A meeting of the creditors of H. Jaques, boot manufacturer, Harborough-road, Rushden, was held at the Queen Victoria Hotel, Rushden, on Friday. Mr. R. R. Brown, of Rushden, as the biggest creditor, presided. There was only a small attendance of the other creditors.
There were also present Mr. F. Nash, of Messrs. W. J. Thomson and Co,. chartered accountants, Kettering, and Mr. L. G. Roberts, chartered accountant, Rushden.
The list of creditors for sums over £10 was given as follows :
H. T. Ashman and Co,. Ltd.£91 16s 4d ; J. Bland and Sons £135 8s 10d; R. R. Brown £370 19s 10d; J. C. Brown, Ltd. £74 5s 5d; British United Shoe Machinery Co., Ltd. £37 0s 3d; W. W. Chamberlain and Sons, Ltd. £24 7s 2d; F. Corby Ltd. £120 6s 8d; J. Cable and Sons, Ltd. £24 5s 1d; J. Conyers and Sons, Ltd. £109 12s 6d; Dominion Rubber Co., Ltd. £17 8s 8d; G. H. Frecknall and Co. £29 8s 7d; T. A. Hall and Co., Ltd. £26 4s 1d; Hassell and Cogan £30 18s 8d; Ingle and Sons, Ltd. ££17 15s 0d; Jacobs Leather Co., Ltd. £96 8s 8d; T. Kilsby £60 9s 5d; A. M. Lee £50 8s 1d; Leon Michel £35 14s 2d; Odell Leather Co., Ltd. £16 12s 0d ; Phipps and Co., Ltd. £18 19s 10d ; T. H. and F. S. Pochin, Ltd. £30 19s 8d ; A. E. Rodhouse and Co., Ltd. £38 14s 11d ; Rushden Transport £15 16s. 0d. Stoddart and James, Ltd. £12 18s. 0d; Seddons and Arlidge, Ltd. £27 13s. 2d; Smith and Thompson £57 2s 8d; Shaws Tannery, Ltd. £63 12s 8d; F. Toseland and Son £10 13s; Tyers and Bates, Ltd. £142 2s 3d; Wood, Malvenan and Co. £125 4s; G. Wichelow, Ltd. £11 10s 6d; Forty-five Creditors under £10 £186 9s 10d; total £2421 15s 6d.
Mr. Sash said that Mr. Jaques had suffered from the general depression of the trade and he (Mr. Jaques) felt that the only fair thing to do was to stop and ask to have a balance sheet prepared and place his position before the creditors. Mr. Jaques had not been “pressed” in the strict sense of the word. One creditor had asked for payment but had agreed to wait and leave the matter over. The balance sheet issued on July 7th showed on the capital account £974 2s 3d., the business being a going concern. The statement of affairs showed unsecured creditors, £2,489; fully secured creditors included £513 (being mortgage due to Mrs. Hawkes, charged on the factory and fixed machinery, which was expected to produce £1,000 on realization) and bank overdraft £948. Towards that there was estimated value of securities £498 9s 6d. and the surplus estimated value of property over mortgage £486 15s 0d., a total of £985 4s 6d. giving a surplus to contra of £36 17s 10d. The assets at estimated realisable value were cash in hand, £68; book debts, £626; stock in trade, £657; motor car, £60; loose plant, £40; surplus from fully secured creditors £36 17s 10d., a total of £1,489 less £3 due for rates. The deficiency as regards creditors was £1,003.
Giving the history of the trading since 1927, Mr. Nash said that on January 1st 1927, there was a capital of £729, the turnover was £19,407, the profit, £663, salary and assurance £355, thus increasing the capital by £308. Next year the profit was £387 and the drawings £368, the capital increasing to £1,056. Last year the profit was £712, the drawings £410, the capital increased to £1,358. in the six months of this year there was a net loss of £188 and the capital was reduced to £974 (drawings being £195) Mr. Nash added that Mr. Jaques had been under the doctor for some time having had a break-down in health. He had no trade at the present time and could not put any offer before the creditors at all but left the matter in their hands.
Mr. Brown said that he thought it was an honest case. Mr. Jaques had pulled up mush sooner than the majority would have done; in fact he had done his best. It had been nothing but the trade depression that had pulled him up. Mr. Jaques might have gone on and the estate have become much worse by Christmas. “I think he has acted quite honestly,” the chairman concluded.
Mr. Bland said that Mr. Jaques had been a most honourable and straightforward man. He had not sold anything he should not have done to maintain his turnover. The statement showed the business as a going concern and it looked hopeful. Now was the time when there should be better prospects. Could the meeting persuade Mr. Jaques to carry on?
Mr. Nash said all were agreed that Mr. Jaques had done all he could. But for the want of trade and owing to his ill-health he could not see his way to carrying on, nor did he wish to offer a composition because he would have to realise on stock and book debts.
The chairman said it liked hopeless to expect Mr. Jaques to carry on. He formally moved that Mr. Jaques be requested to execute a deed of assignment for the benefit of creditors with Messrs. H. C. Palmer and Co., and Mr. F. Nash as joint trustees.
Mr. H. Ingle seconded, adding that creditors sometimes did that and shortly afterwards the one concerned started again to make boots.
The chairman said that this was rather an exception and they would be better off by taking action.
The resolution was passed and Messrs. R. R. Brown, H. Ingle, and Bland were appointed a committee of inspection.