MEETING OF CREDITORS.

Evening Star, Issue 12867, 17 July 1906, Page 5

MEETING OF CREDITORS.

MR A. OWEN'S ESTATE.

A meeting of the creditors of Alexander o*«n, of Dunlin, hotelkesper.was held this afternoon at the Official Assignee's i.ffloe, Mr C 0. Graham presiding. The rreditors present were Mr Adam (representing Speight and Co.), Mr Withers (Steichaa »nd Co.), Mr L. C. Hazlett (Mackerras and tlazlotf), Mr W. Stewart, Mr Livingstone jPowley and Keast), and Mr Anderaon. Mr Irwin appeared for the debtor. The creditors (all unsecured) ate as follow:—J. Speight and Co., Limited, £700; W. Strachan and Co., £ll 49; Westport Coal Company, Limited, 18s sd; Thomas l>idham, ,£2 os; William Stewart, £7 10s 6d; J. Fleming, £1 "8s 10d; Mackerras and Hazlett, Limited, £2O 9s 6d; Dunedin Pork and Poultry Company, 12a 8d; E. L. Denniston, £l2 19s 6d; A. Taylor, £3 15s M ; Thomson and Co., £l9 3s; Powley and Keast. £2O; Dr Martin, £5; Elliott Bros., 69; M. Anderson, £2 10s; W. Wood, 176; total, £Bl9 6s 7d. Air Irwin said that the amount stated as >wing to Messrs Speight and Co. was not itrictly correct. It really amounted to neater £l,lOO than .£7OO. The Assignee said that assets bad been stated as nil, but thpre was actually a balance atthe bank of £l4 odd. Banbupt, in his written statement, said ho had earned on business as a hotelkeeper m Dunedln for many years. Bis first serious financial reverse was the loss of the Ship Hotel in 1894, when tho license was taken away on the carrving out of Reduction in Dunedin. He came out of that house with practically nothing. Prom then on he fared bettor, and at last, when ho took the Clnb Hotel in Msdaggan street, he -was able to out £7OO of hie own money into the business. The license of that boose was iaken away in June, 1903, and he was again thrown 1 out of business without a penny ind owing some hundreds of pounds. In July of 1903 he went into the Farmers' Arms Hotel, Princes street south, putting down only a small deposit of £SO, tie rest of the purchase money remaining on mortgage. Ho got along all right until the eleovrio cars started running, and that took business past him, and his takings seriously iecreaeed. His books would show that his takings and outgoings were about equal, »nd, in the position in which he found him»elf, it was useless for him to struggle further. He agreed wdth the mortgagees that the property should be sold to the beat advantage. They had served him with a notice calling in the moneys owing'. During the time he was in the Farmers' Arms he liad been forced to pay interest ou the "faey* <wing by him when ho left tho Club Hotel, and that was a serious drain on him. The sale of the Farmers' Arms Hotel realised nearly £l,lOO less than he expected, hence tho largo amount now owing to Messrs J. Speight and Co. Bankrupt further asserted that ho had absolutely no assets of any description, and no prospects, and could, unfortunately, make no offer to his creditors... The immediate cause Si 1 "? fil ing was the pressure of creditors. Ihe furniture bankrupt wa& now using t a » **&s* Pnpsty of Speight and (V, who lad allowed bankrupt to take it awav, alIhough it was included in the security. . f F^T 161 . *° logons the debtor said hat ho had never bean bankrupt previnifily; that ho went into the Club Hotel in July, 1899; and that he was in debt whoa he went into the Farmers' Arms Hotel. Mr Irwin Said that he was put into the J armors Arms by one of the creditors, bpeigbt and Co., who finanocd the whole of that transaction. Mr Adam said that according to the book produced the debtor had lost £1 17s a weak on goods alone since ho went into the Farmers' Arms. He had been supplied with twenty barrels a month. Where had thu money gone? The Assignee : What would bo the profit on twenty barrels a month ? Mr Adam : About 200 per cent. The Assignee, after making a calculation, said that according to the figures there was £6OO or £7OO cross profit in that time. Debtor: It's easy to talk. I've had none of it. I tried bard to make it pay. f l *? 0 * 6 I** reat k abottfc £ 6 a week, and tho takings, as you will see, caroo down to a little over £2O. n» Assignee said thai since going into the Farmers' Arms his takings bad been £5,044 and his outgoings £4,858. That, was shown in the books. Altogether there seemed to be about £SOO unaccounted for, It was not a satisfactory state «»f attaint. Mr Adam remarked that a/tor Spoighi and Co. stopped Owen's account he managed to And the cash. Mr Withers asked whether there was enough money in the estate to pay for on accountant going through the accounts. The Assignee said he did not see what an accountant »:uld do except to add up the items. Mr Withers : Ho might find where amm of tho money has gone to. Mr Hazlett said that the figures given rlid not represent the takings of the hotel The Bankrupt said that the figores on the books were perfectly correct. Mr Withers (to Mr Owen): Whar did you know you were bankrupt? Mr Irwin: Don't answer that question? The Assignee: Why not? It's a perfectly fair question. (To bankrupt : ) When did you know you were bankrupt? Mr Owen: I never thought I was bankall P ri a ht tho °Skt I «ruld pull through Mr Irwin: He got £l,lOO from the farmere Arms fens than he expected. H<> now owes £1,100; «, w tnougflt that ho was bankrupt until the very end. thing; farther coSTd be done just now. He TZ Jf ™ m mves and if neces. rary call a .an expert to examine the ac - and when there was anything to Jeport he would lot the creditors know