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MEETING OF CREDITORS., Issue 7969, 26 July 1889
MEETING OF CREDITORS.
RK .1. K1IANI). A meeting of the creditors in the estate of .Tainea Shaud, of West Taieri, farmer, was held this afternoon. Mr J. Macgregor appeared for the bankrupt, and there were about thirty creditors present, Mr Sim representing C. Clark and Mr J. A. Cook appearing for the New Zealand Trust and Loan Company. Bankrupt's statement was as follows : Liabilities: Unsecured creditors, L 7.730 6s 31; secured creditors, L 30.715 10s, less estimated value of securieties L 30.500 (Abbotsford land L2">,000, sheep and wool secured to National Bank L5.500)-surplus to contra, L 215 10a; total liabilities, L 7.945 lCs 3d. Assets: Stock-in-trade and2,ooo sheep (less wool) at Abbotsford, L 3.300; 9.500 sheep at Traquair, over which the National Bank has a mortgage of stock and wool lien ; wool of 2,000 sheep at Abbotsford, over which the National Bank hold* a lien, L 160; total assets, L 3.460. Deficiency, L 4.485 16s 3d. List of unsecured creditors: C. Gamble (West Taieri), L 27 18s; J. Freeman (Green Island), L 72 17s ; John Edmund, L7C 13s : Charles Clark (Greytown), L 285 10s; J. Wilson and Co., L 32 Is 4d; Tapper and Co,, L 75 2s 6d ; Walter Guthrie (Invercargill), L 45 10s; P. Low (Outram), L 33 Ss lOd ; A. Alexander (Outram), L3O 15s lOd ; Wright, Stephenson, and Co., LIBO 17s 6d ; T. Ewart (Hindon), L 80; J. Duthie and Co., LSO; D. H. Cane, L 27 19a Gd; Mackerras and Hazlett, Lllß lis 8d; D. M. Spedding, LSI 7s ; National Bank, LI 65 ; Duncan and Macgregor, L 54 16s 8d; Wni. Hastie (Greytown), L 706; D. Reid and Co., L 231 33 lOd; Neill and Co., Limited, LI7 S3 ; James Fox, LlO6 la Id ; D. Black (Hindon), L 53 13a 8d; J. Black (Hindon), L 55 ISs; A. Jansen (Hindon), L 52; A. Briscoe and Co., L 214 18s lid; Brown, Ewing, and Co., L 27 ; Nimmo and Blair, L2B; John Reid and Son, LU 13* 6d; Mollison, Mills, and Co., L 22; H. Harraway and Co. (Burnside), Ll2; Job Wain, Lsl; Reid and Gray, L 17 5; Reid, Maclean, and Co., L 220; Mutual Agency Company, LSO; Murray, Roberts, and Co., L 1,021 6s 3d; Farmers' Agency Company, L 740; Barbara Shand, Green Island, L7OO 15s 3d ; A. Deans (Hindon), L4O; G. Rutherford (Outram), L 43; N. Y. A. Wales, L7O 10s; Trust and Loan Company, L 27 1; Wilson Bros. (Outram), Ll6; R. Andrews (Outram), Lls; Cossens and Black, L2S 18s 6d ; J. Board (Outram), L 8 ; George Thomson (West Taieri), L 430 14s Sd; David Grant (West Taieri), Ll4B 18s ; Alexander Campbell (North Taieri), L 10 0; W. Hicka (Outram), L 34 ; wages due, L 499 7s 9d. Secured creditors : George Gunn, L 23.100 ; John Duncan and David Thomson Shand, L 2.009 10s; West Taieri River Board of Conservators, VIOG (estimated value of security, L 25.000); National Bank of New Zealand, L 5.500 (estimated value of security, L 5.500). There is a further liability to James Mead, J. Hughes, J. Kearney, and Joseph Massey, contractors for ploughing on the Traquair property. The amount of the debt cannot be stated until the work is measured. As against the claims to be made by these contractors is a contra for horse feed supplied and board and lodging, and in the case of Kearney a horse sold for LIS.
Real estate : Freehold farm, West Taieri, value L 25.000; and the right to purchase the Traquair property from the New Zealand Trust and Loan Company for L 26.000. The Assignee said that all present would regret to see such an old settler as Mr Shand in difficulties again. He (the Assignee)had had Mr Shand's affairs through his hands once before, and was therefore familiar with most of the circumstances in this case. The principal prospects of getting a good dividend lay in whatever chances there might be of getting a good price for Abbotsford. On the previous occasion Mr Shand's friends came forward and bought that property in at a price considerably over the mortgage. Considerable improvements to the property had been made since theD, aid he (the Assignee) had been told that it was now worth L 25 per acre. If a purchaser could be got at that price there would be a good dividend. But it was a difficult property t« manage—there were crops to be put in, and this could not be done until some arrangement was made with the mortgagees. The people who sold Traquair said that if that property could not be realised at the price stated they would lave a claim against the estate. The first duty would be to realise upon these properties, and until there was realisation the properties should be conserved with as little expense as possible. There was special reason for a supervisor in this estate, but perhaps one would be preferable to two. Mr J. Black would like first to hear what the bankrupt had to say. The Assignee said that he did not propose to examine bankrupt to-day, but perhaps Mr Shand would like to make a statement.
Bankrupt said it was four years ago since he took Abbotsford. He took it over at the mortgage, with some assistance from his friends, and for two years he was carried en by Mr Donald Reid. He was then transferred to Mr Roberts (of Murray, Roberts, and Co.), and although he hscl had over L 3.000 from Mr Reid, he found on the sth of November, when he was transferred to Mr Roberts, that it was reduced to L.2,004 7a lid. He held his own in 1888, and in May of that year he took Traquair over. He was to pay Ll,2oft a year, and had a purchasing clause. His crops did not turn out well, and he had not near the quantity and bulk he expected. Then, unfortunately, the stuff had been shipped to Sydney—fully L 7.000 worth. So far only a small surplus had come oyer from Sydney on account of the grain. It was to these two things—the failure of his Traquair crops and the loss on the Sydney sale—that he attributed his position. He might say that he had made a number of improvements on his properties, and they had run away with a deal of his money. He was sorry that he had left himself in the debt of a number of farmers, but as soon as he found himself in a bad position he met a few oi his principal creditors, and it was agreed thst he should file, so that the creditors would all fare alike.
Mr Black: When you knew that the hill crop was a failure, why did you make a swoop on the working men of Hindon ? Bankrupt: I did not know that I was so bad then. I thought I should be able to pay for all I got, as I had always done before. The Assignee said that he did not think Mr Shand would have got stuff if he had not believed he would be able to pay fcr it. In all matters connected with the previous affair his conduct was of the most straightforward character. No doubt he was much to blame for going into mercantile transactions outside of his own business, but that was only an error of judgment. He expected a surplus of L 2.000 on shipping grain to Sydney, but not a penny had come in. He (the Assignee) did not believe that Mr Shand had wilfully done wrong, but at the same time there would be a complete inquiry into his transactions and nothing passed over that ought to be represented to tie Judge. 1 Mr J. Roberts (Murray, Roberts, and Co.) would like to volunteer information which would give the creditors an idea of his firm's dealings with bankrupt, and thus clear away any misunderstanding as to their action in this matter. Murray. Roberts, and Co had never charged him more than S per cent, on current account, and no commission on advances. As to shipping grain to Sydney, Mr Shand made his own arrange', ments, and the firm were not responsible —in fact, he (Mr Roberts) told' Mr Shand it was unwise to do so. As te Hastie's purchase of wheat and other pnr. chases, he (Mr Roberts) knew nothingof then until Mr Shand called a few of his creditols together. He (the speaker) had'been under the impression that what he was shipping fcr Mr Shand was the produce of his own farm or of Traquair. Murray, Roberts, and Co. had held securities over everything excepting the furniture, but in the beginning of June these securities were released on Mr Shand's representation that he was safe. The firm released the securities and looked to the profits oh the shipments to recoup them their L 1.021. The creditors would of course reap the benefit of that release. The firm had, in fact, treated Mr Shand with the greatest generosity. On the motion of Mr Hazlett, seconded by Mr Kerr, it was unanimously resolve d thatMegsra John Roberts and John Grindley be appointed supervisors,
It was also resolved to allow bankrupt L 5 per week for bix weeks, and for a further period if considered necessary by the supervisors, Mr Campbell proposed and Mr Gow seconded a motion to the effect that bankrupt's furniture be granted to him, on condition that it be handed over to his wife. In the course of a discussion that ensued as to the realisation of the estate, it was stated by the Assignee that bankrupt had actually signed a contract to purchase the Tra<iuair property. In answer to a question, bankrupt said that he had not tried to get anyone to help him in making an ofl'er for the estate. The Assiguee intimated that the supervisors would proceed with caution, and if they found themselves in a tight place another meeting of creditors would be called. Meeting adjourned sine die.
MEETING OF CREDITORS., Issue 7969, 26 July 1889
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