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MEETING OF CREDITORS.

The adjourned meeting of creditors in the estate of George Latimer, of Dunedin, eoal merchant, was held at the office of the Official Assignee this afternoon, and attended by a bare quorum of creditors. The Assignee said he had taken Mr Scott's evidence in relation to the bankrupt's connection with the Union Company, and laid it on the table for perusal by the creditors.

James Robertson Scott deposed that he accompanied bankrupt to tho U.S.S. Company's offices at the time he started in business as a coal merchant. Bankrupt told him that he had had a previous communication with Mr Mills. The latter was away at the time, and they then saw the Hon. George M'Lean, and witness thought that Mr Houghton also was present. Witness suggested that bankrupt should buy Tomlinson's business, and the Hon. George M'Lean said : " All right j go down and see what it can be got

for." Witness thought that the Union Company were going to guarantee Latimer for an amount sufficient to start him. Latimer found he could purchase the business for L 360. The list contained stock and plant, and witness thought it would prove a profitable investment. Bankrupt subsequently informed him that arnngements had been made re guarantee with the Union Company to the extent of L4OO. Latimer then bought Tomlinson out for L 360, and did all his business with the Union Company by himself. Tomlinson paid witness L 5 commission. He was not selling Newcastle coal on his own account, but he afterwards sold Newcastle coal to bankrupt on behalf of the Union Company. Bankrupt paid the same price as other coal merchants, but was allowed to pay as he was able, and did not give bills to the company. Witness supposed there waß no use giving bills to the company, as they were guaranteeing him at I the bank. On two occasions -witness in- | spected the business of Latimer, and rej ported favorably thereon to the company. Afterwards he sold Newcastle coal to [ bankrupt on his own account, and_ coni tinued doing bo until he found himself !in financial difficulties. He had renewed part of Latimer's bills, and at one time Mr David Mills suggested that he should take part of Latimer's guarantee, but witness replied that he ran quite enough risk with bankrupt at that time. It was not until tho beginning of July that he found Latimer was in difficulties, and he did not anticipate that the Union Company would withdraw their guarantee. Witness neither made nor knew of anyone making a suggestion toLatimer about hisaccount at the Colonial Bank. Witnesshadnever.hethought, gone the length of saying that he thought Latimer was the Union Company, but had said that ho would not give him credit unless ho thought he (bankrupt) would be carried on by the company. He had also said that he considered the Union Company were morally bound to see him through because they had started bankrupt, and should not have stopped him in the sudden manner they did. The bill witness took from Latimer when he commenced to sell Newcastle coal on his own account was discounted through J. R. Scott and Co.'a account at the Bank of New South Wales.

Ihe Assignee said the business had, as a going concern, been sold for L 167 10s. The book debts were being collected aa quickly as possible, and in a short time the estate would be ready for winding up. Bankrupt was allowed L 3 for four weeks ; the question of furniture was allowed to stand over, Mr Sinclair (appearing for the Bank of New South Wales) stating that he was not instructed how to vote ; and the meeting then adjourned sine die.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890724.2.21

Bibliographic details

MEETING OF CREDITORS., Issue 7967, 24 July 1889

Word Count
621

MEETING OF CREDITORS. Issue 7967, 24 July 1889

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