FURNITURE MANUFACTURER'S BANKRUPTCY.

Evening Post, Volume LXXVII, Issue 51, 2 March 1909, Page 8

FURNITURE MANUFACTURER'S BANKRUPTCY.

MEETING OF CREDITORS. A meeting of the creditors of John Morris Scljapiro, furniture manufacturer, was held to-day. Mr. Levi appeared for the bankrupt, and Messrs. Hadfield and Cook for the mortgagees. The bankrupt submitted a statement to the effect that he had been in business in Wellington for eight years. Up to two years ago he was doing a fairly large business, supplying firms in various pa its of New Zealand. At the time he took the property in Cuba-street he was doing well. The necessity of being compelled to build in briek — which ho did not anticipate — made the undertaking much more difficult to manage. Prices were then rising, and he hoped to have realised to some advantage, having purchased the land at he considered a cheap rate. Unfortunately tilings took a turn, and he was unable to let for some time. He exhibited at the Christchurch Exhibition, hoping that increased business would result. After spending some hundreds of pounds, the return was nil. He sent £500 worth of pictures to Melbourne, but 'they were so badly damaged in transit that they j did not pay the expense of taking them ! there. His business was chiefly with auctioneers, and it was only productive' of a small margin of profit. A depression set in, and goods are now sold at a loss. Goods stored were not improved by so doing. He lost over £200 by goods sent to Auckland that way. He had had several losses by bad debts. His own expenses had been less than 30s j a week. At times he had employed eight to ten hands — sometimes more. The total unsecured debts amount to £1566 18s 4d. There are secured debts totalling £4012, and the value of the securities are set down at £8312 8s 6d. The stock-in-trade is valued at £326 19s 6d, the book debts (£408) at 8200, furriture at £20 0s 6d. The bankrupt estimates that there is a surplus from securities in the hands of secured creditors of £4800 Bs 6d, making the total assets £5347 8s 6d, and giving a surplus of assets over liabilities of £3780 10s 2d. The principal unsecured creditors are :— Stewart M'Donald, Sydney, £522 13s 9d ; C. Cartwright and Co., London, £458 6s lid ; Sargood, Son, and Ewen, £74 15s 2d ; Bmg, Harris, and Co., £64 3s lid; Ross and Glendining, £73 16s 8d; Stewart and Co., £25 17s 4d; Munt, Cottrell, and Co., £28 6s 9d; Wellington City Council, £19 4s 7d; Zealandia Wood ware Co., £29 12s 6d : C. and A. Odlm, £35 lGs 2d ; Read and Fenwick, £38 15s lOd ; A. W. and F. Brailsford, £21 19s lid ; J. Pitousky, £36 ; Alexander Wilson, £38 ; Bannatyne and Hunter, £34 14s; Jackson and Co., £40 3s. Total, £1566 18s 4d. Secured creditors. —S. Diamond, £2500 (value of security £7500) ; Cooper and Son, £600 (value of security £1000) ; Miss Sanderson, of Colombo, £300 1 (value of security £312 8s 6d) ; C. and ' J. Hall-Kenny, *£612 (third mortgage on the Cuba street property) ; real estate, freehold and leasehold, Cubastreet, amount of debt, £3312; leasehold property in Cuba-street (38 years to run), amount of debt, £400. Total, £3712. The bankrupt, under examination, said that in July last he had stock valued at between £1200 and £1300, and at the date of the meeting he valued it at about £600. Replying to a question by Mr. C. B. Robertson (Sargood, Son, and Ewen), the bankrupt said that he had had £1000 insurance on the goods. At the time he look out the policy he had a good stock. Mr. Robertson remaiked that there had been a considerable dimunition of stock since then. Asked what goods he had in Masterton, the bankrupt said that he had none there now. ( On the~motk>n of Mr. James Hutchen (Stewart Timber Company), seconded by Mr. C. B. Robertson, Messrs. H. C. Tewsley (Sargood, Son, and Ewen) and Mr. George Bannatyne (Bannatyne and Hunter) were appointed supervisors, to act in conjunction with the Official Assignee.

Amongst tho General Orders issued by the Coun-jil of Defence are the following : — Leave of absence, with permission to be absent from the Dominion during the period, is granted Captain Henry Phelps Tuckey, N.Z.M., for twelve months, as from Ist January, 1909; Captain John Lewis Freeman, No. 2 Company, Wellington Division, N.Z. Ganison Artillery Volunteers, having passed an examination under the Control Board of Military -Examination, has been granted a certificate for the rank of major ; Captain Claude Dawson Henry, M.8., New Zealand Medical Corps, having relinquished his duties to the College Rifles, Wellington, has been placed on the reserve of medical officers ; the appointment of Captain Joseph Patrick Frengley, New Zealand Medical Corps, as District Sanitary Officer to the Wellington Military District, is approved, and witli effect from 25th January, 1909. Mr. H. Ernest Leighton offered at auction this afternoon, by order of the mortgagee, and under conduct of the Registrar of the Supreme Court, a property at the Hutt, consisting of a section of 26.5 perches, and six-roomed house. It was purchased by the mortgagee at 13330. Messrs. T. Kennedy Macdonald, Ltd., insert particulars in our auction columns of a sale of the contents of a residence, removed to their rooms from Clifton-terrace. The sale ia on account of Mr. Arthur Tellford, and will be held at the firm's rooms to-morrow, 1.30 o'clock p.m. sharp. At the same time the firm will sell, on account of various vendors, Chesterfield lounges, largo sidoboaxd, leather suite, etc, i a,Uo four pug puppies- and. ii« trendlo iwnajt. mnoliinw. ' j - 1 ,