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AUCKLAND, Aucu.st2.

The creditors of Mr J. C. Firth held their first meeting to-day. In his statement before the Official Assignee the debtor said : " I valued the old mill property that is in Queen street at L 34.830, on which there is a first mortgage of L 12.620 and a second of L 40.884, the latter security being supplemented by a lien over the bond stores, valued at L 11.477; sundry shares in Bank of New Zealand, New Zealand Native Land Company, New Zealand Stud Company, Te Aroha Gold Mining Company ; and house and land at Moant Eden, valued at L23.14S more. I valued the new mill property at L 9.927, and it is subject to a mortgage of L 37.241. This property, on being offered for sale since I filed, was bought in by the mortgagees for L 5.000. The whole of my (stock-in-trade, and a portion of my book debts, together valued at L1C.957, and a second moiety of my share interest in the Tc Aroha Gold Mining Company, valued at L 4.262, are secured by bill of sale for a debt of L 15,041. In preparing my schedule of assets and liabilities, I have estimated a surplus of L 12.458 from tho securities mentioned, and the unencumbered assets at L 2.800, made up as follows : Sundry shares and debentures, LA2B; book debts, L">27; bond rents, L 396: leasehold and office furniture, etc., L 33 0; machinery, chemicals, and wharf store buildiDgs, Ll5O ; trade marks registered, L 100; real property, L 116; cash in hand, L 153 7a lid. The unsecured liabilities to seven creditors amount to L 12,214 4s Gd." Mr Firth stated that the great reduction in values of agricultural and pastoral produco had compelled him to sell his Matamata estate at a heavy loss, besides rendering it necessary for him to encumber hia city and house properties. He had had to erect a roller mill, owing to a change in the method of flour-making, but the impossibility of letting old mill property, badness of trade, and low rates had brought about his bank, ruptcy. It was decided to sell tho free assets in the estate, and the meeting then adjourned until Thursday.

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Bibliographic details

J. C. FIRTH'S BANKRUPTCY, Issue 7977, 5 August 1889

Word Count

J. C. FIRTH'S BANKRUPTCY Issue 7977, 5 August 1889

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