Creditors' Meeting.

Daily Telegraph (Napier), Issue 5379, 19 November 1888, Page 3

Creditors' Meeting.

RE LUCAS AND HUMPHREYS,

A meeting of creditors in the bankrupt estate of Alfred Lucas and Richard Charles Humphreys, timber merchants, was held at the Court Houso this afternoon, the Official Assignee presiding. There was a largo attendaiico of creditors. Tho statement showed unsecured creditors representing £2427 4s lid; secured creditors wero at £3022; surplus from securities in hand of creditors, £ISS. Stock-in-trade was estimated at £628; book debts, £44.5, estimated to produce £130 ; cash in hand, £17 ; furniture, £15 : total assets, £978, deficiency £1119 -Is I Id. The principal unsecured creditors were—A. Lee, Dunedin, £28 Ms : 11. Smith. Makatoku, £157 2s 6d; John Duthie, Wellington, £5S 13s 2d; Union Sash and Door Co., Auckland, £20 15s ; E. W. Mills, Wellington, £140 4s; H. Naphtali, Napier, £74 8s: W. Amner, Napier, £29 17 (id; W. Laugley, Sydney. joinery works, £10.»; W. AVestlii!-e, Makatoku. £15 9s Od : Webber and Co., Makotoku, £193 Ida Id; R. Holt, £29 2s 8d : Tail and Mills, £01 ; C. Biiiiu-s. Makotoku, £311 7s Od: J. Turner, Napier, £287 ss; Kobjohns and Co , £23, 3s 9d ; Banner and I .addle, £129 12s 9d; J. Cowan, Sydney, £08 12s 9d : Cle-iidintiing and Gritlin, £26 <5s 7d; Hawke's Bay Timber Co., £365 Ss 2d: Dolbel and Co., £58 15s 9d ; Tamaki Sawmill Co.. £59 llsod: J. Parker, £40: H. Williams and Sons, £30 : Cranby and Pi-cbble, £24 19,55 d; P. Gillespie, £13 I,s Sd; N. Williams and Sous, £10 10s 2d. The sum of £120, wages, was not included in this statement. Messrs Carlilc and McLean were secured by n mort_a_e on Wellesk-y road property and mill. £801): William Oulonso was secured by first mortgage of Waipawa property for £450. Tho Hank of New Zealand were secured by mortgage over Wairoa property £300; interest iif mill at Makatoku, £460; hi-.-ond innrt_a_oon Welleslcy road property £S.V>. Mr.'Riddle held a mortgage over Mr. Humphrey's Cameron road property to the amount of £350. Mr Dick slated that several meetings of the creditors had ben held, and the whole of the creditors but one had consented to a. composition ottered by the debtors. This one creditor had held out, and issued an ; execution. The debtors, in justice to the other creditors, had to file, as they could not undertake' to piv tho one creditor iv full. . . ... Richard Humphries, examined, said ho had been in business for about fifteen years. The amount of his capital when he started in business in Napier was iihuit €1200. First found himself in dimeulties about twelve months au'o : but during tho last few years trade had been bad, and there had been bad losses The book showed a loss of over £1300 through bad debts. Had commenced an export trade to Sydney: the Sydney trade was a profitable one. First called a meeting of their creditors about three months ago. Sent four cargoes of timber altogether to Sydney. To a creditor -. A very profitable trade was to be made by seuding the timber to Svdiiev. . , r 'Alfred Lucas was also examined, lie thought that tho Sydney trade had been a profitable one. To a creditor: Tho books would show the net profit of tho export trade to Sydney. Debtor continued : A composition was offered at the private meeting of creditors of six shillings aud eightpeucu in the pound. To a creditor : The immediate cause of their filing was through being pressed by Andrew Lee, of Dunedin. Some t'2S was duo to him, and it had not been owing for a very long time. Tho firm had been dealing with Leo for somo twelve or fourteen years, and Leo was aware of the offer. Leo did not write declining the oiler; ho (Lee) did not communicate with them at all. Debtor eotitinu'.-d : Had no oiler to make to the creditors, A creditor stated that with reference to the timber in the mill the committee which was

appointed on behalf of the creditors got a legal opinion that no preferential claim could be made on the timber. Would the secured creditors bo willing to stand by their securities and let the thing be carried

Mr. Babies, a creditor, said tho timber belonged in him until he was paid for it. The Ansigiice mi id that this question of the timber at Makatoku would probably involve a 1-iw suit. He would like to know whether the creditors would like to have an opinion on the subject of the timber before anything else was done. A creditor said Unit it in- necessary to B_r- what position the secured creditors intended taking. Perhaps it would bo b.-tier to adjourn for a few days, and get the w-itui-cd creditors' intentions in tho meantime as to what, they intended doing. The Assignee said it seemed to him that it would be better to adjourn until they found out what the Bank intended doing. Mr. Dick, who appeared for the debtors, thought it would be as well to leave the matter iv the hands of the Assignee. Something should be done as quickly as possible, the estate having already suffered through \ a delay. It would bo as well to call for tenders. The Assignee said arrangements would have to be made with tho Bank of New Zealand before anything could be done. It struck him that they could not call for tenders until the mortgages were more defined than they were at present. Mr. Dick thought tho matter might ho left iv the hands of tho Assignee. Tim Assigneo said he was agreeable to do mil-thing the creditors wished. The Bank would la asked to-morrow as to what they intended doing, und he had not the slightest doubt but that tb/.-y would give a i satisfactory answer. The debtor Humphreys said that tin.-. -to_k in trade mentioned in tho statement was not included in th- m.-rt-rajriw; nor was the timber stacked at tlit-i-ilway siding included iv the mortgage-. A I'-ur-itor moved th.-.t they «*d}o_ru till to-morrow at two o'clock to see if anything could be done. If they found that they could douothimr and no arrangements could >o made, then tho creditors could say what hey wished done. The creditors agreed te his proposition, arid tho meeting adjourned ill to-morrow.

The entire floor of the large carpet show room Neal and Close have mado available for holding their usual Christmas exhibition. The show in (joiis'-ejuciieo is complete, as it contains a wonderful miscellaneous of useful articles, in addition to toys and such other things to please und gratify the visitors. Inspection invited. Admission free.