IN BANKRUPTCY.

Hawera & Normanby Star, Volume XLIV, Issue XLIV, 8 March 1924, Page 8

IN BANKRUPTCY.

ESTATE OF JAMES BLACKSTOCK,

A meeting of creditors in -the bankrupt estate of James Blaekstock, motor garage proprietor, was held in the office of the Deputy Official Assignee (Mr E. S. Sage) yesterday afternoon. The D.O.A. presided, and there was also presenk Mr P. ODea representing the bankrupt, Mr H. G. Brodie representing the International Harvester Co., Mr H. B. Burdekin representing the Globe Motor Co., and other creditors.

'Bankrupt **s written statement to the j creditors was as follows: "I started! business in Hawera in April, 39?0, in' the Oddfellows» Hall.- Messrs Marter and Stevenson used the front portion of the building, and I paid £1 per week to them for the bact portion, which I used as a workshop. At that time Marter and Stevenson were running solely an agency business. My business grad-' ually increased, anel from personal observation I saw that my co-tenants were doing good business. Eventually Marter and Stevenson suggested that I should go into partnership, Mr Stevenson informing me that Mr Marter was anxious te.jjuit. I approached Mr Mar- j ter, and b*h he and Mr Stevenson said! thaß; the business was then showing a good profit, but they submitted no bal-ance-sheet, and I did not inspect rtheir books. Ultimately it was arranged with Mr Marter that I was to take over his share of the business of Marter and Stevenson, and the business was earned on in the name of Stevenson, Blaekstock and 00. from that time until-, about November, 1921, when Mr I Stevenson introduced Mr Benjamin Mc- \ Knight to me. It was tfcen suggested' that McKnight should come into the , partnership and that the firm should take. over Hie old Globe Motor Co. 's ' garage in High street, which it even-: tually iid.. •We further arranged to take over the plant- and stock of the Globe Motor Co. 's garage for £600,' they to take security over the plant ' and stock, and repayments to bs made ' by us at £50 per month. During this' time I was engaged solely in the workshop part of the business, Mr Stevenson ; keeping the books. During the whole ! of the time up to this point we were running the International Harvester Co. 's agency, and the revenue there- j from was good. In May, 1922, the ' Stratford agent for the International ; Harvester Company gave up his business, and thinking that there was a splendid opening i« Stratford with £his agency we opened a branch in thatj town, Mr McKnight taking charge of; same. Unfortunately the Stratford business was unsuccessful. In March, 1923, Mr Stevenson loft the business,! j and although we then found we were in arrears we decided to carry on. In the month of September, 1923, we decided te close the Stratford branch, which did not prove *i success and which was then owing the International Harvester Company a considerable sum. In the same monith Mr McKnight retired from the business. Froni then on to the day of my bankruptcy I carried on the business on my own account. In December last, owing to my financial position, the International Harvester Company terminated their agency, and other creditors issuing summonses against me forced me to call a meeting of my creditors. I consider I owe my present position to tire muddling methods of my partners and to the loss occasioned by opening the Stratford business."

The claims of unsecured creditors totalled £708 19s lOd, secured creditors £110, and the claim of one preferential creditor totalled £45 10s. As against this there was stock in trade estimated at £295, plant estimated at £270, book debts estimated to produce £294 2s, cash in hand amounting to £33 8s 4d, and furniture and office fittings valued at £30* There was therefore a surplus of £58 0s 6d, but it was stated that there was a contingent liability to the Repatriation Department of approximately £340, and 'a contingent asset owing by the International Harvester Company for commissions on sales amounting to £175. The D.O.A. would not like to say whether the estate would pay 20s in the £1 or not. A lot ) depended on the realisation of the asI sets.

Unsecured creditors were: Adams Ltd., Christchurch, £13 15s 8d; A.B.C. Eetreading Works, Wellington, £9 10s; Acetone Illuminating and Welding Co., Napier, £2 5s sd; Barnett Glass Rubber Co., Wellington, £65 3s Ud; J. Blake" and Sons, Hawera, £47 18s 7d; E, T. Bullock, Hawera, £8 16s 8d; D. Crozier Ltd., Christchurch, £16 16s Id; Curtis and Spragg, Hawera, £17 16s 6d; Campbell Motors Ltd., Auckland, £2 10s; Beliringer Bros., Stratford, £1; H. G. Brodie, Hawera, £1 Is; Eaton and Marshall, Wanganui, £27 19s 8d; C. 0. Ekdahl, Hawera, £17 18s 9d; D. P. Fishor Ltd., Wellington, £4 3s 6d; Hurrell Bros., Hawera, £1 12s Gd; Hope, Gibbous Ltd., Wellington, £1 13s 2d; Hodder and Tolley, Hawera, £35; HaAvera Borough Council, £10 6s; W H Humphrey, Stratford, £1 15s; Kleeman, Bishop and Co., Stratford. £12 10s; E E Knewstubb, Stratford, 5s 11 d- ■ Lightband and Warm, Hawera, £3 12s Gd; Lyttle and Holmes, Opunake, £32 6s 3d; F. Lacey, Hawera, £10; H. N Maunder and Co.. Wanganui, £18 19s 10d; Maling and Co., Christchurch, £25 Is 4d; Motor Garage Traders (Tara- ?? k*>>£6 Gs ' C- Moo^> Stratford, £4 os; McMillan and Frederic, Stratford £1 Us 8d; McLeod and Slade, New Plymouth, £7 15s Gd; J. J. Nj ven aiul Co Wellington, £G 13s Id; N.Z. Grinding and Gear Co., Christchurch, £17; N.Z. Motor Trade Association, Wellington £9 9s; V. Nicholls, Taihape, £7 17s 6d; Nonpareil Motor Co., Auckland, £2 16s 2d; Para Eubber Co., Hawera, £25 2s 6d; A. S. Paterson and Co., Wellington, £26 9s 8d; W. A. Parkinson and Co. Hawera, £15 3s 6d; E. H. Leece and Co., Hawera, £17 14s sd; Pownall Eubber Co., Wanganui, £21 17s 6d; L S Rowson, Hawera, £12 lis 6d; Eeid and Gray Ltd., Dunedin, £6 4s; Smart Bros., Stratford, £6 Is; A. W. Smith and Sons Christchurch, £20 13s Id; Stratford Post, £9; C. C. Stanners, Eltham, £3 10s 2d; Shaw Motors Ltd., Wellington, £9 17s 6d; Stratford Borough Council 6s 8d; Stratford A. and P. Association' £2; Trade Auxiliary Co., Christchurch, £4 3s 3d; M. Squire, Hawera, £15 3s 4dW. E, Twigg Ltd., Auckland, £21 0s 2d; Taranaki Employers Association, New Plymouth, £2 2s; Taranaki Daily News £2 12s Gd; Hawera Winter Show, £8 6s 8d; Wilsons Motors Ltd., Eltham, £2 12s 6d; H. L. Young Ltd., Palmerston North, £6 8s 8d; E, H. White and Co Stratford, £22 16s; Kidd, Garrett Ltd. Auckland, 13s sd; John Chambers and Son, Ltd., Wellington, 14s 2d; Hawera Electric Light Co., 17s 6d; H. A. Matthews and Co., Hawera, £1 16s. A resolution to the effect that facilities be given the bankrupt to apply for his discharge at the earliest date possible was carried without dissent, and the meeting then adjourned sine die.