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Post by NZBC on May 29, 2011 18:31:19 GMT 12
RECKLESS TRADING
CHINESE TRADER IMPRISONED.
(BI TELEGRAPH.—PRESS ASSOCIATION.)
HAMILTON, This Day. A bankrupt Chinese fruiterer, Ah Moon, was charged with contracting three debts, totalling £128 15s Id, without having any reasonable expectation of being able to pay them. The Magistrate said he was of opinion that the alleged offences had been committed. The accused had gone from one business to another, carrying a legacy of debt, and was guilty of reckless trading. Even his fellow-countrymen condemned his actions.
A sentence of one month's imprisonment; without hard labour, was imposed. Evening Post, Volume CX, Issue 10, 11 July 1925, Page 7
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Post by NZBC on Jun 23, 2011 21:32:23 GMT 12
HINAMAN'S FAILURE
DUE TO EUROPEAN'S OPPOSITION
SIDELIGHTS ON ORIENTAL BUSI, NESS METHODS.
'(HI TELEGHAPH—SPECLU 10 THE POBI.)
AUCKLAND, This Day. The fact that a European ,• fruiterer started business in opposition to a Chinese was given at a meeting of creditors at Hamilton as the principal reason for the latter's failure. The bankrupt was Leong Ming, trading as Wing On and Co., of Hamilton. Bankrupt's schedule showed that approximately £450 was owing to unsecured creditors, and £30 to secured creditors, while his assets wers assessed at approximately £179, leaving a deficit of £880.
In the course oE the meeting, the interpreter stated, in reply to the Deputy. Official Assignee, that, judged from the European standpoint, Chinese business methods were very crude. They borrowed and lent large sums of money without any security other than by word of mouth. One Chinese would assist another to his last resources, and would not ask for any receipt or other written recognition, if the man failed to pay what he had borrowed the lender would know not to lend him any money in the future. D=bts were hereditary, and many of the Chinese in New Zealand were at present working off debts incurred several generations previously. They only submitted accounts once a year, and it was considered lucky if a, man could discharge his obligations before the New Year:
Dealing with tha question of Chinese trading under names other than their own, the interpreter said that if a Chinese was not successful while trading under one name he took' it as a bad omen, and in his next venture tried some other name. The interpretation of names also was taken into consideration by an Oriental when starting in business. Such a name as "Wah Lee" or "Minj; Lee," meaning small or very small profits, was considered unlucky by sonic, while others thought it would bring in custom by tempting buyers. The meeting resolved, "That the creditors deem it advisable that steps bi> taken by the Government to have soniß system of registration of Chinese trading names instituted as a protection to the trading community." No particular resolutions concerning bankrupt were passed. Evening Post, Volume CIX, Issue 122, 27 May 1925, Page 4
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Post by NZBC on Jun 23, 2011 21:33:26 GMT 12
CHINESE BANKRUPTCIfS CREDITORS NOT SATISFIED. (By Telegraph.—Press Association.)' HAMILTON, 16th Augurt. "> Strong comment was made at a meeting of creditors to-day on the large number of Chinese bankruptcies which have been occurring and the unsatisfactory position in which creditors are left. The creditor* in the bankrupt estate of Wing Lee, a Chinese fruiterer, of Hamilton, are not at all satisfied. To-day they held their third meeting to inquire into his affairs, the previous two having been adjourned to enabla him to furnish a statement. His debta were shown as being £634 19s 3d, and tb* assets were estimated to realise £17<L including stock at- £150. Mr. Eobinson, of Pajmerston North, one of the creditors, said that in four month*. according to the bankrupt's books, he paid £876. He had thus been paying out £54 a week, apart from the rent, which he had not paid. According to the turnover he had been doing good business, and it was incredible that he had lost £41 a week. Another creditor said that Chinamen were simply laughing at merchants. It was openly declared that Chinese bankrupts always got out of it. Sir. Hughes said the better class of Chinese merchants were anxious that some of the less honest ones should be convicted. The Deputy Official Assignee expressed the opinion that it was time merchants dealing with Chinese and Hindus asked the Customs Department to afford them some sort of protection. How this wa» to be done he could not say, unless it was by some system of registering them when in business. It was decided to recommend the Deputy Official Assignee to place the matter ih the hands of the Crown Solicitor. Evening Post, Volume CXII, Issue 41, 17 August 1926, Page 3
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