MEETING OF CREDITORS.

Evening Star, Issue 8410, 10 January 1891, Page 2

MEETING OF CREDITORS.

RE P. S. UROWNI.VG. A first meeting of creditors in the enta of Peter Steele Browning, of Dunedin, formerly a bank clerk, was held at the Assignee’s office this forenoon. Mr \V. C. Maegregor represented the debtor. Fivecreditors were present. The bankrupt’s statement showed his liabilities to unsecured creditors to be L 232 5s 6d, and his assets L 35, leaving a deficiency of L 197 5s 63. There was due to secured creditors L 63, secured in the main by a life insurance policy. The principal unsecured creditors were ; Equitable Insurance Company, LI 35; G. Green, L 65; J. A. Chapman, Ll4 Ss. There was also a large liability on 1,000 shares held by the bankrupt in the Equitable Insurance Association of New Zealand, which the bankrupt found it impossible to estimate, as the company is one of unlimited liability. The Bankrupt, examined on oath, stated that he had been employed till recently as a bank clerk, and was now out of employment, His last salary was L 240 per annum. He was unmarried, and bad no one depending on him, He had some losses more than a year ago in mining shares, which swept away all his savings. He was left with liabilities to the Equitable Insurance Com pany, Fraukton Beach Company, and Rescue Gold Mining Company, and a liability of L 65 on a joint transaction in shares. It was not only the present liability to the Equitable Company, but a large contingent liability which forced him to file. He had no other means than those disclosed in his statement, and no expectations. The reason he did not put the Frankton Beach Company shares into his schedule was that he had sold those shares, but the buyer refused to take delivery. Mr Kerr (Equitable Insurance Company) objected tc the statement that the contingent liability to the Equitable Company was the cause of the debtor’s filing. It was speculation that was the cause. The Bankrupt said the other liabilities were not pressing. He was not unduly pressed by the Equitable Company, but understood they had no power to release him. The Assignee: You don’t wish to repre-

lent them in any way as a hard creditor, forcing yon into bankruptcy ? The Debtor: No ; not at all.

The Assignee said that the bankruptcy was caused by the debtor, a young man, speculating in shares, and it pointed a moral. He had known Mr Browning for a long while, and believed that he had struggled to meet his engagements. Mr Kerr would like to ask whether Mr Browning was in a solvent position twelve months ago. The Debtor replied that he arranged with the bank to meet bis then engagements, and he had got clear of those liabilities. The Assignee had always understood that Mr Browning had a very good record, and had always struggled to pay his way. He had been imprudent in buying shares, but the question was whether he was more to blame than many others in these speculative times.

Mr T. Grose had known Mr Browning for some time, and was perfectly satisfied that his statements were correct. He had therefore much pleasure in proposing that the debtor be recommended for his discharge. Mr J. A. Chapman ; I wish to endorse what Mr Grose says about Mr Browning. The resolution was seconded by Mr Xrythall, and carried unanimously, Ihe meeting then adjourned sine die.