MASTERTON NOTES.

Dominion, Volume 3, Issue 848, 21 June 1910, Page 2

MASTERTON NOTES.

EXAGGERATED STORM STORIES. \ A CASE IN BANKRUPTCY, ' (From Our Special Correspondents Masterton, Juno 29. Tho weather, which had Ijeen very boisterous for some days, moderated this morning. The sensational report which has been circulated about, tho damaga which has boon occasioned in the district is not justified by tho facts. Although the rivers are somewhat higher than usual, they are not in what may ba termed a flooded condition, and careful inquiry does not elicit information that any particular harm has been done to stock. A warm rain following 'the fall of snow is likely to bring much mora water down the rivers than is at present running. On ..the whole, it is. fortunate that tho lambing season has not yet commenced, or tho losses by the cold snap might have been considerable. Most of the settlers who aro reported to have been mustering their stock to savo them from flood waters really spent a good portion of last week sitting by their lire, sides. A Masterton shearer informs the.writer that tiiero is not likely to bo any trouble ill procuring shearers in tho Wairarapa this season. Although unionists aro anxious to see shed hands brought.under the ' award, they do not cointemplate any overt dispute this season, and will be satisfied so long as the rate for shearing ; is not brought, below the .£1 per hundred which has been paid for some years-vast. . A meeting of creditors in the estate of Long and Co. (W. H. Long and G. G. • Cork), butchers, was held in the Master- , ton Courthouse this afternoon,, the Deputy Official' Assignee (Mr. W. B. Chen- , nells) presiding. There was a large tendance, of creditors. The partnership - statement showed liabilities amounting to , ■£832 19s. 9d., and assets (including' >£463 ' Cs. 7d. in book debts, estimated -to pro- ' duce ,£250), ,£721 15s. The private estate • of W. H. Long showed liabilities amount- ; ing to ,£85.25. 3d., and assets nil.. The private estate of G. G. Cork showed liabilities amounting to ,£SOO 165., and. assets estimated to produce .£530. The bankrupt Cork stated that he had entered into the business in June, 1909. The business was a good one, but the firm had been hampered through shortage of cash, due to their having to pay off liabilities incurred in a previous business.. Tho high pric«. of stock hf.d also interfered with" them. Under examination, bankrupt added that ho had put no money into tho' business at the start. He was to have put equal capital with Long into tho business, this capital representing .the book debts of Long's previous business,- The 6um o£ .£llß 17s. lOd. was collected in boot debts. Tho firm had no capital at all-to, start with. He (Cork) subsequently ad- ! : vancod J!GO to the partnership. The hook debts collected did not go' into the business, being paid to liquidate Long's previous liabilities. The books -kept con. sisted of a cash book, ledger, stock book, ■ etc., and a statement was kept every week after tho first week. The'business was practically started on the credit system, neither putting any- cash .1 into it. All moneys received were entered in the firm's books, and a good business was done, although a great pro- ■' fit was not shown for the 'first nionth ctf two. Amounts had been advanced from the partnership to pay ; off .liabilities •> owing .by Long. On., an .average., the partners drew about ,£3 a .week each from .the- business. Tho bulk of /tlio liabilities were for stock purchased for '; tho business. The firm liau a guaranteed . overdraft at the bank for £250. Thia : guarantee was obtained some month or ■ two after, the business was started; The ' goodwill'of tho business and .machinery, which it was proposed to float-into a. company, was valued at <£426.- Tho plant ;. cost the firm from .£BO to ,£SS. The pro- '■ fits of tho business had varied a great ' . deal. It would not be below d£2o for any i month. Some debts had been abandoned 1 as bad, but these were not included in- - the statement. Sums of money had been paid to certain men in the employ of the firm, .and .had not been, accounted for. ;There were four deliveries in all. Tho ' loss ; in .this respect .-would .not' amount .to mors than' .£'2o. Since-a meet- 1 ing of creditors in April, no had.. been paid on account of existing liabili-; ties. , v - The business- could j have-, been . pulled together had ' it -not . been for the want of capital. He (Cork) had not led any creditor to sujjihjso thatlie was going to put money 1 into the business. At the conclusion of the_ examination of the bankrupt, tho creditors decided by resolution that the Assignee be authorised to have an investigation: made.of the books of bankrupt,- with a view-to ascertaining how the partnership stood from time to-time, and what suma had been paid to liquidate Long's private indebtedness. It was also decided that tho Assignee take immediate possession of the business on behalf of tho creditors, and call for tenders for the purchase -of the same: . The question arose, at a meeting' of - creditors to-day, whether a solicitor who had proved in a bankrupt estate for a creditor could move a resolution or vote on behalf of such creditdr at the meeting. The Deputy-Official Assignee held that the solicitor in question was not entitled to exercise such a privilege.