APPARENT DEFICIT

Evening Post, Volume CXXV, Issue 80, 5 April 1938, Page 13

APPARENT DEFICIT

SHAREBROKER'S ESTATE

(By Telegraph—Press Association.) CHRISTCHURCH, This Day.

There is an apparent deficiency of £ 13,249 7s 7d in , the estate of the late Thomas Newburgh, former Mayor of Sumner and well-known sharebroker in this city. This statement is contained in affidavits filed by the trustees, Eric Pryce-Newburgh, a son, and Alfred Stevenson Nicholls, solicitor, in support: of their application to have the estate administered under part -1 of the Administration Act; ttOB, and for the appointment of the Official Assignee at Christchurcfr as /administrator. ' '; . . .

In support of their ■ application the trustees set out a statement of.assets and liabilities. ,The / assets included Newburgh's share in the firm of Thomas Newburgh and Sons, comprising- stocks' arid shares in hand valued at £2054 0s Id, book debts estimated to produce £48,562 6s, cash in hand £20, and property £50, which with other assets and investments totalled £63,905 4s 7d. The Thomas Newburgh estate's share of this total was £55,384 3s lid and with equities in life insurance. policies totalling £13,000, his'total assets were £68,384 3s lid./ ■ .■■'/.' "; ; .'.":." ..' '- .

The liabilities of the 'firni of Thomas Newburgh and Sons were shown as being made up of £74,832 10s 7d owing to unsecured creditors and £19,360 Is 2d to secured creditors, making a total indebtedness of £94,192 Us 9d. The Thomas Newburgh estate's proportion of this total (thirteen-flfteenths of it) amounted to £81,633 lls 6d and .according to the above list, said the trustees, there appeared to1 be a deficiency in the estate amounting to £13,249 7s 7d.