EXAMINATION OF INSOLVENTS.

Auckland Star, Volume XXVI, Issue 4415, 8 July 1884, Page 4

EXAMINATION OF INSOLVENTS.

John Adams's Caso.

John Aiumh,. lato. licensee of the Swan Hotel, Mechanics' Bay, and now a bankrupt, was examined on oath yesterday by tho Ollicial Assignee. Ho .-staled that hohadbeen in the public-house business ever sinco 1869. In August, ISS2, he took a lease of the Old Houfo at Homo, the price being £291!, and £100 additional being expended upon improvements. Ho gave bills for the goodwill, stock, and furniture. In January, 1883, he sold out for L-150. A month previous he had taken over tho Anchor Hotel under conditions similar to those on which ho got the Old House at Home. Tho prieo was L3OO, LSO being in cash and tho rest in bills. In April, lSb'3, he sold out for L 550, of which he received L2OO in caßh. Tho .L 350 balanco was handed over to Mr McLennan, from whom he ,had purchased the goodwill of the fewaii. The price for goodwill, stock and furniture was L7BO lls 9d, subject to two bills of sale for L3OO and LtOO respectively. The lease, valued at about L 2.30, was in the hands of tho holder of the L3OO b.ill of sa'ej and was mortgagcel to him as collateral secuiity. Ho had jiaiel all liabilities connected with the Swan, except the L4OO represented by the two bills of sale. During the 11 i months of his tenancy his takings amounted to L 1,099 lia Id, being an average of about Ll-18 per month. In the whole period hu paid away L 537 9s Gd, and in addition to this he gave cheques for personal anel trado bills amounting to L 2,050 18« 7d s makingthe total business and nei'Honal disbiirVt.-meuts L 2.624 B.s Id, or an average over fourteen months of about £187 a mqnth. About six years ago he purchased the leaso of the Anchor Hotel and adjoining premises and, in July, 1883, sold out, getting as ; not proceeds LI, Oil". Altogether he hadput into the Swan business LOL'O, and during his l<i months' tenancy of it he considere'l that he had lost upwards of LpQO in his trading. The place was too heavily rated, and was exceptionally expensive to work on account of repairs. There had too been a groat fallingofl'in tho business since the Sash and Door Company's mill was burned ..down. The debtor's liabilities amount toLWS lGs Sd unsecured, and LI.G'.H) secured. The security given for the latter sum is valued at L 1,890, leaving a balance of i'2oo to the good, which makes up the available assets for tho uneccurcd creditors to L 312 3s lid. .

David Mcsßf general dcilcr, was aleo examined. He statod that lie hael been in business nine years, but had only bepn nine months in Auckland. SVhsn ho came here he was quite solvent, Lut through having to sell goods at loss than they cost in a great many instances, and through bad debt?, he had got intodifficulties. A man named J. P. Smith owed him L 79, and in consideration got him goods to the value of LGO 17s lid from a man named Schaacht. Just when he wag in a /air way to clear oil'hia liabilities Schaacht came down upon him and had him arrested in respect of thisLtiti 17s Ud, which it ecomed Smith had never paid, clearing out instead. Men therefore iilfld. His liabilities are Pet down at LIDS. 17s Gd, and his assets aro nil. ■ t