Saw His Folly Too Late
Page 40
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PLAIN ignorance" and inexperiencz in business matters led to his failure. Evan Edward Fussell. 44. told Newport Bankruptcy Court last week.
Fussell, of Broomwood Bungalow. Machen, who was appearing at his public examination in bankruptcy, said that he was not an experienced businessman when he took on in 1958 a coal haulage round, known as E.S.C. Transport.
"1 see my folly now. It was plain iribrance on my part. Otherwise this might have been avoided," Fussell said. His liabilities amounted to £1,134 4s. 2d.. and his estimated deficiency £684 7s. 6d.
Successful Start Originally, the business was successful and yielded a net profit of £9 a week. Fussell said. In April, 1959, however, he started selling coal on credit and after three weeks he owed £230 for coal supplies.
After September, 1959, Fussell said he was hauling shale to the Spencer site. He part-exchanged his vehicle for another costing £1,600. Hire-purchase agreements and heavy maintenance costs restricted his profits to a figure of about £8 10s. a week.
The examination was closed.