EXTRAORDINARY CASE.

Dunstan Times, Issue 897, 27 June 1879, Page 3

EXTRAORDINARY CASE.

From the Otago Daily Times. j A meeting of creditors of Mr T. Chalmers I • Reiil, carrying on business as a commission [ agent in Dunedin, was held last Monday. ! ■ There were over t venty gentlemen present, j Mr Reid and his solicitor (Mr Denniston) were also present. Mr A. Hill Jack having been appointed 1 chairman, explained that the meeting had 1 been called to hear from Mr Reid an expla- i nation of the state of his affairs—if explanation he had to offer. The chairman, in language more forcible than polite, animadverted on the extraordinary nature of many of the liabilities ; and, although the law of libel could scarcely in the present instance i be brought into operation against us were i we to report his pertinent remarks, wo , shall simply content ourselves with saying that in the case of any person whose moral : feeling o wore not altogether blunted, tbo ! things that were said would have made the j blush ot shame mount to his cheeks. In the present instance, however, the “observed of all observers”—graphically described by the chaiiman as “this gay deceiver, a babe in years, though ancient in iniquity ”—preserved a perfectly calm demeanour. Mr Denniston handed the chairman a statement of Reid’s liabilities and assets, showing the former to be L 4427 4s Gd, and the latter L 3435. In the liabilities, however, a number of alterations and additions were made by creditors present, and the statement as Anally amended was read as follows : LIABILITIES. North and Scoullar, L 27 14s Gd ; S. Morrison, 1.420 ; Esther and Low, bill ; A. Hill Jack, L4OO ; S. Duncan, LSOO ; Rev. F. J. Sotham, 1.228 ; F. Martin, 1,102 10s ; J. Gibson, 1.347 10s ; S. N. Muir, 1.25 ; W. Stavely, 1.2GI); bishop Nevill, 1.125 ; J. A. Hislop, T. 350 ; John Moloney, LGOO ; Bank of Australasia, LOOO ; Daily Times, LIS7 ; J. Martin, L2l ; Brown, Ewing, and Co., LlB ; 11. Saunders and Co., Dl 4 ; Kirkpatrick, Glendiuing, and Co., LlO ; Matheson Brothers and Co , LS ; Park and Curie, LS ; G. and T. Young, L 0 ; S. G. Bmith and Co., L 35 ; J. Wilkie and Co., LlB ; H. Wise and Co., 1.10 ; Douglas and Falconer, L4OO ; J. Lambert, 1.130 ; Colonial Build ing Society, 1.450 ; Mrs Meyer, 1.12 ; F. Lewis, 1.14; preferential claims, L 24 ss. Total, LSGB3 19s Gd. ASSETS. Library, 1.150 ; personal property, LIOO ; horse, itc., LIOO ; furniture, L4OO ; section. South Dunedin (LIGO, less mortgage, L 100), LGO ; section of 3,j acres, Blueskin, LSO ; stock, LOO ; military accoutrements, 1.50 ; Volunteer Service Gazette accounts, L 250 ; copynght Volunteer Service Gazette, L 750, C. Daley’s acceptance, L4O; copyright, “Manual of Banking,” LIOO ; John Williams, L 45 ; New Zealand Churchman, LSO ; Church Society, L 25 ; sundry small debts, L 5 5; 300 acres leasehold land, Tnnavu, L 600; freehold, Eoslyn (L 2050, less mortI gage, LI4SO), L 520, Total, L 3435. ,; The statement ot assets and liabilities having been amended as above, several ot the creditors gave explanations ot Ihe ; nature of their respective claims, several of the large amounts having been given to ■ Reid for the purchase of shares, and the i money appropriated without any transfers • to the buyers taking place. Ami with re- . gard to the assets, the opinion was exi pressed that many of them were quite illui give. . Very strong language was used by several i ' ot those present, and after Mr Reid had • been asked by the chairman if he had any-

thing to say in explanation of the circumstance that he had during the past few months received large sums of money for investment, had failed to account for the disposal of these sums, and yet came before his creditors with the statement that he had no money, Mr Denuiston, on behalf of Reid, said he should certainly advise his client to decline making any statement in explanation of his affairs at a meeting of so hostile a nature. His advice to Mr Reid would be to defer any explanation he had to make until he could do so at a meeting properly called under the bankruptcy laws, and where he could have their protection. Mr Reid then declined to make any statement. More vigorous language having been indulged in, it was resolved—“ That Mr Reid and his solicitor be asked to withdraw,” and this having been acceded to, it was further resolved that Mr Reid be instructed to file his schedule on the following day. The meeting then broke up.