Three Bankrupts Lost ,E13,000 in a Year
Page 48
If you've noticed an error in this article please click here to report it so we can fix it.
A FTER hearing three cases of haulage il contractors going bankrupt the registrar, Mr. J. L. Williams, expressed the hope at Newport bankruptcy court last week that others would take note that the three contractors between them had lost about £13.000 in 12 months. "People seem to think things cannot go wrong," he added.
Jack Webb. 44, of Waltwood Road. Underwood Estate, Llanmartin, said that when he started work carrying slag to 'the Spencer steelworks site he was reasonably successful. Then breakdowns resulted in big repair bills and he had heavy pay and hire-purchase commitments. His deficiency amounted to £3,119.
Webb said he had not really considered the facts. He went rushing into something with his eyes shut when he embarked on the business. The examination was closed.
Edward William Harvey, of Channel View, Pontymister, blamed the failure of his business on accidents in which his lorries were involved, high cost of repairs, and decreased rates for haulage. After three crashes he had been forced to ask firms to repossess the vehicles.
"Stiff Undertaking" Harvey, who had a deficiency of £4,240, agreed that the puechase cf the lorries, costing £6,441 and £3,772, was a "pretty stiff undertaking." Monthly instalments totalled £338, but at the time he was drawing only £18 a week wages.
Harvey said that on paper the scheme had looked good and he did not agree with Mr. W. H. Meredith, the official receiver, that he had entered the venture recklessly. The hearing was adjourned for two months.
Inexperience of business matters and lack of capital, it was said, contributed to the failure of a haulage business owned by Trevor William Clissett, 43. of Liswerry Road, Newport.
With capital of £5 Clissett started in business transporting coke, coal and phurnacite and bought three lorries for more than £9,000 and later a fourth. He drew on average a wage of £12 a week.
RECORD YEAR FOR ATKINSON VEHICLES
ANET PROFIT of £58,524 for the year ending March 31 last, compared with £42,576 for the previous year, is announced by Atkinson Lorries (Holdings), Ltd., whose annual general meeting will be held on October 3.
In his statement to be presented to the meeting the chairman, Mr. W. G. Allen, reports another record year, with tttrnover increased by 30%, for the company's manufacturing subsidiary. Atkinson Vehicles, Ltd.
There was a corresponding reflection in the profit figures and an increase in exports.
n14 £250,000 DEVELOPMENT FOR TOOL MAKERS
1–i
A NEW £250,000 development plan for their Sheffield factory has been announced by Stanley Works (G.B.), Ltd., the tool manufacturers. The major part of the plan is the erection of a modern £180,000 33.000 sq. ft. administration block on a site adjoining the factory. This will release valuable production space occupied by offices in the factory buildings.