MEETING OF CREDITORS.

Evening Star, Issue 7332, 3 October 1887, Page 2

MEETING OF CREDITORS.

The first meeting of creditors in the estate of «(bhn Bosworth Taylor, of .Port Chalmers, painter, was held at the Assignee's office this morning. Mr Duncan appeared for the debtor, and Mr Webb was present to advise the Assignee. There were about a dozen creditors present or represented. ■> The amount due > to unsecured creditors is L 746 1b 6d, the chief creditois being H. Walden,' Ll9l 12s Id; John Morgan, L 10 5 !: Standard Insurance Company, LB2; A. Lees,"L6o 2s 6d; J. H. Lambert, L 46 5s 6d; B. Sutton, LS6 8s 9d; Bauchop and Co.. L 34 4s 8d; H. Webb, L 80: J. Edwards, L2B 17s sd: M'Vickar and Co., L 22 6s 3d; Smith and Smith, LlB 8s 7d; W. J. Taylor, 1d.6; and Mrs Ritchie, LU 19s 3d. v Tbe secured 'creditors 1 are: The StaafdaJrd InvestmentSodety,'Ll,l66 13s 4d (estimated value" of security, E66613s -sd); the trustees (af Palmer's estate, LB3 6s Bd' (value of security, LB3 6s 8d); Kenyon and Hosking, L3310s 64. Total amount owing to secured creditors., L 1.283 10s 6d; estimated value of securities. LW, The assets consist of stocfcin-trade, esti? mated to realise L 150; book debts, L4fjj working plant, LI 5; three cows and calf, LIQ; furniture, LSO; landed property, L 750, Total debts, L 2.029125; total assets, L 1.020; deficiency, L 1.009125. Bankrupt, being examined, said that he had been in business at Port Chalmers as a painter fqr the last twenty.flve years. In 1883 he valued his two properties at LSOO over the mortgage," and believed that on this valuation he was from L3OO to L3OO to the good, besides, th e properties. "At present values, he did not consider the shop was of any greater value than f he, ground rent. There was a mortgage of L 506 on it. The ground rent was L 64 10s a-year. Could not say exactly what he had lost by bad debts during the last two or three years. E>pt |he ordinary books, but did not keep a statement qf profit' %nd' lfiss. Did nos draw out a stated sum per week for Jiving expenses; on an average did not draw more than L 3 per week. Had a wife and family of eight dependent on him. Mr Morgan proposed and Mr Lambert seconded—"Thatfurniture to the amount of L 49 be granted to the bankrupt, and that the piano be recognised as belonging to his wife." This was carried unanimously. The bankrupt was not at present prepared to make any offer for the estate, but Mr Duncan said that his client was trying to raise 1200, and if successful he would offer this Bum. A long conversation took place, the.apshot of which was that Mr Morgan mt»ved and MeSwaiJ seconded a motion to the effect that the meeting

be adjourned for a week; the Assignee in the meantime to consult the mortgagees, and endeavor to get an offer for the whole estate; the lease of the shop to be at once disclaimed.