MEETING OF CREDITORS.

Evening Post, Volume XIX, Issue 110, 13 May 1880, Page 2

MEETING OF CREDITORS.

EXTRAORDINARY SCENE. The meeting of R. Q. Williams' creditors, which was adjourned from yesterday in oonjSgjMS&ce of matters coming: to a dead-look appointment of a trustee, waa resumed this morning at 11 o'clook, whon hafl a dozen creditors wore present. Mr. T. Kennedy Macdonald ocoupiod the ohair. The debtor ia a saddler at Masterton, and the assets are put down at .£3149 10s, and the liabilities at .£2893 10s lOd. Abont a quarter of an hour having been out to waste settling the proxies, whioh woro rather plentiful, the chairman invited those proEont to begin the bnsinoss. Mr. Joseph — I will propose my old motion, that Mr. T. Kennedy Macdonald be appointed trustee. Mr. T. K. Macdonald seconded this, as proxy for B. Cohen's estate. Mr. Greatrex said he should also propose his old motion, that Mr. T. J. Ladd bo appointed trustee. Mr. Wylie seconded this. A creditor said that it was evident that they were going to get blocked again. To prevent this, the other creditors asked Mr. Joseph or Mr. Greatrex if thoy were willing to give 10s in the £ for the estate, and so out the matter short. As neither gentleman volunteered to mako an offer, the proceedings assnmed the form of a Dutch auction, and the estate was put up successively at 93, Bs, and 7s, bat still without response. Mr. Traver3 said they were clearly in the same fix as yesterday. Neither amendment nor original motion could be carried, as a majority both in number and value was required. After some delay, Mr. Maodonald said, in order to get over the difficulty, he would move another amendment, viz., thai Mr. Joseph bo the trustee. The three separate proposals wero submitted one after the othor, and wore all declared lost. Tho gentlemen present sat looking at ono another for some timo, apparently in doubt what to do next. Mr. Ladd's partisans expressed themselves as willing to consent to a further adjournment, but Mr. Josoph and Mr. Macdonald objected to this. Mr. Ladd— Well I'm prepared to stop all day. I'vo made arrangements for my dinner to be sent down at six. Mr. Travers said it would not pay him to sit there all day ; ho should go. The bankrupt said it was very hard on him to require him to stay in town. He waa anxious to give all tho information in Mb power if they would appoint a trustee, but his business was going to the dogs while tho matter remained in abeyance. Mr. Travera advised Mr. Williams to go ; he had attended and that was all that waa required of him. Mr. Williamß askod what course ho should pursue as to closing his business or not. Tho Chairman said they could not at prosent give Mr. Williamß any advice. Mr. Travors Baid he should be inclined to give Mr. Williamß the same, advice which a celebrated lawyer had given to a client who came to him and consulted him as to what he should do about a bill which was due ia three days, and which he was quite unable to meofc. Tho lawyer's advice waa that as the bill had still threo days ho run, liis olient had also three days to run, and he should recommend him to take advantage of it. (Laughter.) Mr. Williams: If I'd wanted to ran I should have done that before. Mr. Travers deprecated his joke being taken in earnest. Mr Williams soon after this retired, and with him Mr. Travers. The Deputy-Registrar said, as he read the Act, the meeting lapsed if there were not sufficient creditors to carry a resolution. In answer to this, it was urged by the " stone wallers " that there were quite enough creditors present, only they were not of the same mind. Mr. Hall rejoined that at any rate he should retire, and left the room, followed by Mr. Joseph, who deputed Mr. Marks to aot for him in his absence. The gentlemen presont now took out thoir cigars or pipes and began to make themselves comfortable, all of them evidently determined not to give way. Mr. Marks waa requested to favor the company with a song, but deolined, pleading a cold. A debate was then opened up on tho merits, or rather demerits, of the Bankruptcy Act, and on this subject the whole of the party were agreed that it was an " awful muddle. " Various expedients were then adopted for passing the time. A well-known commission agent who had taken possession of tho " swearing " Testament, after perusing it for a quarter of an hour, said he had no idea it was such interesting reading. A hand at euchre was proposed, but no cards could be procurred within the precincts of the Courthouse, and the prospect, though favorably entertained, fell through. A proposition was made by one of Mr. Ladd's supporters that if one of the other side would " pair " with him they could go out and get a drink. Another creditor suggested that they should order lunoh and make it a first charge upon the estate. At 1 o'clock no compromise waa come to, and the parties were still facing oneanother with "no surrender" pictured on their features. At 1.30 Mr. T. Kennedy Macdonald had a hot lunoh sent up to him, which he at once commenced to discusß, other subjects of discussion being exhausted. The remaining " stone wallers" not having arranged for a dinner to be served up in the grand jury-room, regaled themselves with the " fragrant weed," and bore the aspect of men resolved to do or die. At 2.30 p.m. the block was cleared by a, resolution proposed by Mr. Greatrex, and seconded by Mr. Joseph, that Messrs. Maodonald and Ladd be appointed trustees conjointly. This wa3 unanimously agreed to, and the meeting broke up.