IN BANKRUPTCY.

Press, Volume LVIII, Issue 17645, 23 December 1922, Page 9

IN BANKRUPTCY.

ESTATE OF LATE A. E. MACPHERSON. Af meeting' o: the creditors in the estate of the* late 'Alexander Evan Hacpherson, contractor, residing at Dunsande!, was held y«sterdav morning, Mr A. Tl. Jordan, District Public Trustee, pre;i<lir.-. Mr Jordan said that the estate was not notified for atfemnistraucn till tires weeks after the death. It was only after assets had been realised' end claims received that it was ascertained that the estate w*s insolvent. He detailed tho taien in connexion with the sale of stock and plant. The statement cf assets and liabilities showed the estate had realised £567 12s lA Claims ly creditors amounted to £SIO 5s I i'd, and tlis'aimmt available for distribution ift-dinary creditors would givo a dividend ci 9a 2a in the £. Assets were:—Cash in Post Offioe Savings Bonk £1 9a ;d; cash in possesion, £l3 8s 3d; contract moneys from Selwyn Plantation Bccrd, ££s lis 2d; stock and contracting plant sold, £355 16s Cd net; racehorse Pawerewere £125 - racing gear £3; nersoßal effects £'2 6a Od. Total,. £567 ICi Id. " The following was the list of creditors: Booth, Macdonald -and Co., Ltd., £l9 13s fd; "\V. J. B;ilioch, Dunsandel, £5 Is 3d; Mrs Eichurds, £6O; J. .Sl-.av.-, Timaru, £6; Moir and Co., £146 16a; L. B. "Wilson, Dunsandel, £lB la; Walter 'Walsh, Dunsandel, £lB Is; Arthur Shelloch, Bankside, £lO 17s Cd; Mrs W. Jd Ba'loch, £27 10s; C H. Samuels, lUsnsandei, £l3 5s 9d; E. J. Chatterton, Dunsandel, £3 4s Sd; J. Graham, Dunsandel, £2; K. J. Caldwell, Killinchy, £4 12s; Kennedy Wylia, £ll9 16s 9d; X. J. Johnston, St. Alban3, £22; "W. J. Stephens, Dunsandel, £4 15s lid; Ernest Peck, K-edcliffs, £24 us; J. J. Allan, Dunsandel, £8 3s; J. H. .Skemmings, Bankside, £1 123; 11. A. Brown,'•Dunsandel, £8 IBs 6d; P. E. Owers und Co., Dunsandel, £3 19s 2d; Jchn - Sowden, New Brighton, £110; ,F. T. Clayton. Dunsandel, £3; William Hampton, Dunsandel, £2 la lOd; Allan Ma-cpherson, Dunsandel. £5 8s Id; E. G. "Wright, Dunsandel, £-20 17s 6d; Pyrie, Gould Guinness, Ltd., £33 Mb; W. Holmes, Eakaia, £'24; Gfeorge Sheat, Dunsandel, £C 6s 3d; T. G. Pollock, Gore, £7l 6s Cd (training fees); Dr. AV. J. Brown, £3 8s; Canterbury Jocikey Club, £4; A. McVey, Dunsandel, £5 4s 6d- E. P. Thomas, Bankside, £4 13s 7d; C. R. Hatchaid £3O; Reid! and Gray, Dunedin, £7 11a; preferential claims (medical and hospital fees and funeial expenses], £lO7 11a; total £&4O 5b 2d. Administration and other expenses, including wages, amounted to £74 3s Id. A creditor asked for particulars as to how the etakc money (won by Macpherson's liorso at Jhinedin) had been used by deceasd. Mr Jordan: No trace can be found Of that money. The only assumption is that he paid it out in discharge of debts. In reply to another question Mr Jordan stated that the amount of £7l 6s owing to Pollock, tho trainer, had all been incurred! before Macpherson's death, i The Public report was roeeiverl and a resolution was passed confirming tho steps ta.kon to wind up the estate. *Mr Jordan said moneys woujd ha available for distribution early in the I*ew Year. ESTATE Or W. J. CAMiETON. A meeting of creditors in the bankrupt estate of William John Carleton, of Methven, saddler, was called for at the office of Mr J. B. Christian, Deputy Official Assignee, at Ashburl;oii yesterday morning, but lapsed for want of a quorum. The amount owing to secured creditors is £IOO3, the estimated value of the security being £9OO. The amount owing to unsecured creditors is £319 6s. Assets total £7OO, made up of stock in trade £250, book debts £250 furniture £IOO, and property £IOO. . The unsecured creditors are: Trist and Co., Christchurch, £37 6s lOd; Strange and Co., Christchurch, £3 10s lid; P. D. Hutton and Co., Timaru, £1 12s 7d; Triggs and "Denton, Christchurch, £1 6s; Hope, Gibbous and Co., Christchunch, £9 5s 8d; Aahby, Bergh and Co., Christchurch, £l3 6s; Beath and Co., Christchurch, £l7 12s 4d; Cooper and Duncan., Christchuch, £43 2s 7d; .brace, "Windie, Blyth and Co., Dunedin, £B3; Mason, Strutters, Christchurch, £2O; Timaru High School Board, Timaru, £4B 5s Id; J. Hibbs, Methven, £}9; National Mortgage and Agency Co., Ltd., Ashburton, £24. ' Debtor submitted the following personal statement:—X started business at Methven on my own account as a saddler in 1918. Prior to that I had beeii in ■ partnership with my brother in a saddlery business at Mount Somers. At the dissolution of partnership I] took as my share of the assets of .the old firm the stock in trade, valued at about £6OO. This represented the whole of my capital. The stock was all paid for, and I had very few liabilities. I had no opposition, and did well for the first three years,, but not sufficiently well to ever get properly ahead of things. In the first year X banked £1432, which did not represent the -whole of my takings, as I frequently paid wages out of the cash. My own personal expenses were always taken from the cash. I-took what I required for household and other expenses, but did not draw a fixed wage. By the end of the«first year I was employing two men and a boy in the shop. In the second year business was good, and my turnover increased considerably, and I banked £2872. As in tho previous year, wages and personal drawings were taken out of cash. Wages this year would amount to £lO or £l2 .per week, exclusive of my-own drawings, which would average about £8 per week. At this time I was meeting all my liabilities without difficulty, and was apparently in a prosperous condition. I have never had a stock taking or a balance, so have never really known my true financial position. In my third year (ending May, 1921), business was still good, and my bankings totalled £2282. Wages were again drawn from the cash, and would amount to about the same as the previous year. Towards the end of this year I began to feel the effect of the general slump. I found it more difficult to get in my accounts, and began to get behind with my payments. Trade showed a marked decline owing to tho the general shortage of money. Towards the end of 1921 I had to reduce my staff, and I carried on with one workman. Later on I had to dispense with his services, as there was not much work coming in, and I thought I would keep down expenses by doing all the repair work, myself. About eight months ago I realised that my position was seriousi Shortage of cash prevented me buying to advantage. Creditors became pressing and money being scarce, I was unable to meet their demands.- Pressure brought to bear by several creditors forced me to file. I purchased a dwelling in January, 1920, for £750. I paid £2OO, which I took out of the business and raised the balance on mortgage. I owned a racehorse called Unlikely. I bred him and raced him on the West Coast at Easter, 1921. He was then four years old. He had cost me very little to keep until training started—about five months before going to -the Coast. He was unsuccessful at the races, and I sold him for £2O there. I suppose I lost over £l5O over him. I have never gambled, and u only a moderate drinker. About two years ago one of my employees left me and started an opposition business. He took a considerable amount of my trade. I attribute my failure to the decline in business caused by the slump. .1 am married and have two children. I have no expectations, and will have to obtain employment of some sort.