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At a meeting of the creditors of Gray and Aldrich, at Oamaru yesterday, the Deputy Assignee reported that Mrs Aldrich’s offer for the estate, which had been accepted, was irregular. Mrs Aldrich now offered L6OO (guaranteed), plus the payment of the Assignee’s expenses and a payment of LSO to Mr Gray, Mr Aldrich said, in the course of his evidence, that there were two houses on part of a section, and four others on part of another, in Dunedin. There was a mortgage of L6OO on one property, and Ll,ooo on the other. He could not say how much he had put into tho properties, but he had paid Ll5O off the mortgage about three years ago. The money ho had paid off came from a life insurance policy he had held. He had received altogether from the life policy L 894. Out of this sum he bad paid L 250 off another mortgage, and he bought 500 shares in the National Insurance Company with tho balance. Mr Harrop was agent for the properties, but he had not received any remittance from him for the last five years. It had, unfortunately, all been the other way. The houses had cost him on an average from LIOO to LI2O a year over and above the rents. He had not received any money from Home that had been put into the properties. He bad no interest in any property at Home, The properties in Dunedin were now valued at less than the mortgages on them.—The Assignee said the estate would pay 9s 2d in the £. The liabilities were about L 1,300. —‘ North Otago Times.'

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Bibliographic details

CREDITORS MEETING., Evening Star, Issue 7991, 21 August 1889

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CREDITORS MEETING. Evening Star, Issue 7991, 21 August 1889