MEETING OF CREDITORS.

Press, Volume XLVIII, Issue 14525, 29 November 1912, Page 3

MEETING OF CREDITORS.

HE A. E. YOUNG

A meeting of the creditors of A. E. Youug, fruit auctioneer, corner -Vluachester and St. Asaph streets, was held at the Official Assignee's office yesterday afternoon. , .-. ■

The debtor's statement showed that tho unsecured debts amounted to £826" 19s 6d, and the secured , debts to £1318 10s, covered by securities valued at £1565. Tho total assets amounted to £384, including stock-in-trade, valued at £15, book debts estimated to produce £60, cash in hand £21 10s, furniture £-10, and surplus from securities in the hands of secured creditors £247 10s. The defucency was set down at £432 19s 6d. The principal unsecured creditors were:—"Lyttelton Times" Company, £15 12s 6d; W. Widdowson, property owner, £199 3s 4d; W. Sargent, storekeeper, £200; Wing Sang and Co., merchants, Sydney, £91 2s Gd; H. Veale, broker, Dunedin, £27; Bower and Co., Christchurch, £10 13s 9d; Robt. Hall, merchant, Wellington, £94 17s Id. The secured creditors were: —Teviot Fruitgrowers' Association, £137 10s (estimated value of security £f;50); Jas. Gnibb, Sydenham, £865 (£865); H. Suckling, cycle dealer, £1(5 (£SO).

Mr Leathern appeared for the debtor and Mr R. Vincent for Mr Widdowson, the debtor's landlord. In reply to the Official Assignee, debtor had stated that he was in business for the last four years and nine months selling fruit and produce on consignment. Two years ago he entered into an agreement with the leviot Fruitgrowers' Association to sell their fruit under label at a guaranteed price. Individual prowers, members of tho Association, did not respect the agreement in that spirit, nnd sent their fiait to others in Christchurch who were able to undersell him. Ho lost £137 as a consequence. Be gave the Association a mortgage over his expectations under his father's will, estimated at £650. Some time ago he lost £S5 in resDcct to some potatoes for which ho was not able to pay cash, and which were sold at his (debtor's) risk. Ho kent no trust account. The "Official Assignee said that the gteat mistake debtor had made was in not keeping a trust account. He (the Official Assignee) might be wrong, but h» understood that a number ot auctioneers in Christchurch do not keep trust accounts. In reply to Mr Vincent, debtor stated that ho paid no deposit on the property he purchased from Mr Grubb, and though Mr Grubb was shown as a secured creditor, ho was included under a misapprehension. The only charge against debtor's interest in Ins fathers estate was the amount due to the Teviot Fruitgrowers' Association, £437. The Official Assignee remarked that it the exceptions and securities realised what they .were estimated to realise, he thought tho estate would pay 10s in 'it was decided that tho snrplns furniture be handed over to Mrs loung, and the estate was left in the hands of the Official Assignee to realise.