MEETING OF CREDITORS.

Evening Star, Issue 7505, 25 April 1888, Page 3

MEETING OF CREDITORS.

BE W. M. WHITE. A meeting of creditors in the estate of William Muir White, of Dunedin, stoneware ami sanitary pipe manufacturer, wa'i held at the Oflicial A-signee's oilice this afternoon, Mr Meatyard appeared for the bankrupt; Mr Webb for the Assignee. The bankiupt's .statement set forth that his 1 abdit es to unsecured creditors arc LBo'.i;!i ltd, and to secured creditors L:'»,KH. Tho assets amount to LdSS V2i 10.1. The principal unHOcured creditois are as follows:—W. H. Wiiite, LUti Is 8d; W. Lane and Co., Lfs 8s s<l; Cossens and Black, LSI 7s 6d; Caledonian Society, 1.11) Ss; 'Dai y 1 Timea' Company, LS7 lGs 4d ; Union Steam Ship Company, L 25 10s Id ; G. Latim r, h'ii; Spciphr. and Co., Lii'.) <is Id; Cavti-.-ihaui liorough Council. LlB 8s 9d; R. Wilson and Co.. Ll7 <« Cd; Anderson and Morrison, LliilJ.s.Sd; Mollison, Duthic, and Co.. Lls 17s (3d; V. Laurenson, 1,13 OsM; Kvi:ninc Star. Ll2 11* (id; J. H. Hancock, Ltl 0s 5(1; J. Wilson and Co. (Auckland), Lll 7s; R. T. Wheeler and Co., L 7 Kk The secured creditors arc Mrs Ocorgina Fodor, Ll.-100 ; and the Bank of Now Zealand. L1.7.U The securities consist of mortgages over ltaicliold and freehold properties. Tho Assignee s-i'd that there was a proof of debt put iu by tho bank amounting to Ll,71(!, so that they had the controlling power in voting. A valuation of the furniture set it down at Ll2B IDs for the private house and 1,8 12s for the oflicc; but in addition to this furniture there were a number of fixed articles of furniture (including a that must have c >st lAQ iliat would, of course, have to go over with the property to the mortgagee. The first question to ask was whether the bankrupt had any offer to make. Mr Meatyard said that he was prepared, on behalf of friends of the bankrupt, to offer 2s (id in the I', out of which all preferential claims and expenses must, howover, be paid; that would represent an offer of about L3OO. Mr Buller said that as far as the bank were concerned the offer must be refused.

The Assignee said that that settled the question, as the bank held the controlling power at the meeting, and it was therefore useless to put the offer to the meeting. The next question was as to the bankrupt's furniture. Mr Buller said that he would move that the bankrupt be allowed to retain furniture to tho valui of LSO, being double the amount allowed by the Act. Mr G. Fenwick Becondnd the motion, which wa" carried nnn. on.

The Ashigiieo said that tlio next question was that of the realisa'ion of the estate, whether by auction cr by calling for tenders. It was resolved, on the motion of Mr Buller, seconded by Mr Cossphs, that tenders be called in Dunedir", Clirutchurch, and Wellington for the buildings and plant, stock, ami book debts separately. The Bankrupt on being examined said that lie attributed his bankruptcy to tho bad state of trade during the past four years. His sales used to amount to LSOO per month, while now they averaged not more than LSO per month, Ho hid invested a little over L 4.000 in the buildingH and plant during the past twelve j-cirw. His bank account had been accumulating during the last few yearn, mainly through interest. His outlay included tho cost of his house, about L 1.200 or L 1.300 ; the value of his furniture he had always set down as LSOO, original cost. There was an agreement by which ho was to piy his son LI per week as w.ig. s. Hi* own present expenses amounted to about L'.i per week. MrC. -ramsladc remarked that, seeing the bad timos through which the bankrupt, like all other people, had pissed, the a!lowanco of furniture did not Roein large enough. He would move that tho bankrupt be allowed all his furniture.

The Assignee said that such a motion could not be put in face of the one that had already been carried ; all that Mr firocn'dadc could do wai to try and prrsuadu Mr Midler to alter the figure in his resolution. Mr Uillcr said ho could not do tint ; the c-itato was such a miserable one that he could nut see his way to increasing the allowance. The Assignee asked the mccti/.g what allowance they wore prepared to vote to the bankrupt while tho estate was being wound up. It was resolved that an allowance of Lo per week for five weeks be made to the bankrupt: he to assist tho Assignee in carrying on and attending to tho disposal of the business. On the motion of Mr Buller it was reaolval to rocommcud the bankrupt for his di:charge.