I'ebriiar.v. 192-L having pairl a dividend of 20s. in the .£.


'flic “ All in his Favour.”


heoa coiiijielled tf> mention the previous haukruptcy it AVas only fair I siiould bring out that he secured honourable discharge.


•lune. 1922. and 19.30, be Ava.s employed a.s manager by C’oiton and fleneral Indn.strics Limited, with a salary of COOO a year and travelling expeiise.s. During the la-t six moTitlis of bis connexion with the firm, ho received as salar.v for six months only £150 and ho left because tlio eoinpany could no longer pay its_ Avay. Tn .\pril. 1930. be began to experiment in some special fabrics from Avoolloii and cotton and on leaving the company, trictl bard lo get persons to assist in financing the manufacture. On April 5th. 1931, ho obtained his pre.sent sitimtion as manager of TYooIl.v IWills. Bkiekimrn. draiving £15 a week for house­ hold and travelling expenses. ITe was also to receive 2.5s. per cent, of all profits above C2.300. Tho mill was now being equipped


^Ir, Verbeke wont on to sa.v th a t between


COATS AND COSTUMES in the New Harris and West of England Effects


AND 3 U / T i N G


roalizo your insolvi.'iie.v?—1' began to realize it partly in Oeloher of last year, wlion tho huilding society, with whom I had a mort­ gage on my house in Cheshire, ga\'0 me notice if) (piit lu'caiise T Avas not able to pay instalments, ! Avas not then satisfied ilio position wa.s hopeless. T thought I could manage lo get the hnihling society to withdraw tin* notice and if T eonld have sold tho property, which would have shoAvn me a good protll, T could have ]mid my debts.


Nursing Home Fees.


aceount shows an excf'ss of liabilitii'S over assets on March 12tli, 1931, of CS09 5s. Old. Do you .mean to say you did not roalizo th a t?—No. T was the owner of the property and if it bad lieou sold. T slioulil liave bad a margin to pay my debts.


'I’lio Official Beceiver: Your deficiency SEE OUR NEW SEASON’S SHOW OF


did you ro(|uiro'tliat for?—During the last six iiioiiHis. my salary Avas coiisidcrably rediK’ed and T b:id not snflicienl mone.v to carry on.— Debtor added that about that time be bad to pay about C500 in medical ami nursing home fee.- in respect of Ins


V


tbing for income tax?—1’liat is so. Am! they filed a petition and the rccoiv-


You were owing Hie Commissioners snme-


Barrow district, debtor agreed lie owed C.^ 2s. 2d. for milk and ,C22 for groceries. Tie bad boi)os of being able to jiay for Iboso goods. Ho agreed lio secured furnituro lo tho value of OA'or £200 on tho lure pur­ chase syslom, TTo did not pay cash for Iionsehold roqiiiremonts because he Avas not asked for it. Tho people Avero Avilling to give credit and he hoped all along th a t lie would bo able to pay.


lir-t Avife. Questioned as lo debts incurred in the


ono in full', if they AviU giA*o .me time to do so,” debtor declared,


to pay ,C2 a Aveok Avhile T have my present salar.v amt if tho creditors will meet mo, T slmll he only loo glad to try and make an arrangement.”


“ Tt is my Avisli and desire lo pay evory- “ T am Avilling


examination Avas then clo.cetl. Debtor: I knew it A


have not sold shares in any company of Avhich T Avas a director and I have not taken adA’antago of inside information.


A ’as going to burn. I


AA'ns going to burn Avlien this deed of gift Avas made?—No, the slump had not coin©


Tho Official BcceiA'cr: Did you kiioAV it


then. Oil the appliration of the Official Beceiver,


AA'ho_ said ho desired to mako further iu- A'ostigaticii


Bogistrar adjourned the oxaniinatioii for 0110 mouth.


into debtor’s affairs, tlio


circular-shaped piece of ■white-enamelled leather, placed on tho back of tho shoe just above the heel, catches the lights of a car a t night.


Safety-first shoes have been invented^ A .........' CEET, Clifheroe


agreed th a t debtor should submit some scheme on tho Eines indicated, and tho


At the Begistrnr’s suggestion, i t AA-as


year and travelling expenses for some year.s dnwn to the end of 1920, yet in .Tammr.v, 1930, A


You were drawing a salar.v of £001) a (* have you borrowing .£200. AVbat fc


SuNDOUR fabrics don’t tade, no matter to what sunny days you expose them or to what wet wash days you send tiiem. This is not just predicted. It’s guaranteed.


S u n d o u r Ltd. U n f a d a b l e F a b r i c s


T.-Satterthwaite & Son YORK STREET


Tel. 191


Ladies’ & Men’s Footwear ALL NEW GOODS


LADIES SUEDE BAR, 9/11, 11/9, 12/6. GREEN OR BLUE BAR SHOES, 10/11. PATENT, 7/11, 9/11, and 12/11.


MEN’S OXFORD SHOES in the now Brown shade, and in two fittings 11/1, 12/11 and 15/11.


BLACK, BROWN GRAIN, AND TAN, from 10/11 to 21/-.


SHOES, SANDALS and PLIMSOLS for tho KIDDIES from 1/1U to 7/9.


JU S r THE GOODS FOP THE TIMES.


Household Divi Stores, Salford R. J. KIRKUP, D re s s M a te r ia l


S p e c ia l is t


SUMMER COATINGS, New Fabrics, New Shades. DAINTY MATERIALS in Latest Designs. EXCLUSIVE SILKS


MARKET HOUSE, BLACKBURN


hut Avas not .vet in working order, Tho Olficial Becoiver: AYhcn did .vou


COATS AND COSTUMES from ALTERATIONS FR E E


Club Checks of all the Leading Firms in Clitheroe & District willingly taken ! i| A.r


b:9ikruptc.v apjiear to he all in hi.s favour. Tho Oliicial Beceiver: T agree. Ifaving


'flu* Begistrar: 'flu* facts f»f the previous


THREE-PIECE SUITS (Coat, Skirt and Blouse)


trade Avas with Franco and Hmugh contracts were signed, appolming Hu* tribunal of Hie Manciiester (■liamber of 'trade to decide ([Uestions of price when; co-ts increased. Hie L'l'encb people finall.v di'clined lo accept Hiat tribunal as competent to decidt* the differ- t'liei's between the lirm and Hieir customer.*;. 'I’lius Ik'uv.v losso.s Avere sustained. TTo did lii.s be*<f. to meet all Habilitio'^ but bis partner filed bi.s petition, leaving the Avhole burd(*n on debtor. TL* (debtor) fought bard and’ arranging a meeting of creditors, oulliiieij a scliome to pay i'vi*ryone in full.


dinieiilt\ was experieticcsl in obtaining the goods r«'qiiired. and tiio.v acquired two mills. I'lie Im-ine.ss eoiitinned to he profitable until 1920 when the slump panic. Much of their


edging and fringe for ladie.s dresses, obtain­ ing a large order which lie could nob execute becansi; the material requireil Avas coinmaiideered by the (Jovernmeiu. Hu ;it that titue bml money which bis Avife brongliL over front Belgium ami he also cnlleeieil money owing to the original firm bv F.ng- lisli eustomors. By that time. Hie Inisiness in (ilienb bad bad to be abandoned as the town was in the occupation of Ha; Oerimuis, who left lii.in nothing. Mr. Moreau came lo Kngland with the object of assisting him lo exploit the patent ami they I'e.-umed partner.sliip as ti*xtile agents in Borlland- sircet, Mancli(;ster. buying good.s on their own account ami selling Lln?ni at a con­ siderable profit.


’I’owarils tho end of 1917.


Knglaml on furlough aiul for some lime was i-iigageil ill looking after Belgian rei'ngi'es. In 1910, la* invented and palenti'd a bni.sli


lu'gan Imsine— uitb .Mr. Alfred .Moreau a.s lixlile -hip|»ers at. (Ilieul,


In that vear lie lb* was also


a t Bkickbnni Bankruptcy ro in t oti Wednes­ day lor Ills lir-L o.xaininalioii in baiikniptcv, before .Mr. Begistrar II. Bremner. Debtor’- delicieiicy wa- given as C.'^OO and In-


one in lull if they will give me liiue lo do M), ’ said l ‘a.mille .Marie Aiiguslin I’liillijipe • lilies \'i*ibeke, maiiugor, of “ Uaktield,” Bari'ow, near Clitlieroe, wlu*ii lie ap[H*ai’i'd


“ It is my wish :iiid tle.-ire tn pay t.-very-


(THREE) BALL AGAIN! EXAMPLES


.■E6/10/- ;biii('ce Booiiiy Suite in Bo.xiric and N'elmir. Sprung on steel A


Suite.- Avill loolc SAveeler in your homo. B a l l A ^ a in .


A ’obs. Our


•■£7/1 2 /6 *1 X 3 Super Axmiiistei' C:ir|ie‘ iiioileni dosigii. 'I’his carpet l•L•p^e-l•lU.- ilii* peak of I'higlisli Axininster carpeling. biii oAving to damage in Aveaving the two eml border.s aro cub aAva.v, otliorAviso the <*ariici Avoiild be .ClO/lO/-. .Maiiufavt ur<‘r- loss, .voiir gain. B a l l A g ra in .


1 8 /6 HcaA-y Box Seal t!urbs. coinplcle Avilh <*oinpanion set of four Avhicli attach to curb in latest stylo.


in stock from 1/11. B a l l A ^ a i n . .-\ll typos of eiirb..;


.;E1 2/1 O - l.argi* rMoiii.v 'riiret*-nii*ee .^iiitf* in modern /lgnn*d V(*lour. Klogaiice ar a low figure. Call ami iii.sp.ot. B a l l A g ra in .


£ 4 / 1 0 - 3 X 2.y SupiT Axmin-ter Carpet Ten yc*nrs dining reoni AA'oar. AVliy not liaA'c Hu* best this time? B a l l A ^ a in .


1 7 /6 7i yards AViltmi Stairs Carpet. B a l l A ^ a in .


£>4-/S/- 31 X 21 Axniinstor Carpet. An odd size eariH;t, bought h*.s.s a liberal discount. Ag^ain.


I'hillv Avnrlh 5 guinea'^. B a l l


4 0 / - 3 X 3 'Eapeslry Carpet. Simply anoHior of oiir carpet bargains. B a l l A g ra in .


.£ 3 /1 5 / - 3 X 3 .S.H. Wilton .Ships Carpet. Ten years wear on a flagged floor. B a l l A ^ a in .


3 1 /6 Full size Woollen Mattress. T1-ii thick. B a l l A g fa ln .


£ 3 / 1 9 /6 .Solid Jacobean or L’miied Oal; AVardrobes, 3-fb. Avido, O-fi. 2-ins. high. Full length bevelled plate mirror in ilfinr and largo draAver under. Ojfeix’d at £3/19/0, ticlivered free. B a l l Ag^ain.


to inatcli your furniture. Tdo.al ” bottom draAver” for young ladles Avitli “ Intentioii.s.” B a l l A s f a in .


2 6 /1 1 Oak Bedding Chests, any shade


F i t t o d C a r p e t s * Get oiii- quotation, pricc-j to-da.v an* astonishingly Ioav. Fittod by competent workmen, specialists avIio an* doing this class of AA-ork day in and day out. No fit. no pay. 3,500 yards of Body Carpet in stock. B a l l A ^ a in .


WALTER BALL, CARPETS and LINOLEUMS Offered at £3/19/6| delivered free.


N e w S w e e p e r s f o r O ld . For a short period Ave are prepared, to introduce Hie finest Carpet. SAveeper on the niarkofc. to alloAV you 5/- on your old Carpet SAveopor, n o m a t t e r * w h a t c o n - d i t i o P i against a noAv “ Boudoir ” SAvi'cpor. Tho “ Boudoir ” being made of Aluminium i.s light, yot .-tiirdy, and is Avoiiderfiilly eflu'ietit. B a l l A ^ a in .


£ 3 / 1 0 / - Solid Oak Gale Leg Table. Noli* the largo sizi*, 5-ft. bv .3-ft. fi-itis. A gift. B a l l A f^ a in .


and iiisi'cct. B a l l A ^ a in . . .£ 4 /4 /-


-iiitaMi* for any room. Colluh)se fini-li. Hie pnli.vh is iinjiervinus to AVater. Call


WRINGERS in .'^icK.'k. Hav*> you scon, the ncAV “ BionoiT ” Wringer, winch Avhen. olosetl mako.s a hamlsomo pol'-lied top t;il)le im)imti*(l on rubber tvred c.'istors,


All types of m*w ami second hand


10 gii.s. niodi'l. Kipial to ncAV. Taken in exchange. B a l l Ag^ain.


” l-wbank Swift ” \Vndier,


3 5 / - Heavy Carved Hallstaml. 3-ft. G-in. Avide. Oak. fiiiislu’il Black. 'Taken in ox- eliange. B a l l A g ra in .


1 4 /6 Dining ( ’hairs, loose Bexino scats. B a l l A g ; a in .


2 2 /6 3-ft. Full Band Oak Beds. Com- jiieto Avith Avir<‘ inattr(*ss and fitted Vono casters. B a l l Ag r a in .


QUALITY CARPETS ill g.reat. variety a t the loAvesb po.'^ible prices. All Hie r<N- sources of our largo organization behind each Branch Shop, and qiiantit.v buying


means loAA'er prices to our customers’ advantage. B a l l Ag f a in .


1, CASTLE STREET, GLITHEROE J . N I C O L L Ltd. FOR THE WOlVIAN WHO IS PARTICULAR f i


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