MEETING OF CREDITORS.

Dominion, Volume 1, Issue 97, 17 January 1908, Page 9

MEETING OF CREDITORS.

(dv mEGßAra—riiEsa association > ( : Napier, January 16. At o meeting of creditors in the bankrupt estate of Musgrovo and Thompson, stock dealers of Tedding, held hero to-day, the bankrupt's statement showed assets amounting to £3653, and liabilities £312-1, leaving an apparent surplus of £529. Tlioy started business in July, 1906, with £300 borrowed money, mid claimed to have made over that amount in tho first four months of dealing, and to have repaid the money out of tho profits of tho business, and to" have purchased n property of 573 acres in Wonganui to enaole them to handle the large amount of stock they were buying. The causo of filing was stated to bo tho heavy loss sustained by the purchase and shipment of 322 rams to Victoria, a speculation which had resulted in a big loss. It appeared from tho evidence of the bankrupt iiusgrove, in cross-examination, that the firm had been obtaining stock- from Hawke's Day firms on credit, and had taken the stock to Feilding and sold them, satisfying the Feilding creditors with the profits. It was decided to' request the assignee to obtain statements of accounts from Feilding, M'anganui, an.d ]\ilmerston North, showing all transactions between them and the bankrupts, either as a firm or as individuals since July 8, 1906, to date of filing, as the creditors were not satisfied with the bankrupts' explanation of their loss..