IN BANKRUPTCY.

Auckland Star, Volume XXV, Issue 40, 15 February 1894, Page 2

IN BANKRUPTCY.

JOHN ROBINSON'S CREDITORS,

At eleven o'clock this morning a meeting of creditors in the estate of John Robinson, borae and cattle dealer, formerly of W hangarei Heads and now of Auckland, a bankrupt, was held at the office of Mr Lawson, Official Assignee. The Official Assignee read the sworn statement of the debtor, in which the latter stated that he had commenced business as a horse and cattle dealer several years ago with a capital of £500, and subsequently started farming at \Vhangarei Heads with a capital of £1,000. He lost a good deal in cattle dealing and had to borrow money and mortgage his properties to carry on his business. Afterwards he removed to Auckland and continued his horso and cattle dealing. He had borrowed sums of £450 and £300 ab various times, aud the immediate cause of his riling was pressure brought to bear by the lendor for the interest on the first loan. The unsecured liabilities amounted to £698 Os 4d, and the secured creditors' claims to £766. The securities amounted to £1,350, according to the debtor's estimate, and the assets included £50 worth of sheep ab W hangarei Heads. The debtor was further examined by Mr Lawaon, and by the creditors, and in the course of his examination he stated that tbe furniture in his house was worth £40 or £50 but it belonged to his wife, though ib was nob registered in her name as far as he knew. The only record of his stock transactions was contained in the bank pass-book and the auctioneers' cattle eales reports. His wife had borrowed £130 from Loyland and O'Brien, to assist him in his business, and he put his name to the bill. This money was borrowed on the security of timber to be supplied to Leyland and O'Brien from the fcankrupb's, land at Whangarei Heads. He estimated he earned £2 a week by cattle and horse dealing. There were two clumps, of. kauri on the bankrupt's land ab VVhatigarei Heads,, and £he timber from this bush was to be cub and 'shipped to Leyland and O'Brien. His wife would be able to carry ovib this contract.

It was resolved that the Official Assignee be instructed to waive his claim to the 450 acres at Waikare, Whangarei Heads (now standing in his wife's name), on condition that Messrs Leyland and O'Brien's claim for £130 be withdrawn.

The debtor stated that he had a property of six acres and a house at Mount Eden, tho property-tax valuation of the same being £1,200. This has been mortgaged to Mr Stokes, who had a security of £750 against this and 200 acres at Whangarei Heads. The bankrupt said he had been offered £950 for the property at Mount Eden Bome"time ago. ■ -

It was decided to leave the matter of getting a valuation of the properties ab Mount Eden and Whangarei Heads in the hands of the Official Assignee, who was requested to submit report; to a future meeting as to the advisability of putting the lands up tor sale.by auction.