"I MID THE PIPER"

Evening Post, Volume CVIII, Issue 150, 21 December 1929, Page 13

"I MID THE PIPER"

"BONUSES FOR LOANS"

AGENT MEETS CREDITORS

/::■.■ • ■ ' ■ \ •;-_ In financing I had often to pay big bonuses for securing money for loans. Some gentlemen in this city -have made/ considerable sums of money out of my dealings in this ; way alone. I have paid the piper gladly, however, and danced heavily to the tune, although very often inappropriately clad for the dance. So stated Wilhelm Farquhar Eggers, of Wellington, agent, in the sworn statement presented at a meeting of his creditors held at the Magistrate's I Court, Wellington, yesterday afternoon, Mr. S. Tansley (Official Assignee) presiding. ' The debtor's secured creditors were listed, totalling £29,272, and the debts owing to his unsecured creditors totalled £.4022 11s 9d. The principal secured creditors were: —J. E. Miles, £7500; W. J. M'Eldowney, solicitor, £3600;' Equitable. Building Company, £2050; Sir Kenneth Douglas, solicitor, £4350; . Samuel Roberts, £2000. StTKPLTJS OF £3843 CLAIMED. Tie principal unsecured creditors were:—Marsh and Sons, painters, £49; M'Gregor, plumber, £120; J. W. As-bridge,--land agent, £190; Parkinson, surveyor, £60; City Council (rates), £74 2s 7d; G. J. Arkinstall, painter, £80; M. A. Traynor, Wallace street, £350; A. H. Wood, £500; J. S. Tennant, £1000; J. Nicol, £144; A. Loasby, Waterloo avenue, £100; E. H. Davis, £100;; Georgo Castle, chemist, £260. The snrplusvof assets over liabilities tvas estimated at £3943 18s 9d.

The 'bankrupt was represented lay his •qlicitor, Mr. A. M. Dimkley. -. BACK TO 1912. In Ms sworn statement the bankrupt laid:—"lt is necessary to turn back the hands of time" to 1912 in reviewing the events which have finally led to my filing my petition. In 1912 the case of In re Eggers es: parte Bigga and Tyler was decided in my favour. My position then was: Liabilities, £47,000; secured creditors, £39,000; unsecured," £7000; assets, real property, £41,000; . .other assets, £5000. Since 1912 I have paid off all these creditors, with inter- ; est added, excepting approximately : £600, in full, and brought up my family '' of seven children. Since 1912 I have had*periodical meetings of my credi- * tors, and on all occasions my creditors. '. have seen fit to .hejjj me. In passing I wish to thank those' gentlemen who have stood by me and have, since my -filing this month, come forward with offers of: monetary assistance. SPECULATING ON SMALL CAPI- ■ „..-■.-: TAL. . ' ' "Coming to the causes leading to my present position, these may be summarised briefly as due to: (a) Speculations hampered by lack of capital, and (b)~ bad selling times. In the first place I had very little money of my own to work with. My system of work-ing-was to.buy a house or land suitable' for subdivision at a figure I knew must realise a. profit. My buying has always been sound, and I do not think • anyone.>will deny that my sense of value is equalled by very few, speculators in Wellington. Having signed tip to buy a property, I then would set about financing it. My valuations by reputable valuers were always considerably above the figures I contracted to ;pay-fro: properties. This often enabled trie to "finance purchases without any cash of. my. own. Often houses wanted jfaaproving, and much; of the finance went into improvements, adding furttierv fo:-r the- value of the properties ■bought-by mo." ■- ■ ::: £300 PROFIT: XS A WEEK. Then followed'the sentences quoted at the liead of this report, and the statement proceeded:—"During the "past twelve months it has been difficult to fo much selling. • Occasionally I have been able to turn over a deal quickly. -1 have made a3 much as ..£3OO in a week, but the profit has always;been applied in; wiping off liabili.ties: In June, 1928, J assigned my es-; ■ tate to Messrs. Arcus, Dunkley, and Egley, as; trustees for my creditors. These gentlemen, with my assistance, did their utmost to convert my estate to^advantage, but it was practically impossible; to do niueh, as selling was a difficult matter. : They realised that it/-Xas-*question of 'waiting until times improve.; ■•■ My position lias not. materially .changed ;since - this assignment, _:_yAKipTTS PROPERTIES. , '.'My main asset is the Daniell; street block, comprising fourteen houses valued on a conservative basis at !£ 13,600. The rentals for the next three years and six months go to the original owner, Mrs. Smith. Then the rent roll of some £1350 will come to me. There, is a surplus here of £694 per annum, if this property can be held •until the" balance owing to Mrs. Smith is paid, aa it will be paid in the three ■ and al half years. The interest on.the first mortgage .of £6000 was paid in; advance for- seven' years. My other ' properties show an in-,-come .of £1940 18s, and outgoings of £1656 lls, leaving a total of £384 14s per. annum for my estate. .My assets, valued at a conservative basis, show equities amounting to ■.-. £7000, approximately, over liabilities. You must realise that it is in my best interests, Sfc; well as in the interests of my creditors, that my estate shall pay 20s |n the pound, as then there will be a gobd surplus-for myself. To this end .X.am determined to work, and I will spare no effort to assist in the clearing up of the task facing the Official Assignee. Messrs. Arena and Dunkley have the whole of my affairs in hand, and have signified their willingness to assist in supervising my estate if any creditors wish. ' FORCED TO FILE. "I was forced to file by one of my creditors, obtaining a default order on a judgment summons, and I .regret being unable to meet the amount, but my recent illness prevented me from 'completing finances I had arranged to pay him .and,.the.Wellington Corporation for rates., . This creditor's hasty action in having me arrested after mjr going to Court to explain my positionon further judgment summonses pei/d----ing for rates forced my hand, and I ,-had 'no option- but to. file. 'I could ■ have avoided this by taking advantage. ..of a friend's' offer of assistance, but considered that.by doing so I was not going to help anyone, in view of - the -f aet-^thatr twenty-six^charging- orders to endeavour to press me to give preference had been taken out by another- creditor, and- were going to prejudice fair treatments of-all those who had given me time and were and are still willing to extend .their lenience and consideration to me." Mr. Dunkley suggested that . the meeting be adjourned to a date in the New Year, as nobody had had time to ..look through, the. papers in the hands .'of the. Official Assignee. There could be ao harm in such an adjournment, .- he ; stated, the whole of the assets being in real property, so that it could not be got away.^ with in any form. Coming as if-did, just at Christmastime, it was most inconvenient for everybody. He did not think that the securities would -.•.-be in any way prejudiced by the adjournment, and the rentals-would be-paid to rtho Official Assignee. The Official Assignee: "It is a very complicated matter, and I cannot say much about it till I have examined the

papers. I would like the creditors to appoint a committee to act with me."

After"sdjno discussion Messrs. H. Jowett and-W; P. Pringle were appointed to ata with the Official Assignee, and, on the motion of Mr. J. Nicol, the meeting was adjourned till a date towards the end of January, to be fixed by the Official Assignee.