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'-A meeting of creditors in the bankrupt ! estate oi Charles Gibbs Beckett, newswiper proprietor, of Waihi, was held at, the office of the Official Assignee this afternoon, Mr. H. Gerard presiding. Mr. •J K. Seed attended on behalf of the insolvent. He debtor's statement, preiYiously published, showed that the unsecured creditors accounted for £373 Is ■10d of indebtedness, and secured creditors for £*581. There was, however, a surplus of £69 over -the secured debts, leaving a deficiency of £304 Is lOd. The -bankrupt, on oath, said that preJrious to starting a paper at Waihi he was interested in newspapers at Dargaville, Whangarei, and Whakatane, all of which had been disposed oi before or since he took up the Waihi "Times" in August, 1906, when he sold the Whangarei **Monrlug Press," he owed to unsecured creditors about £250. The paper this sold for £1,000. £300 of which belonged to secured creditors, and the Waihi paper was started with the £500 or £600 in hand from the sale. Mo>tlor,tlrls money was spent in buying plant, and starting the AVaihi "'Times" and tbe paper at Whakatane. Mr. Kurnow, tali whom he afterwards entered int-p partnership, was at this time financing him, and arranged for the finding of £300 on bills. Mr. Hyde also lent witness £300. After the Waihi and the Whakatane papers had been started, ilr. Luke Webb advanced a further £650 through Mr. Kurnow. Capital and advances towards starting the Waihi paper amounted to about i£ 1,750. On March sth of last year, the Waihi plant waa seized, by which :time about £1,400 of the money had disappeared in the business. In addition to this he lost the takings of the paper, something like £300 a year for the two years. The Whakatane paper, which was sold for £500, produced a profit. For the past twelve months he had been running the Waihi paper on lehali of the creditors.

In the course of the examination, it was explained by Mr. Hyde, in respect of the Whangarei paper, that he agreed to take over certain liabilities, amountfag to £300, with the paper, but discovered afterwards that liabilities did not exist to that extent in respect of the paper, and as the result of a law suit at the Supreme Court, he was only called upon to paj- £140. This sum was arranged -between himself and Mr. Beckett

The sale of the Waihi paper Teeently had apparently realised only £300, according to several creditors* which disposed of any hope of a surplus over *e<wed debts. After some time had been spent in an effort to disentangle the various figures, an adjournment sine die *as decided upon to enable the bankrupt to prepare a statement of his recapts and disbursements, extending wer a period of three years prior to the ossanrptcy.

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Bibliographic details

MEETING OF CREDITORS., Auckland Star, Volume XL, Issue 82, 6 April 1909

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MEETING OF CREDITORS. Auckland Star, Volume XL, Issue 82, 6 April 1909

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