Meeting of Creditors

Bruce Herald, Volume XXX, Issue 310, 6 October 1899, Page 5

Meeting of Creditors

«■ A meeting of creditors in the eatato of Patrick Callanan, farmer, Table Hill, was held in the Official Assignee's office on Tuesday afternoon. The only creditors present were : Messrs J. A. Duthie and Co. (Milton) and Donald Reid and Co. respectively. Mr Solomon appeared for Mr Duthie, and Mr W. C. Macgregor for Mr Reid. Bankrupt was not represented by counsel. Bankrupt's statements showed the secured creditors to be the New Zealand Government, £442 14s (mortgage under the Advances to Settlets Act), and J. A. Duthie and Co., £150 (second mortgage on freehold). The following are the unsecured creditors : — Donald Reid and Co., £57 14s lid ; William Auld (Waitahuna), £15 ; M. Ryan (Waitahuna), £32 ; Jas. Gray and Sons (Milton), £7 6s ; VV. Moore (Viton), £3 ; Fortification Coal Company, £2 12-j ; Duthie Bros., £3 6s ; Tothill, Watson, and Co. , £5 6s ; Massey Harris and Co. £11 ; David War son (Waitahuna), £3 5s ; M Dougall and Co., £1; ' Tuapeka Times' (Lawrence), £2 ; A. Garden (Wait ihuua), £10 ;— total, £153 9s lid. The secured creditors were the New Zealand Government, £442 14s (mortgage over freehold at Table Hill) ; J. A. Duthio and Co., Milton (second mortgage over ihe above freehold), £150. The total liabilities amounted td~ £271 8s lid, which was made up by amounts owing to unsecured creditors, and £117 14s deficiency owing to the secured creditors. Bankrupt, on oath, stated that he was a married man, and had a family of nine children. He held a farm of 170 acres from the Government under the pastoral lease, and he also had a freehold of 190 acres, which was morgaged by the Government for£43o. The improvrmeDta on the freehold consisted of a five-roomed house, stable, barn, outl; oases, and a couple, of miles of feucing valued at £50. He owed Duthie and Co. £297, for which the} held a bill of sale over his stock, lien on crop, and second mortgage. Mr Duthie paid £212 for him. He had been dealing with them for some time before this. The advance was to enable him to pay hi 3 creditors 5s in the pound. Mr Duthie had seized under the bill of sale after bankrupt had been sending chaff to Messrs D. Reid and Co. Mr Duthie took possession whan the s-econd lot of eliaff was sent. There was a shortage of £180 when Mr Duthie realised on his security. Mr MacGregor examined bankrupt at at length regarding his dealings with J. A. Duthie and Co. J. A. Duthie, in evidence, said that he had had dea'ings with Callannan for some years. During the last two year.s he had only earned £2 10s on bankrupt's business. In 1896 witness advanced him £212 to enable him to pay a dividend of 5s iv the pound to his creditors. He owed witness £50 fit that time, but witness did not get his composition of 5s in the pound along with the other creditors. He carried forward the amount in full. To secure himself he took a security over bankrupt's stock, f arniture, &c, for £212. The outside creditors at that time amounted to J869&, and 5s in the pound would come to £174. He gave his cheque for £212 to F. G. Dalziell, solicitor, of Lawrence, who was acting for bankrupt, and could not say how it amounted to £212 instead of £174. Witness did not know until Mr Donald Reid, of Milton, brought him an agreement to ?ign that Callanan wa s in difficulties, and he said that if Donald Reid and Co. would give rAn £50 he would hand over the securities he held. In March he took a lien over bankrupt's crops. Mr Donald Reid, of Milton, acted for him in that matter, and it waa not till then that he knew bankrupt was in debt to Donald Reid and Co. Witness was Sitisfied tha • Mr Donald Reid, of Milton, did not prepare the agreement on his behalf. Mr M'Gregor then read a number of letters which passed between Messrs J A. Duthie and Co. and Messrs Donald Reid and Co. Mr Reid said that he looked to the assignee for the return, or for the value, of some 820 sacks which his firm had sent to bankrupt to fill with chaff. Mr Graham remarked that he would do what he could in the matter. The meeting then adjourned sine die. No resolution was passed as there wa3 no quorum present. — 'Timeß.'