MEETING OF CREDITORS.

Press, Volume LXI, Issue 12016, 18 October 1904, Page 7

MEETING OF CREDITORS.

A meeting of the creditors of Alfred Frederick Gabb, builder, and his wife, Jane Gabb, took place yesterday. Mr W. E. D. Pishop appeared for the bankrupts. The statement ehowed ac follows: —Unsecured creditors £1517 la 3d, secured creditors £5028 8s lid, less estimated value of securities £6020, leaving' a surplus of £991 11s Id. Tho assets wore:—Stock-ht-.trado £14 2s, book debts £3 9s, furniture £59 15s, surplus from securities £991 11s Id, leaving a deficiency of £448 4a 2d. Tho principal unsecured creditors were:- 1 - Wallace and Laurie £888 lOs 2d, Thos. Andrews £168, Jamee Goss £257, Aedi'by, ißergh and Co. £17 17s 2d,. J. H. Cooksley £56 10s, F. Turvey and Co. £32 13s, Craddock and Co. £67-11s Bd, W. Strange and Co. £13 9s 9d, A. Smart £12 18e"6d, P. Hitehens £24, Scott Bros. £10 16s, F Grant £5 15s, T. Atkinson £10 9s 2d, Gas Co. £8 2s 2d, L. A. Slater £6 15s, J. Brightling £7 17e-3d, J. Deans £6 7a, - Falkinder and Son £5 9s, A. Dale £5 ss, P. C. Raplmel £77. The secured creditors were Christchurch. Building Society £738, and A. Hollobon £165 on two rood* of land and two 'houses, valued at £1250; Curistchurch Building Society £660; Chxistchurch and St. Albane Money dub £183 lie; Ashby, Bwgh and Co. £454 on three roods and seven-roomed hovsa at Avonside tnlued at £1150; Langdon end Mills £835 7« 6d, and Ohristchurch . and St. Albans Money Club £232 12s 6d on three houses at Sydenham valued at £1280; W. ■LeCrcn £275, and Ohristchurch and ' St. Albans Money Club £50.17 a6d on fiveroomed house and one-tenth of on aore valued at £440; Mr C. E. Baker £362 13a 9d, Napier Bell £250, and H. Jones £149 over two sixiroomed houses aifd one rood in Sydenham valued at £8501 H. L. Bowker £302 6s 8d on five-roomed 'house and one-isbcteenth of an acre in. Sydenham valued at £440; Cliratchurch Building and Land Society £300 and £80 on two ee»v ! tions in Sydenham and six-roomed house \'alu«l at £61Q. . ' , r ., Tli© bankrupt ..irtatcd that foe- nad,;been in Christchurch for ten years. He had no capital when he casno, He diad thirteen houses, ' which he had built on his . own land with borrowed money, from of £500 per year were recired, and lib felt"sure he whs solvent if Jie could cell his property at the price be thought they ought to fetch. The mortgages on the property amounted fb £5000, and the interest and .repayment* oame, to some £700 per annum. Some of tho housoe had been said througn agents at various times. The interest he waa paying was 5i per cent. He had called a meeting of his creditors, and his principal ones advised him to file. Oateide of his houses " he had property worth about £40. The mortgages on the houeee which Were cold had been paid off. In repfy to a question, the debtor Bai\i that the values he put on the houses were •hie own. The forced sale of the > property the week before had resulted in a loss, as it cost more than £255 -to build. . .Mr Goss pointed out that the debtor had put down in his etoiement that there was a deficiency of £448. Yet he said that if lw got his values he would be solvent. Tho two statements did not agree. Mr Norton said that the figures of the . debtor weTe erroneous. The estate Was rotten, and if allowed to work out would not bring a penny in the £. If- the properties were put up to forced sale they would not realise the mortgagee, but if nursed there might be a nurjvlus., Bo would advance £100 on condition that -hia firm had the whole management of the estate; the money not being- used to pay the creditors now, but to pay any expenses as to interest, ©tc. Hβ thought that with oare the properties might be biought through fairly well. . - The Official Assignee pointed out that he could do nothing to prevent the properties being torn piecemeal, and forced upon the market by the first mortgagees. He could not advance money to meet the payments. Mr Norton eaid ,that lie tihought that by judicious nursing he cottld get £400 for the creditors. . It was agreed to take till Monday next to consider Mr Norton's offer, and Messrs Laurie and Goss were appointed as super- j visors with the Official Assignee to deal; with the estato ac they thought fit. t