Meeting of Creditors.

Evening Post, Volume XXX, Issue 12, 14 July 1885, Page 2

Meeting of Creditors.

A mooting of creditors iv the estate of John White Thompson, painter, was held in the Supreme Court Buildings this morning, I the Official Assignee presiding. Mr. Dovine appeared for the debtor. The liabilities woto stated to bo as follows:— Unsecured creditors, 1 £422 12s Gd; Beoured creditors, £8149; total, £3571 12b Gd. Assets— Stook-in-tradn, £20 ; book debts, estimated to produoe £109 . 7d 3d ; property, JEIIBS • b' rplus from I securities in hands of iteoured o. editors, £21 ; . total, £3335 7s 3d; dofictenoy, £230 5« 3d. ' Secured oreditors— Mr. Meaohora, Binning- , ham, £180 (estimated value of seourity, £800); Mrs. Buxton, Wellington, £570 (estimated value of seourity, £1)00) ; Colonial Bank, £1000 (estimated value of seourity. £120) ; Levin and Campbell, £735 (estimated value of security, £900) ; Northern Land and Loan Company, £304 (estimated value of • security, £450). Property owned by the debtor— s7o acres at Wainui-o-mata, £1700 ; town section, £900 ; house and land in Ade-laide-road, £450; nino quarter-acre allotments, township of Medhurst, Taranaki, £70 ; five quarter-aore allotments, Feather* ston, £50; fire shares Wellington Meat Export Company, £15. Total, £3185. The debtor, examined by the Official Assignee, stated that some years ago, when he was doing a large business, he was induced, in order to save himself from oertain loise*, to get some houses _ built for him by contractors who owed him money. Later on ho was induced to exohange his town properties for a farm at Wainui-o-mata and another property in the country, which was not now in bis possession. The person with whom he made the exchange did not pay the intereit due on the mortgages on the town properties and he (Mr. Thompson) was suddenly called upon to pay the amount owin?. Business during tho past two years had not been good, and this, combined with the interest owing on the town properties referred to, had led to his bankruptcy When ho took over tho farm at Wainui-o-mafca he had over 800 sheep and 11 head of cattle, but through tho scab getting amongst the former he lost heavily. The interest due on the several town mortgages had been gradually eating him up. Although he had been fully em« ployed in his bnsiness lately, the profits had not been large. 'Jhe house he was now ocoupying in Sydney-street was the property of Mrs. Thompson, having been puronasad out of money she had made by keeping a boardinghouse for members of Parliament. She had only purohased the equity of redemp. tion. Mr. Tustin, senior, remarked that if ho had taken oontraots at such low rates aa the debtor hod done, he would havo been bankrupt in six months. The debtor skid that the £100 owing to Levin & Co. waa for material and cash advanced. On the motion of Mr. J. L. Kimbell, seconded by Mr. A. Lindsay, it was decided to allow the bank* rupt the furniture in the Sydney-street resi* dence. The debtor expressed his intention _ to do what he oonld in after years to pay off the money he now owed. The meeting then terminated.