IN BANKRUPTCY.

Evening Post, Volume LXXXIII, Issue 23, 27 January 1912, Page 3

IN BANKRUPTCY.

MEETING OF CREDITORS. A largely attended meeting of the creditors of Tasman John Chamberlain Gurr, of Wellington, carrying on business as-J. A., Smyth and Co., manufacturers' agents, was conducted by the Official Assignee (Mr. A. Simpson), yesterday. The amount owing unsecured creditors totalled £2428 11s Bd, secured £286 5s Id, -bills payable £300 14e 8d ; "total debts £2729 6s "4d. Book debts, stock-in-trade, etc., were estimated to produce £1859 5s sd ; estimated deficiency, £870 0s 9d. • .In a<6worn statement, debtor said he commenced business in Wellington on let January, 1910, >jn partnership with J. A. Smyth ; he had no cash at that date, but was owing about £500 for private accounts and moneys owing the National Bank through guaranteeing overdraft of T. J. C. Gurr, Ltd., in Wanganui. H« had been a member of this company, and guaranteed the account until certain moneys arrived from England for certain members, but it never, came. The bank was paid in full by him. To 31st December the profit of the Wellington business was £200, which, with estimated commissions, might become' £400. Owing to defective eyesight he was unable to inspect the book 6or to read correspondence. His confidential accountant was Mr. J. Dalrymple until February, 1911, and afterwards Mr. Oldman. Gurr said he was not aware the business was short of cash until June, 1911, when he understood from. 'the accountant that there was a shortage owing to account* not coming in and Commissions not coming to hand. He repaid Dalrymple" £600 owing to him, partly in cash and parthr by bills. On each occasion when the bilk fell due he was informed that they could be conveniently met. The Atlas Biscuit Company had trouble in supplying him with stocks for about two months in the early part of 1911. The consequent shortage resulted in his commissions from the company being reduced by at least £50 a month. The laying-up of emaller steamers during last spring (one of the best seasons for his business) seriously interfered with the volume of business, the loss being about £250. He did not know until about 23)' d December, 1911, that the business was in a straightened position, but it ' required about £500. A week after this his accountant said £800 was required. A further statement showed a deficit of about £1600. Although he thought this above the mark, he bad no alternative but to file. , The bankrupt was subjected to a very lengthy examination. It was decided to dispose of the stock by tender, and an accountant will be employed to investigate the accounts. A further meeting will be called at an early date.