MEETING OF CREDITORS

Otago Daily Times, Issue 8869, 29 July 1890, Page 3

MEETING OF CREDITORS

Re Jom* Jackson. A meeting of creditors in the estate of John Jackson, ship carpenter, of Port Chalmers, was halp at the official assignee's office yesterdayThere were five creditors present. Mr J. A. D" Adams appeared for the corporation of Fort Chalmers, and Mr Macdonald for the debtor. Bankrupt's statement showed : —Unsecured creditors, £93 11s; secured creditors (Commercial Property and Fiaance Company), £221 16s, whose security is valued at £350. The assets consist of furniture, valued at £10, and the surplus from security, £128 4s;—total, £138 4s, leaving an apparent surplus of £44 13s. The unsecured creditors are:—Thomson Bros., £25; Port Chalmers Corporation,£l9; A.Cameron, £9183; R. Miller, £910s; Findlay and Co., £418s 8d; Tbomson,Bridger,andCo.,£2l6s2d; John Jackson (painter), £10; John Watson, £3 10s ; James Fox, £1 11s 2d; John Henderson, £1 4s ; James Greig, £1 4s; James Lawsoo, £1 4s; G. and T. Young, 14s; A. Tapper and Co, 11s; R. Bauchop, £2 10j. The land which the Commercial Property and Finance Company hold as security is situate at the corner of Grey and Constitution streets, Fort Chalmers, and contains some buildings. Twenty minutes after the appointed time bankrupt put in an appearance. Bankrupt, examined, said he had been in his present business for about 30 years. At present he was working for the Dock Trust, and his rate of pay was £2 for every ship that entered the dock, He was employed as foreman carpenter. He did very little extra work. For the last month the dock had been closed, which put him out of work. When the dock was in full work there would on an average be perhaps three ships a month in the dock. Mr Adams: Would you be surprised to learn that there have been 30 ships in the dock this year? Bankrupt: Yes, I would. There has not been that number. Mr Adams said he had obtained his figures from the official records. The Assignee remarked that if there had been 30 vessels in the dock bankrupt must have been receiving at the ratn of £10 per month. Mr Cameron asked if bankrupt had not been employed workiug at the dock gates sinca the dock was closed. Bankrupt said he had, and that he received wages at the rate of 12s per day, but he was there for only three days. In answer to Mr Adams, he said he bad a contract in Duuedin with another man. His share amounted to £9, but out of that he had to pay £3 12s for wages. The Assignee: I see, I Bhall want a statement of all your takings this year. Bankrupt: Very good, Mr Assignee, I shall get that. Further examined, Bankrupt said he mortgaged his property 10 years ago when he lost £1600 in getting a vessel off a beach, aud eight years ago he lost £500 at similar work. He had never got free of his first loss. Some of his debts were not very old. Thomson, Bridger's was dated 22nd July. He failed suddenly after making such recent debts, because he was sued by the Commercial Property Company for £22, by Mr Adams for £20, and by Findlay and Co. Bankrupt handed the summonses to the assignea. The Assignee: You have a summons here from the Commercial Property Company on the 18th July, and yet you obtained goods on the 22nd. Mr Macdonald explained that he was trying to arrange with the company to see if they would take over the property, but they declined. He then tried to sell it, but was not successful, Mr Cameron pointed out that bankrupt's milk aod bread accounts had also been allowed to run on until within a day or two of filing. In answer to further questions, Bankrupt said he had a wife and nine children, two of whom were at service. One of the remaining children was iv the dootor's hands, while his wife had been ill for six or seven years. Mr Cameron remarked that it would cost bankrupt nothing for doctors, as he was in a friendly society. Bankrupt denied that he was coanected with any such society, and when questioned on the point by the assignee he repeated his statement. The Assignee said it appeared to him that it was a case of misfortune with the bankrupt. With a large family, two members of which were ill, it was not at all surprising that bankrupt should get through £10 ur £12 a month. Mr Perry asked bankrupt if his takings from the Dock Trust last year did not amount to | £160, and from day work to about £50. ! Bankrupt denied that such was the case. He had a contract at Port last year and lost £20 by it. The Assignee remarked it would be necessary for bankrupt to bring up a statement of his receipts and expenditure for the past 18 months. Mr Watson remarked that the people of Port Chalmers thought that bankrupt simply had not the will to pay off his debts. Mr Cameron said the busy season was now coming on at Port Chalmers, and bankrupt would then earn from £15 to £20 a month. Mr Fox: Yes, but what can he do with the building society hanging round his neck? It was explained that bankrupt was now clear of the society. Tbo AscSgnoo suggested that^if bankrupt got free ho should make an effort to pay so much per month to him, and he would distribute it amongst the creditors. The bankrupt said he would be quite willing to do this, and if he got £15 or £20 a month he would be most happy to make so much of it over to Mr Ashcroft for the benefit of the creditors. He was certain, however, that his wages would not come to more than £10. Mr Perry said that bankrupt got the name of spending his money "before the wind," but bankrupt said he did not do so. Mr A. Thomson asked if bankrupt had any proposal to make. Bankrupt said he would be willing to give anything over £12 a month he earned to the creditors. The Assignee said he did not think £3 a week was too much for a man in bankrupt's position. Tha meeting was adjourned for a week in order to allow bankrupt to produce his statement of receipts and expenditure for the last 18 months.