The Plymouth Fruit Trade: Unusual Competition Alleged by Debtor: “Do Plymouth people eat less fruit than people in other towns?” This question was asked by the Official Receiver” (Mr. A. N. F. Goodman) at Plymouth yesterday, at the first meeting of creditors of Robert May Pinsent. Mr. Goodman explained that debtor, who is 30 years of age, had been trading as a fruit and potato merchant in Flora-street, Plymouth, in the name of Chalker Bros. In May 1907, he entered into partnership with Wm. Chalker, paying £350 for a half share in the business. The partnership was for seven years.
In April 1908, he put in £400 more, and took a larger interest in the concern. In February 1909, he put in a further £300, taking a proportionately increased share, and in October 1910, paid £80 and took over the whole business. He had, therefore, sunk very considerable sums of money in the concern. He carried on until March 21st of this year, when he executed a deed of assignment, in which the liabilities were said £1,093 and the assets £300. The deed of assignment was treated as an act of bankruptcy by certain creditors, and the present proceedings resulted.
A Marriage Settlement: Debtor had since been trading on his own behalf and had also obtained certain financial assistance from the trustees of his marriage settlement. The money he put into the business of Chalker Bros, did not absorb the whole of his capital and on the occasion of his marriage in July 1908, a marriage settlement was executed of certain railway stock and also the mortgages he held in a house. The trustees had advanced him certain monies which they had been able to obtain on the security of the settled funds of their creditors to the extent of £452. Debtor alleged the cause of his insolvency to be losses in business, heavy wastage on perishable goods, keen competition, and bad debts. He said Plymouth occupied the curious position of perhaps having the keenest competition in the fruit trade of all the towns in England: whether that was true or not remained to be investigated.
The settlement filed by debtor in bankruptcy showed gross liabilities of £1,082 10s of which L. 1,000 is expected to rank for dividend. The gross assets are £316 12s 2d, leaving a deficiency of £763 7s 7d. Debtor had recently furnished a proposal for a composition under which he offered in addition to paying expenses incidental to the bankruptcy of 8s in the £ on all provable debts, with the exception of the sum of £450 owing to the trustees of the marriage settlement who would withdraw their claim in the event of the composition being accepted by the Court. Mr. Goodman added that he had not had an opportunity to consider the composition. In due course the creditors would be furnished with his observations upon it, and an application would be made to the Court to approve or refuse the composition whether it was, in the opinion of the creditors and the Court satisfactory or otherwise. He proposed, therefore, to adjourn the meeting to May 21st.
Transcribed in whole or part from scanned originals: Presented with or without modified text and punctuation. For absolute accuracy refer to the original newspapers. Source: The British Newspaper Archive
Referenced
GRO0750 Devonport: Robert Maye Pinsent: 1881 – 1944