TIMBER MILLERS' FAILURE.

Auckland Star, Volume LIII, Issue 138, 13 June 1922, Page 11

TIMBER MILLERS' FAILURE.

INVESTIGATION ORDERED. (Hy Tcle_rapli.—Own Correspondent.) HAMILTON, this day. A meeting of creditors in the estate of C. D. nnd C. E. Molesworth, formerly tradiDg as timber millers, at Hamilton, was adjourned about a fortnight ago, in order to enable C, D. Molesworth to be present and to hear his statement. Bankrupts' original statement merely showed £6.5 due to unsecured creditors with no assets, except a little furniture, in the name of C. D. Molesworth, set down at £40. Charles Edward Molesworth, on oath, statod that he was at present following the occupation of a saw-miller for the Kauri Timber Co., Ltd., and lived at Epsom. As the result of a fire the building they occupied was destroyed, but the timber was not, while the engine was not severely damaged. The insurance of £280 was taken by the Repatriation Board, and handed over to the. firm to re-build on the same site. Bankrupt considered the loss about £400 above this. At the time they were owing not more than £10. Present accounts were incurred subsequently. The mill was rebuilt, and ran until after Christmas. When they decided to go over to Te Miro they were owing Pretty's account and the overdraft. Tbe total would be about £300. The plant would be worth from £1000 to £1200, stock at the prices then ruling, £200, book debts about £100. Thus they .would be about £1000 to the good. Ho was sure this was correct within £100, but he corrected this by saying they owed the Repatriation Department £258. There were no entries in his book showing the transactions in regard to plant. Bankrupt corrected his estimate of the plant by saying that the plant cost in the region of £050 to £700.

Bankrupt was closely examined regarding certain sums not entered in tbe hooks, and dissatisfaction was expressed at the manner in which the books hud heen kept, one creditor" commenting strongly upon the fact of bankrupts taking on another contract when they were hopelessly insolvent. A resolution was passed asking the Crown Prosecutor to investigate the case with a view to prosecution for failure to keep proper books and accounts.