MEETING OF CREDITORS.

Press, Volume L, Issue 8599, 28 September 1893, Page 3

MEETING OF CREDITORS.

RE JOHN THORNE,

The first meeting of creditors in the estate of JohnThorne, of Hororata, blacksmith, a bankrupt, was held at the office of the Official Assignee, at 11 a. m. yesterday, when there were six preseut. Mr T. G. Russell appeared for the bankrupt.

The bankrupt's statement showed—Unsecured creditors £755 12s sd, secured creditors £959, the securities being valued at the amount of the debt. The assets were —Stock-in-trade, £10, leaving a deficiency £745 12s sd. The secured creditors were the Trust and Agency Company of New Zealand, who held a mortgage to secure £620 and interest due £22, over twenty-eight acres of land at Hororata valued at £1000 ; the Mercantile Finance Company, who held a mortgage over the equity of redemption of the above land, and a bill of sale over chattel at Hororata valued at £100, and an assignment of book debts estimated to yield £77. ' Contingency—The estate of Milson Jones deceased on accommodation bills for bankrupt's benefit not yet paid by the estate, £150. William Stace, of Hororata, on accommodation bill for bankrupt's benefit, £100. If these bills were paid by the persons liable on them those persons will be entitled to any surplus from the securities in the hands of the Mercantile Finance Company. Ihe principal unsecured creditors were — Dr. Meadows £20, J. Cress well £24 163 9d, J. Anderson and Sons £169 15s Id, P. and D. Duncan £10 15s 6d, Ashby, Borgh and Co. £24, Kaye and Garter £1210s, Piaisted and Co. £48 19s sd, Reid and Gray £11712s 4d, Wood and Laurie £37, Grey Valley Coal Company £7815s lid, K. J. Aworth £10 8s lOd, -T.--B. Jones £40 Is 3d, Mrs- E. A. Padget £50 Is 6<3, A. Craighead £15 3e 6d, Johu Hale £19 10s, A. W. Mcllraith £30. The bankrupt, in his sworn statement, said he had been carrying on business as a blacksmith and farmer at Hororaca, and he attributed his bankruptcy to the depreciation of property and to losses on crops caused by bad seasons and low prices. He was examined at some length by the Official Assignee and creditors. After gome discussion the Official Assignee and several of the creditors the opinion that the bankrupt appeared to have acted straightforwardly throughout. Mr J. Anderson, jun., said that had Mr Thorne kept to his blacksmithing business he would now have been in a good position. He appeared to have acted in a perfectly straightforward way but it was unsatisfactory that the estate would not pay a shilling in the pound. The meeting then terminated.