CHINESE MERCHANT'S ESTATE.

Dominion, Volume 7, Issue 1998, 4 March 1914, Page 8

CHINESE MERCHANT'S ESTATE.

DEFICIT OF £1930.' SOME POINTED QUESTIONS ■ Only two.. Chinese estates have passed through the office of the Official Assignee in Wellington .during the past eight years. One of these was discussed yes'terday at the first meeting of creditors of a Chinese merchant, named Chung Tack, who has been trading as Sing Kee and Co., merchants, Courtciiay Place. Creditors represented at the meeting were: A. S. Paterson and Co. (Mr.-Shirtcliffe), P. Hayman and Co. (Mr. Kellow), Laery and Co. (Mr. i'ildes), and Thompson Bro3. (Mr. Baiidinet). Chung Tack liad filed his petition in bankruptcy on February 1 last, when his accounts showed a deficiency of £1930 12s. 7d.

Unsecured creditors were as follow. — Kwong Nam King, Cliina, • £959 12s. od.; How Tak Chong, Hong-Kong, £139 4s. Bd.; Wing Sang and Co., Sydney, £310 75.; P. Hayman and Co., Wellington, £140 Bs. Bd.; Levin and Co., Wellington, £54 15s. 4d.; W. M. Bannatyne and Co., Wellington, £20; Wollcrman and Co., Wellington, £18 os. 6d.; A. S. Paterson and Co., Wellington, £80 4s. lid.; Townsend and Paul, Wellington, £18 55.; C. A. Griffith and Co., Wellington, £25 165.; Laery and Co., Wellington, £98 ss. 7d.; Thompson Bros., Wellington, £30 Is. lid.; W. and G. Tnrnbull, Wellington, £32 18s. 4d.: W. H. Green and Co., Wellington, £20 Bs.; Hop Fook<Chong, Wellington, £22; Yem Get, Wellington, £3; landlord (per Young and Tripe), £59; Sam York, GreytowJi, • £12 9s. 2d.; Ching Lee, Levin, £23 4s. 7d.; T. Lock, Featherston, £78 18s.; Lurii Kce, Marton, £24 Is. lid.; Young On, Wellington, £28 10s.; Lcong Kee, Levin, £26; total, £2261 17s.

Assets were shown as follow: —Stock-in-trade, £323 10s.; cash in hand, £2 14s. sa.;'furniture, £5; total, £331 4s. sd. :

Result of Stocktaking. Tho Official Assignee (Mr. A. Simpson), stated that although the stock-in-trade was set down as £323 10s., a stocktaking had shown the yaluo to be £437. The work of stocktaking was one of tho dirtiest jobs which his office had ever had to deal with. The stock had apparently never been touched before. The deficit of £1930 12s. Yd. shown by the statement of accounts was exclusive of book debts, which were believed to run into some thousands of pounds', but how they were to bo collected hedid not knox. Ho suggested calling for tenders for tho stock, which consisted of over £200 worth of Chinese medicine, the remainder being general stores. If Chinese did A not come forward and tender for the medicine (mostly herbs), he was afraid there would be nothing to do but sen'd it to tho destructor.

Partner In China. Mr. J. F. W. Dickson, who appeared for tho bankrupt, stated that in 1904 his client went into business with Young Shoo, and tho condition of affairs then was that tho hueiness w?s practically insolvent. There was a credit balance of £393 18s. 4d., but that included an amount which at tho timo was owing to Chung Tack. He never received, that amount, but instead was taken into partnership, and was to receive a quarter share of tho profits, the remaining three-quarters going to Young Shoo. Tho latter went to China soon after, and had 1 been there since. Tho firm used to deal largely in fungus, which was mostly sold .in China, and Chung Tack's partner had collected the profits on these transaction's and never remitted any 'portion to 'Chung Tack. In consequent the fungus business ceased when Chung Tack removed from Taranaki Street to Courtenay Placej and lie had since then carried on business principally as a fruiterer. Hβ had made heavy losses over three shipments or fruit, which had been condemned. Tho Official Assignee remarked that it appeared that the profits from this business had been forwarded to China to enablo Young Shoo to carry on business there. Mr. Fildes pointed out.that it was most unsatisfactory that.the bankrupt should have bought fruit .without a guaranteo that the shipments were to pass tho inspector here. -

.Bankrupt's Recent Purchases. Mr. Kellov wanted the bankrupt examined to gain an explanation of why certain large parcels of goods, winch had been purcMsed just, prior -to the bankruptcy were not in stock. Under examination tho bankrupt, stated that £26 worth of goods which he had purchased from W'. H. Green and Co. five days before' his bankruptcy were not in his stock because he.did not sell those goods out of his shop. He had sent them to other merchants. Ho mentioned that some" had gone to Lum Kee, Martini,- somo to T. Lock, Featherston, and others to Ching Lee, Levin. When ho sent these goods away , he had lio "intention of filing his schedule. Hβ did not know then that he was insolvent. Ho owed them all "money and consequently they did not appear on his books as debtors, but as creditors. The agent had been pressing him for rent and. had threatened •to summons him. On tho Monday prior to tho date of his filing ho had been pressed into pay-' ing £5, and had promised to pay tho .remaining £21 on the Friday (the day before ho filed), bnt had not been able to do so. Ho never owned a racehorse, nor had any interest in' one. Neither had he any interest in any gambling house. Ho occasionally went to the racos but was not a'gambler. . Mr. Dickson mentioned that it waß possible that the largest creditors, Kwong Nam Hing, who had representatives in ' Sydney, would not claim.

Dealings in Liquor, Etc. The question was asked what hn.A become of three-cases of liquor which had been purchased from Wollerman and, Co. four days prior to tho bankruptcy. Bankrupt answered that he had sold them for cash to tho Chinese restaurant. He stated that he Lad heen dealing with Wollerman and Co. for about 10 years, and the firm had heen dealing with Wollerman and Co. for about 30 years. Over'that period there was only a debt of -£18.

Mr. Fildes referred to the bankrupt's transactions in tobacco and cigarettes. Laery and Co. had supplied him with a large parcel on February 6. and there was very little traco in tho stock, while Thompson Bros, had supplied him with a parcel, two days before the .bankruptcy. The Official Assignee: I'm afraid you? will find'very little tobacco in the stock.

Bankrupt stated that ho dealt with several firms in tobacco and sold to other shops. Mr. Shiitcliffe: Ask Trim why did he eomo to A.,.5. Patorson and Co. on January 20 with an £80 order, seeing that he had done no business with the firm for over two years. Bankrupt replied tli.it he had received orders from other Chinese 'and ho wanted tho goods for tliem. Mr. Kellow said tho whole position was most unsatisfactory and required further investigation. They were not satisfied that Cliuha; Tack was "such a fcol as lie- appeared to be." Kventunlly, on tho motion of Mr. Shirtclilfe, it was decided that tho Official Assignee should call for tenders for the stock, the tenders to close in a tveok's time, and bo taken separately for medicine and general stores. If was suggested that later the bankrupt should be brought up for public examination. . The meetina was adjourn Ed. pine die.