CREDITORS' MEETING.

Evening Star, Issue 14035, 16 April 1909, Page 8

CREDITORS' MEETING.

':\.RE.J. X. MERRY. A meeting of creditors in the bankrupt Jstate of John Xecklin Merry, wool-buyer, jf Uunedin, was held at the Law Courts fcsterday before the Official Assignee •Mr W. S. Fisher). .Bankrupt was repre:ented by Mr Woodhouse, and the creditors aresent were Messrs T. K. Harty (who also ippeared on hehalf of De Lissn and Sons), 3. T. .Andrews, *rl W. Merry (represented iy Mr H. M. Hiving), James Brown. George I'limer (representee! by Mr A. S. Adams), aixl Mr J. F. Woodhouse (on behalf of Bathgate and Woodhouse). Mr llosking, K C, was also present on behalf of the Bank of New Zealand, and Mr J. S. Monro 3ii behalf of Mr H. Lyug. Bankrupt's statement of assets and liabilities showed the amount owing •o secured creditors to be £1,875 19s lid, :he securities held bv them being valued it £1.825, leaving a 'deficiency of £SO 19s ild, which, added to £371 3s owing to ameeured creditors, leaves a total deficiency of £422 2s Hd. there being >v> Diher assets except those held as tecurilies by the secured creditors. The prin:ip:d unsecured creditors are Kdward Merry. £100; George Turner, £lB6 _l2s 3d; Bathgate and Woodhotiee, £3B 13s: V. K. Harty, £'2l ; James Brown, £lO 10s. The secured'creditors are the Bank ot New Zealand ; De Lis&a ami Sons, wool merchants, Ixmdon : and H. T. Andrews, notel proprietor, Dunedin. Bankrupt, in his writ-ten statement. s;i.id 'hat- he had been doing well for a. long tunc as a wool and skin exporter up to April. 1906. most of his makings being expended in building 'hie present store. In ISO 7. awing to illness, he was unable to conduct his business as usual. Mr George Turner, his buyer, conducting it, and with Mr Joseph Turner doing all the buying. The transactions of 1907-03 resulted in heavy losses, leaving him heavily in debt to l.)e Li6sa and Sous, through whom he did his London business. Their agent. Mr Harty. threatened to stop his credit unless lie gave security, and he gave a second mortgage over his premises, the bank holding a- first mortgage. Mr Adams asked whether hankrup; Ivld any dredging shares. Bankrupt replied thai he' held tw?n*vBve shares in the Mast erf on Company, and they paid him well, but he had to sell them under pressure, be>iuse Water-. Ritchie, and Co. had a claim against him of which he knew nothing, his managers having kept him in the dark. Waters. Ritchie came down on him, and he sold, the shares twelve or eighteen months ago, and with the proceeds paid the balance of their account. In answer to further questions, bankrupt said that he had purchased sections in St. Kilda, but he had sold them about four vears ago and put the moncj- into his business account at the bank. Mr Adams, referring to bankrupt's statement that Mr George Turner had issued execution on a judgment obtained in an action for a share of the profits, and had then had him adjudicated a bankrupt, said that Mr Turner had made every effort to ctme to an agreement before issuing the writ, and had afterwards given Mr Merry every opportunity to carry on, only instituting bankruptcy proceedings on discovering that Mr Merry had dealings in property. Mr Adams also suggested that inquiry should be made into the claims of v the secured creditors. Some of the securities had not been registered. The Assignee said that he would examine bankrupt's books and these other matters. and would call the creditors together again. Before the meeting adjourned Mr Hosking mentioned that the Bank of New Zealand had always found Mr Merry a straightforward customer, the officers having the highest respect for him.