MEETING OF CREDITORS.

Evening Star, Issue 7339, 11 October 1887, Page 3

MEETING OF CREDITORS.

IRE A. T. ANDERSON. A meeting of creditors in the estate of Andrew Tumbull Anderson, contractor, of Dunedin, was held at the Assignee's office this afternoon. In the absence of the Assignee, Mr A, T. Burt was voted to the chair. Mr D. M. Stuart represented the debtor, and there were eight creditors present. The statement sets forth that L 1,002 7 P ' lid is due to unsecured creditors, and L 7 • to a secured creditor, the estimated value of the security being L 700; assets, L 173 10.* lid; deficiency, L 829 9s. The principal unsecured creditors are—Louisa Anderson (wife of the debtor), L 586 ; James Gilmour, L 15 3; A. and T. Burt, L 99 18s 3d; A. Lees, L 77 4s lOd; National Bank, L2l 83 2d; Campbell and Crust, LI 3; City Corporation, LlO 12s. The secured creditor is William Harrop. The assets consist of stock-in-trade, estimated at L 12 0; book debts, L 8; cash, 10s lid; Equitable In surance shares, L 5 ; furniture, Li 1 ). Bankrupt, examined by Mr Webb, sa'd that he had bean in business for the last eighteen years, and was in partnership with Mr Godso up to the date of that gentleman's death, about five years ago. When Mr Godso died debtor took the business over. It was valued at about L3OO, and he paid LlO9 in cash. Did not get into difficulties till eight o: nine months ago. The causes of his difficulties were that the expenses were running on and there was no business doing. He drew Li a-week for household expenses ; the rent of the shop was LJ a-week ; and there were other expenses. During the last eight or nine months he hr.-l done very little —only small jobs. Most o the debts other than that due to his wifc were incurred during the past or nine months. His wife did not intena to claim. The cause of his bankruptcy was the ; National Bank suing him; that was the reason he filed. The bank did more than sue; they put in an execution. He owed Mr Haggitt an account for rent, but there was a contra account, which Mr Haggitt disputed. Mr Haggitt had dis- ' trained. The debtor had an invalid wife ' and seven children. His wife has property in Cargill street; it had been hers for ten or twelve years. She bought the land ] with her "own money, and built the ■ house with money that he gave her. i He would like to explain that when he and 1 Mr Godso went into business, he had money J and Mr Godso had none. About eight years ' ago they struck a balance, and the money ' that was coming to debtor, about L4OO, ' he gave to his wife. That was what she built the house with. The house was let for VJH a-year. Mrs Anderson drew the rent and paid the rates and j taxes. When he took the L4OO out he ( was perfectly solvent; but could not say ( what was left in the business. Debtor made , an offer to his creditors three weeks ago of ] 3s in the £, but had no offer to make now. 1 The item of L 586 due to his wife arose in thi3 < way: his wife mortgaged her house, 1 and lent him the money to put into his j busine.'?. She did not intend to prove on the estate. That LSOO and the L7OO he J raised on his own property all went into the ; business. 1

After some conversation as to the position of the estat3, Mr Solomon said that the debtor had a wife and seven children, and he thought they might as. well let him have what there was in thp estate.

Mr Watson was of the same opinion. Mr Burt said that it was all very well to talk that way; the small creditqrs could afford to be generous. But for his part he thought Mr Anderson had not treated the big creditors well. He had been bankrupt for the last nine months, and if there was a surplus in regard to the house it had come out of the business. Mr Lees quite agreed with Mr Burt, and said that the creditors had put off the maii sr month after month to as not lo be hard on the debtor. He felt for Mrs Anderson and the family, but did not feel any sympathy with Mr Anderson.

Mr Burt suggested that it would be well to postpone further proceedings until Mr Ashcroft had had an opportunity of look! g into the books. No one had looked ir.to these books, and he thought that it would be as well to get Mr Ashcroft to inquire into the estate and report. If Mr Ashcroft reported that everything was right, the creditors oould then give the debtor their sympathy. Mr Solomon agreed that this was the best course to pursue, and moved that the meeting be adjourned for a week to enable Mr Ashcroft to inquire and report. * The Debtor asked what he was to do in the meantime. He had only 3s Od in the world.

Mr Burt replied that be could do as he had been doing for the last nine months. He had 2os a week coming from the housemany a man had no more than that to live on ; and there was nothing to prevent him going to work tomorrow. The motion was carried item, con., and the meeting adjourned.