MEETING OF CREDITORS.

Press, Volume LXIII, Issue 12937, 17 October 1907, Page 2

MEETING OF CREDITORS.

The first meeting of creditors or Fred. Lill and W. W. Gibson, -who had been carrying on business as general commission' agente at Leeston for two years past, was held at tlio Official Assignee's office yesterday. There was an attendance of about a dozen cieditors. Mr Mearee appeared for Lill and Mr Smitheon for Mr T. Dent who -was partly interested in a mortgage given by Lill. The firm's statement showed unsecured creditors £-231 IDs 7d and assets £03 2s 7d, leaving a deficiency of £138 17« The unsecured creditors whoso claims exceeded £5 w 4 CI ?Y~ :V { I 3SO "j Struthors and Co. £80. Ashby. Bergh and Co £7 12s 2d, E. Rwce and fcons £80 "Ellesmero Guardian" £12 16s bd, J W Brycc £8, Holley Broa. £6 As Bd, W. Withell £8 16s 3d. Gibson's private statement showed that his liabilities totalled £248 11s. due to unsecured creditors. The assets consisted of book debts £9 l&s Bd, cash in bank £8 16s 2d, and furniture £40 19s The deficiency amounted to IJHU •\ 2d Gibson's principal unsecured creditors were Mrs A.. G. Johnston £200, Mrs Wooler £20, G. Panuell £o, "Lyttelton Times" £H. Lill's prirato statement showed uiieocured creditors £693 13s 3d, secured creditors £478, loss estimated .value ot eccurity £700. The assets, including £220 surplus from the value of }bo securities, 'totalled £531 Is 7d leaving a deficiency of £142 Hβ 10d. The principal unsecured private creditors wero: D. Aikon £19 Os lOd, J. McCormack £49 10s 2d, W. Strange and Co. £2b 2s Booth, Mncdonald and Co. £44 laa 10d Farmers' Co-op. £31-9s 3d, Keeco and Sons £47.4 a 7d, C. Pauucll and Co. £9 8s 2tl, Coatee and 10. £< ,*■«. 8. Johnston £ll> 10s, J. A. Cunningham £11, C. Pannell £140, J. Kennio £10, J. Donald £78, D.I.C. £5 Us 3d. The principal business creditors were: Mason, Strnthers £60 8s Id, Ashby, Bergh and Co. £7 12s 2d, K. Reoco and Sons £87 8s Bd, M. Hams and Son £12 63, "Ellesmere Guardian" £12 16s 6d, Holley Brothers £6 os Bd, \\. Wztholl £8 165 3d. \ Gibson, in his statement, said that he had gone into partnership with Mr l< , . Lill in September, 1905. Ho paid Lill £200 for a half share in the business. The- stock consisted of about £90 worth of hardware, with office furniture and effects. Lill was principally a commission agent, and said he was likely to lose his agencies by his inability to go out and work them up. Ho (Gibson) kept tho books, but Lill sometimes made entries. Ho did not know at tho time of the partnership what sum was in tho bank, but LiL 1 eaid ho was worth £3000. The bank account was kept at tho Bank of New Zealand at Leeston in Lill's name, and he (Gibson) never operated on it. Ho was under tho impression that the business was paying right up to tho dissolution of partnership. The books showed an average- monthly turnover of about £70 on the sale of goods, ii, dependent of salaries and commissions Ho drew no wages, but, as far as he could remember, ho drew £140 while be was in the business. Mr Lill he estimated, drew £300. At tho end of the first partnership year ho drew up a balance-sheet, and a profit was then disclosed, but he forgot the amount. H« had never seen the bank book, but - •-- V.,, -α^ojvori \ • ■ : ~■'... : .*,.,.■■.,•■.' . i'l '• 'l:i . ''■■■. ■ ■.;'..'• ■ ; .•:;;.> :' I 1 '^ : '- ' ■'■ !,) ' ■'--'■' : '-' : . -, :-,, ..\ii-f.' j.r-■■■.-- : •-.<■ U: '< • <:■)■..'..•l,'k .■ i '■• ■•■••• '•■I- , . ■■■'. ■ ■"•■■ i-r.'-.M- , '- , "J--r •:'•'•■ ■ "," , •'.'■..•.NlwV.J: , !' ■' •':'!./l"'-l .-.-!.. i '«■' ~,.n ' ,*-■!>.. • ■/.;>>'- lie \vxd: |-i". : ri, 9 ,..M ; ; ,r •■-,::.. ;...-i-:- . y !l« f.no.! ■it..l j,r;.-r:.->< ■■ :-'" ■" . -■'- *} ' \i : :.:-.-,'A !'.'-l>f 'I"'-- '■ '■"-I ;> " '«■-'' ! ~, i ~ >■ ■ ! ~■ i,.--.-! ■ ■■ 'ivin (.'.«':■•!, : :,'';,■.■> "1!..' ..- ■ :...■ ..-n.:-mt..S to. Ul'l ;,-.v.it(' ". . ; ■■' ■- vii'- ■" ; '" v " '■'■'- ' i'l), ■■>!)•; i: ■•■ '■<■'■ i- ' : ' ■'' : '•■■ <I*v> 'si* ; oi» the purr";.;,..,, ■y ~ . c, ■.!•■■:- .:.!..:? in'i->. ; a! Aikmi.r:'v . xi'l ■>'»! !•« >vu. ')': ■»,!(•; 1(. rc.futi';i''i' £■'!■ ]un !■<!..••■■. I" 7-rooi:i.-."ii ':>>'!• :i ! -i:ilf-:ir ,of i-.n,-l j :-;f Ijf■;■•,*oti. v.juvh )n I'.'ti.n-'i at r> ; o, ' -hi: , tii'i ivliicrt <..!>orf! v;t, r> ii'fi'■;:;•!>■'• -fj i;ioO. Ho Vivi ;"(■■•..-. ~n. nu"j-f.«st :■, V ■ ..•;•-•. T !.•■-.' >■■":•;■ ::i . :.-—.■?■ 1.-O tW :;:- ■.: . - •!.-.■'■" '!!■• r. ■ ;.()'-. ' ' " I" , -'---tir/ »■ -.("mi.-. . . !„ ,r;.,. 'O '■■■.' ■■: ...;■.. .■l." '. ' ?•: that as secretary ot tho iocui im/u..: club he had received subscriptions for football dinners, and the amounts had been paid into tho firm's account. He had received money for other institutions, but all had boon paid over to the proper quarter. He had mado himself personally liable- for the cost of the football dinners. It waa resolved to have a report made by nn accountant on the firm's financial transactions, and tho meeting was adjourned. N