|
|||
|
The Rushden Echo,
|
|||
|
Smith & Co - Bankruptcy
|
|||
|
A RUSHDEN FIRM’S DIFFICULTIES - FORCED
At the Bankruptcy Court, Northampton, on Tuesday there was a hearing of the case of Herbert Charles Smith, 133 Cromwell-road, Rushden, and Frank Smith, 13 Corporation-terrace, Higham Ferrers, carrying on business at 133 Cromwell-road, Rushden, as Smith & Co., boot manufacturers. The statement of affairs showed liabilities estimated at £534 18s. 5d., net assets £173 19s. 1d., leaving a deficiency of £360 19s. 4d. Debtors attributed their failure to lack of capital, loss on manufactured stock, and general depression in the boot trade. It was stated in the course of the examination that debtors are father and son. The father is 61, and was at one time a hand-sewer in the boot trade, but when ten years ago that was slack he took up a greengrocery and smallholding business, and, though starting with no capital, had by August, 1919, saved £300. his son Frank, formerly a clicker, had £30 gratuity on demobilisation. Adding that to his savings, they purchased stock, machinery, etc., and started the Cromwell-road business, each taking a share in the work and relying on out-workers. In August, 1920, they made a quantity of stock, but, owing to depression, had to realise at 5s. to 6s. a pair instead of getting 16s. a pair as they had expected. In February and March, 1923 £48 was borrowed from Jack Smith, another son, and they had paid him it back, as he demanded full repayment. Debtors agreed, when pressed by the Official Receiver that it was a case of blood being thicker than water, and they were informed that the money must be repaid into the estate. Frank Smith said his wife had bought a second-hand motor-cycle and sidecar for £50 out of her savings, and she claimed the furniture as being left to her as a bequest. The case was adjourned until Aug. 12th. |
|||
|
Transcribed by Gill Hollis |
|||
|
