MEETING OF CREDITORS.

Press, Volume XLVII, Issue 7552, 15 May 1890, Page 3

MEETING OF CREDITORS.

RE THOMAS SMITH.

The first meeting of creditors in the estate of Thomas Smith, miller, of Ran* giora, bankrupt, was held at 11 a.m. yesterday at the office of the Official Assignee, when there were present —Messrs E. K. GoodjChynoweth {Edwards, Bennett and Co.), W. J. Meate, T. J. Gee, W. Dawson (Ballantyne and Co.), W. Christmas and H. J. Weeks.

Mr Russell appeared for the bankrupt. The bankrupt s statement showed —Unsecured creditors, £445 15s 9d; secured creditors, E. R. Good, Rangiora, £44, secured by ten shares in the Kaiapoi Woollen Factory; Union Bank of Australia, £299; secured by a promissory note due by J. Bing, Rangiora, for j£&k> ; quarter-acre section at Rangiora, value £50 ; four sect ionsjat Coalgate, value £25 ; value of leasehold property at junction of Chester and Barbadoes street, £200; equal to £320 over the securities. The unsecured creditors were—T. J. Gee, £178; Edwards, Bennett and Co., £43 lls sd: Wood Bros., £38 10s ; Rollitt and Co., £16 19s lid; W. Christmas. £16; Hudson and Co., £b 6s 2d; Canterbury Bread Company, £5; J. Smith, Femside, £4 10s; W. Moir and Co., £9 10s; W. J. Neate, £10 7s 3d; Berry and Co., £2 18s 3d; G. Treleaven, £3 10s: J. A. Hickmott, £2: J. Thompson, £1 12s 6d; H. J. Weeks, £2 las; L. Hunnibell. £18; H. Blackett and Son, £10; J. Ballantyne and Co., £29; J. B. Downes, £13 10s ; sundry small debts, £25 los 3d; total, £445 15s 9d; leaving a deficiency of £29 15s 9d. The debtor, upon oath, stated that he had been in partnership with Mr Bing for three years. He had carried on the business of miller for fourteen or fifteen years till April last year, when he sold out to Mr Bing receiving a promissory note for £300 for his interest. He had then commenced business as storekeeper at Chester street, but on April 12th last he had given over the management of that business to his son-in-law, H. Gilkes, on the understanding that he paid £70 for the stock, horse and cart, &c, within six months. He had paid 30s a week rent. The stock had been valued and £70 was a fair price for it. -The cause of his bankruptcy was the dishonoring of Bing's promissory note. The debtor also stated that his life was insured in the A.M.P. Society for £500; his furniture, exclusive of a piano and harmonium, the property of his children, was valued at £25. Mr Thomas said he had kept the business open since the petition was filed at a profit of £1 on the week's transactions. In reply to questions the debtor said all his securities were in the hands of the Bank,-Where they had been tor about ten years. About two months ago the leasehold securities had been released, and he had endeavored to get an advance in Christchurch upon them but failed. He had taken them back to the Bank on the understanding they would lend him £150 upon them. He had drawn £45, and the Bank would give him the remainder if Bing's promissory note was met. Then , Edwards, Bennetts and Co. sued him, and Bing's promissory note not being paid he had been compelled to file. He had not executed any mortgage over the leasehold security, but had merely deposited it when the Bank gave him the £45. He had signed the usual mortgage over the other property. The Bank did not ask for a mortgage over the leasehold in Christchurch. He had not taken more than £20 from the business since April. Gilkes had carried on the business since April 12th. The average weekly takings for the business since March had been about £18. The last week he was in business he took £19 lls lOd. That included monthly and quarterly accounts. They amounted to £110 in three weeks. He had banked all the money as he received it except small sums for cash purchases. During the months of March and April he had paid rent, £10; Rollitt and Co., £16; W. Christmas, £10; Mr Smith, Femside, £12; Mr Lindemann, £5; wood Bros., £27. He had four rooms furnished.

Mr E. R. Good proposed, Mr Christmas seconded —"That the estate be administered by the Official Assignee." The motion was agreed to. Mr Chxnoweth moved —"That the debtor be requested to furnish a statement of receipts and expenditure, including personal expenses, from April 30th, 1889, to SOth April, 1890." Mr Neate seconded the motion, which was agreed to. It was decided to allow Mr Smith to retain his household furniture, including piano and harmonium, which belong to other members of the family. It was agreed to adjourn the meeting for four weeks, the Official Assignee in the meantime to look into the securities, and see what can be done with them, the business to be carried on by the Official Assignee. The proceedings then terminated.