MEETINGS OF CREDITORS.

Evening Star, Issue 7252, 1 July 1887, Page 2

MEETINGS OF CREDITORS.

RB Q. JOACHIM. A meeting of creditors in the estate of George Joachim, of Dunedin, accountant, was held at the Official Assignee's office this morning. There were present Messrs Churton (Colonial Bank), H. Rose (Br>li;h and New Zealand and Agency Company), O. Macandrew (School CommUsionera of Otago), W. L, Simpson (proxy for George W. Pcgson), E. Smith (Dunedin Savings Bank), K. Ramsay (Otairo Whalicg Company). Mr Haggitt appeared tor the bankrupt; Mr J. R. Sinclair for the British ami New Zealand Company. The Assignee read the bankrupt's statement, as published by as a few days ago, and then proceeded to examine him.

In answer to the Assignee the bankrupt stated that he asoribed his present position to the general depression and the depreciation in the value of property since 1884. and the immediate cause of his filing was the fact of his having a large-liability as a shareholder in the British and New Zealand Company. He hid paid up L 2.400 on bis shares, and there was a contingent liability on them of nearly LIO.OOO. Be had drawn up a statement of his losses, which were aa follows: On properties in Lees street'and Walker . street, about LS.000; on the Te Anau Run, Lt.OOO; on the Brlti-h and New Zealand Company (In addition to the shares) L9OO, his proportion of a sunt subscribed by the partners to help towards mating a loss, mado in London; on the Minaret Ruav L 8.100; on the Warrington estate, L1.O0O; on Westport 1 shares, L 1.800; on sundry shareajjwid sections of land, L 477; in the Whaling Company, L 125; AncHaJmok * ' debts, L2OO. In connection with the Minareißun, he 1 might state that the way he got into ftwas as tottoas: —Too account, wMdjatooJ at W. 600, was omraken upby.theC!flmpaß».iS!D6ndon,fid was never in the books of oSfTlPßbbs, and Oft ;JMlhe ttitaers of '< that firm, with a viejkof helping tie Cbmpfcny, gave 1 upLI2,OOO ofettei'%)odwiiidebentures to be can--1 celled. He might also mention that Ibis transaction >* was minuted In the London books aaJWf liberal and 1 generous." the Company>ould extend the same treatment to him to-day. The Assignee said that the bankrupt's statement 1 formed a melancholy history, and there was quite enough to account for his position. - As to the ' realisation of the estate, no doubt the bankrupt would i render him all assistance in his power. His furniture 1 had been valued, and was set down at 1481, iocludlng ! books and pictures. The Act required that any allowance of furniture over Lis in nine should be at I the discretion of the creditors. The rule was to grant i a bankrupt his furniture unlessthere was any evWeece ' of fraud or any other special circumstances to stand In ' the way. Mr Simpson said that at the special request of Mr Pogson he would move—"That the bankrupt be allowed Ms furniture, books, acd pictures to the vsiae i of L 63 1, as assessed by the Assignee's valuator." Mr Smith seconded the motion. 1 Mr Rose said he regretted that be must oppose the 1 motion The faralture represented a very large value ' as portion of the assets, and he considered that if toe " creditors allowed the bankiupt a part of his actual i furnltore—say L 260 worth—it would be quite enough. The Assignee said he was afraid that the B iUsfa i and Sew Zealand Company held the majority of the 1 votiog power. Mrßlmp»ona9kedhowmuchmoreinthe£itwooM ' be for the creditors if they took all the bankrupt's 1 property except LflSO worth of furniture. The CompanyooghttobeUDeraltothebank*upt,foritapp«ared " that he had acted in the most haiwaorne manner to the Company. Of course a company "had no body to bekibked'or soul tonsdamned"; still in a case like - this some liberality should be shown.r _. Mr Bote said that he merely represented JmCom, pany: hchopVlthU his position was reoognlsw. « Mr Hwritt suggested that the NuJrrupt should bo granted his actual furniture, whloh was valoed at L 877. and that his pioturei and Itonkj should be sold for the benefit of the estate. ■'' Mr Bom said hsoonld not mem to tba nutter, but if any oredltor moved in that direction be would not offer any opposition. He bad dsuats as to whether the ooneessfon was a proper one,bat in flew of tho almost unanimous opinion of the. other erediton to Itwasiresofted'that the bankrupt be granted hit fomlturf, to the value of L8778i6d, and that nil books and pictures be sold for the benefit of the estate. ." . ' It was also resolved that, in Hen of an allowance betajr made to the bankrupt out of the- estate, be be allowed to retain any earnings that he makes. ' J WTV BEACKBL • The first meeting of' orediton tn the estate of iMld>atthe Officiil Asrigoes's office tail afternoon. Mr Fitehett appeared for the bankropt.'and Jfr Webb to advise the Assignee^' The bankrupt's statement showed: Debts, L60717s 2d; assetsflTO newspaper shares, cost L7lO, valued at nil, and clothing L2O), L2O; deficiency, L 687 17s 2d. Unsecur. d orediton: Colonial Bank, L 7« 17s 2d; Mr Mltchelson (Auckland), L'M; London Loan and Discount Company, LSB ; N. Hart, L 28:1. Isaacs, L2B; A. Meyers, IM;Fergusson and Mitchell, L2810s; sundry sniaU accounts, L2O; total, LBBO 7s 2d, Liabilities: A contingent liability in respaot of uncalled .capital on forty shares in T. Bracken and Ca, ilmlted ('EveningHerald' newspaper), L82710sThe Bankrupt stated; The principal cause of nay Insolvency is being thrown out of my position on the * Hera!"' newspaper by the-new proprietory. I was joint editor, and managing director with the late Mr John Bathgate. I was the projector of the present Company. The late' Morning Herald' Company being In difficulties, an offer was made to me of the oonoern f» L 1.760. Mr Bathgate and I had been vsoclated for eleven or twelve years together, and he Induced Mr MeUand to oome in With as. Mr Bathgate had an, interest of L7OO, I took LEW) worth of shares not paid up, and Mr Melland had LSDO worth. We afterwards floated the oonoeiu into a limited liability company, and instead of "getting a projector's' right I took unpaid shares on condition that I was to receive a salary of L 8 per week, sinking L2 weeklr until the shares were p*id np. Mr Bathgate and 4 were to bold the positions of Joint editon and managers. Daring the last two and a-halt yean, until the opening of Parliament, I have paid EBM, *Qntha commencement of the session H ouiof a too generous feeling for the present proprietors, I kept away from the meeting of directors, and madecjHpposal relative to my salary daring the session, to Vibe correspondence and write articles. We had eomh Utjtt difference about the terms. I wanted ray salary. I had been worktagTny fife aid soul out for the paper. They demurred to give ma the full salary. They wanted to knock offathe LS I was paying towards the shares and ajjosme money due on them to remain to abeyance. WU indignant at their meanness. - load Just knocked off Sfifper cent, of my paid-up capital in order to get Mr BeU to oome in. «I thought that oonsiderjrig that that very week I had »n going about begging for the renewal of advermenta, it was very shabby, especially as it was only nominal oapftal going to my shares. I wanted WL6 a-weektadlyt but! felt so indignant that I told them to/get someone else to correspond during the I declined thtirjufer. The Assignee: And so severerryomroimeeHon t The Bankrupt: Not at all." Thai is what theytry tomakj». to go back to the newspaper after tHPweioß, Mr Beid-expressed the ndnlonthat the polities of tho paper should be obamgetVw

that the polities of the paper should 4* dttajjteVw Protection was ruining it 4ara"WelLbwrsneogi; make me some offer, and let nutleave the plaoe. We wilL never agree at that,Tate," "Be. declined to dowat. J said that from a oommttdsl standpoint - It would be ruinous for the three wersto.Wn in-the ;; same groove, nqmatter waai* was They never«aTe-me 'tfajb - :

ot course my position m director, with no salary. Therefore I was shunted. I replied that I felt ratheViDdignantrand I thought they should buy my •haree. They were tradin* on my name, and as I was a projector they should make me some concession and let me go. I was quite willing to Bait good friende. They stiU deo'ined, and there was farther eoiresponri«nn« which I shall publish if moessary. Tht'lsVignee Th? main thing is that you found yourself without means of support? The Bankrupt: Yes. I found myself with labilities which I oouldlmve cleared off had I been treated honestly. I took advice and found that although, morally speaking, I hod been swindle-!, they were aotlng within their legal powers. I found that through my own indiscretion I was only on weekly hire. I loat L4BD in the old ' HeraiU' Company, and I have pail L«0 to the new one. The Bhares I hold may oe of some value to the proprietors, but they are no good to rae as I cannot sell them. ~ . It was resolved that, it the Assignee can maKe arrangements, the shares bo offered at publ.o auction. It was resolved, on the motion of Mr I*»»°- "M the creditors sympathise with Mr Bracken in the position in which he is plawd and makei no claim on his personal effeots; and that he be reojmvnended for immediate discharge."