IN BANKRUPTCY.

Hawke's Bay Herald, Volume XXXIV, Issue 11130, 24 January 1899, Page 4

IN BANKRUPTCY.

RE C. E. MORTON.

A meeting of creditors in the bankrupt eahite of C. E. Morton, of Napier, draper, was held at the Court-house yesterday, tho Deputy Official Assignee, Mr M. i Lascelles, presiding. There were present . the following creditors: — Messrs W. R. ■ Blythe, Wilson (Ross and Glendining), E. Bishop (Sargood, Son, and Bwen), T. . C. 'Dawson (Arch. Clark and Sons), J. Heron, J. Burden, Eock, Bull, Bianchi, and O'Eourke. Mr Cresswell appeared for the debtor. The bankrupt's statement of assets and liabilities was as follows : — Liabilities (all unsecured), 41484 12s sd; assets (consisting of house furniture 4110, stock-in-trade £800, book debts .£2O, and trade fittings and shop furniture .£80), .£1010; deficiency, .£474. 12s sd. The following are the creditors :— M. Gardiner and Co., Sydney, .£233 17s 4d ; Abbott, Cram and Co., Wellington, 4223 13s 2d; Butterworth 8r09., .£153 Is 6d ; Macky, Steen and Co., Auckland, .£133 4s Gd; Ross and Glondining. .£127 Is 4a ; Arch. Clark and Sons, .£lO7 4s Gd; C. J. Harley, Nelson, .£100; P. Hayraan and Co., 482 17s 6d; James Heron, .£75; Bull Bros., .£4O 10s 8d; John Burden (rent), 432; G. Bianchi (wajjes), £24 ss ; L. Miller (wages), 417 10s sd; M. Harris and Son, Chrisfcchurch, £16 5a 3d ; Black Bros.,' 413 103; H. Williams and Sons, .£l3 63 6d ,- P. Gillespie, 410 8s ; Telegraph, .£lO 2s 6d; Hawke's Bay Hebaid, £9 9s 4d j Baker and Tabuteau (rent;, £1 16s ; J. Bierre, Danevirke, £5 15s Gd ; Rock and Co., £5 8s ; Conroy rind Co., 45 6s; J. Cresswell, £i 16s j H. Fisher and Co., M ; O'Eourke and Sons, 43 16s 3d; M. Spittall (wages), 43 10s; Nea and Closs 43 10s ; Wilson and Dayies,43 5s ; H. J. Holder, £2 17a 6d; Bowron Bros., Christchurch, 42 6s 3d; Working Men's Bootshop, £2 Os 6d; 0. Dahl, Palmerston North, 41 16a 7d; J. V. [Brown and Co., 41 7s ; Lamb Bros, and Company, Wellington. 41 7s ; Dr. Moore, 41 5s 5 Reardon and Wright, 41 2s 6d. The following statement was handed in by the bankrupt as to the cause of his filing : — " I came to Napier in April, 1898, and had in cash the sum of 4200. Very shortly thereafter I purchased the stock and business of the late Mr Smale for 4226 odd, paying 4200 in»cash and giving a promissory note at one month for the balance. With the assistance of my 1 wife I did fairly well, and as Mr Thomson had moved from the shop so long occupied by him, 1 was advised by merchants and others to take the place. I obtained a 10 years' lease of the premises at a reasonable rental, and several merchants promised to assist me in -the business. I commenced in the new premises in September, and for that and following month did very well, but after that trade fell off, principally because I could not obtain the necessary stock to carry on with, as several of my merchants who had promised me credit to a fixed limit curtailed the amount at a moment's notice. Not having goods to sell, and being unable to advertise, simply ruined my trade. In addition to the 4200 I commenced with I borrowed 4150 on my own and my wife's furniture, and put the whole amount to my business. The immediate cause of my filing was due to one of my creditors suing me and placing the bailiffs in charge of the shop," The debtor, examined by the Assignee, stated that the 4200 cash with which he started business was guaranteed by a friend in Nelson, Mr Harley; he gave no security for it. At this time, outside of the 4200, he was owing about 440, and had furniture valued at between 490 and 4100. The promissory note for Smale's stock was not endorsed or guaranteed. His wife gave him no monetary help, but assisted in the shop ; at no time had he { had monetary assistance from his wife. : Had paid off half of Harley's amount. WnL'?'' i n Smale's premises the average of his ta'.'dngs during the first eight weeks was 471 4s Cd per week ; gave 13s 4d for Smale's stock. Thought he made a fair thing out of Smale's stock. In September last removed into J. P. Thomson's old premises, at which time he was 480 ahead after taking Smale's stock. Wbeu he interviewed the firms he was dealing with asking them for further credit he placed bis position before them. Of the 4150 borrowed in September from Mr Heron had paid baok 475. Borrowed 460 from Mr J. V. Brown about four or five months after starting, and also borrowed small amounts from time to time to meet bills. Had repaid Mr Brown 415, but had not included him in his list of assets and liabilities at his own request. At Mr Bishop's request left his name out also ; that amount was for goods. The promissory note to Bull Bros, was given in September, 454 19e lid, for fixtures in the shop, endorsed by Mr Burden; the bill became due in January, 1899, and had paid off 415 of it, a fresh bill being given for the balance, <igain endorsed by Mr Burden. ' -Jo' Mr Wilson : His takings during the race wee2r that he kept open and all the other shops doeed were under 440; he denied that the takings that week amounted to 4100. Did not asaigri his estate, as he was advised to file by his solicitor. His own drawings from the business were about 43 a week, and considered that he had observed ordinary prudence. When he landed had furniture to the valjjfl of 4100, covered by an insurance policy of a Jike amount. « The Assignee said the 4JfIP put down for the furniture came wejl wijthjn his own valuation. There were about 417 worth of articles which Mrs Morton claimed, and regarding which he would ask direction from the creditors. A resolution was carried, on the motion of Mr Dawson, voting Mrs Morton the articles she claimed. The Assignee Baid that he had received two offers for the stock (valued at 4800), one for 13s 2d in the 41, 25 per cent cash and the balance on approved bills, from Bly the and Co. The other was an offer of a lump sum, 4425 7s 2d. On the motion of Hr Wilson, seconded by Mr Dawson, Blythe and Co.'s offer was accepted. An offer of 410 was accepted for two counters in the shop, certain sundries ix ha sold by auction. Mr Burden moved that the bankrupt be allowed Jus furniture, Mr Eock seconding. Mr Wilson taovea es an amendment that the furniture bis jce#Jised in the ordinary way, which found nb'ieftopder. The motion was lost. Mr Cresswell suggested that as the debto/s piano was valued at 440 the creditors might seize thie, leaving him what remained c£ _tjie furniture. Mr Heron moved and Mr Burden seconded a motion to that ££e.ct, which was lost. Mr Dawson moved that Ross and Glendining \)S allowed 46 3s, costs of proceedings taken in tfee interest of the creditors. - Mr Bishop BecQjn&ad.— Carried. The meeting thepi adjourned.