BANKRUPT BUTCHER.

King Country Chronicle, Volume XIX, Issue 1948, 8 April 1924, Page 5

BANKRUPT BUTCHER.

MEETING OF CREDITORS. ESTATE OF CHARLES HYDE. A meeting of creditors in the bankrupt estate of Charles Hyde, butcher, of Te Kuiti, was held yesterday. Mr D. Kennedy, representing Dalgety and Co., presided, and there were also present Messrs A. K. Simpson (Abraham and Williams), J. N. Stranger (Farmers’ Auctioneering Co.), E. Tapp (N.Z. Loan and Mercantile), J. W. Cochrane (Barraud and Abraham), E. K. Dillicar (Mackay and Jones), J. D. Vernon (Hine, Howarth and Vernon and Mrs Britt), A Boyle, E. J. Davidson, A. S. Gresham and A. Scholes.

Bankrupt’s statement showed that the unsecured liabilities totalled £1563 6s lOd, and the secured £699 5s Id. The estimated value of the securities was £1926 5s 6d. The surplus of the total assets over the unsecured liabilities was £587 13s 7d. The principal unsecured creditors are Farmers’ Co-op. Auctioneering Co., £409 7s 9d; N.Z. Loan and Mercantile Agency Co., £267; H. Berry and Co. (Auckland), £llO Is lOd; Abi-aham and Williams, £92 2s 6d; Dalgety and Co., £167 7s 9d; L. Hyde, £9O; A. Boyle, £93 8s; A. Scholes, £B4 2s 6d.

Mr Broadfoot, who represented bankrupt, said that with a reasonable realisation, the assets should produce a very considerable payment. In his sworn statement, bankrupt said that he started in 1919 with a capital of £3OO. He rented a shop at 30s per week, and about nine acres of land. During the first 12 months he made £SOO profit. In the second year he did well, and made £IOOO. He then spent £3OO in shop fittings and machinery. In October, 1921, he took up 150 acres of land-and built a new slaughterhouse. He spent £BOO. Then he made heavy losses on deals in stock. Later, aMr Stewart started opposite, and this affected his business on big days. In the hot weather a lot of meat went stale, and was taken away in cart loads. He attributed his failure to his losses on the farm and in the shop during the last 12 months, particularly during the hot weather.

Mr Kennedy remarked that the balance sheets did not give a very clear idea, of the position. Bankrupt: I have had a book-keeper employed during the whole time.

Mr Cochrane moved that Messrs Simpson, Tapp, Stranger, and the chairman, be appointed supervisors to realise on the assets, and to report to a. future meeting. Mr Scholes asked if the bankrupt had been given any chance to carry on. Was it meant that a man who had been in business for five or six years should be closed down? He had supplied the bankrupt with meat so that he ciiuld cany on and had no idea he was going to file. Mr Kennedy stated that bankrupt had filed quite voluntarily. He had been asked to meet his accounts and when he coluld not do so there was no alternative for him but to file.

Mr Scholes: Do you think I would have given him that meat if I thought he intended to file ? You just put your foot on him and crushed him!

Mr Simpson: I think Mr Schales should be aske,d to withdraw that remark, Mr Chairman. Mr Kennedy: If that is all you have to say, Mr Scholea, I must ask you to sit down; it is useless to debate the point. There is a motion before the meeting. You can move an amendment if you like. Mr Scholea: What is the motion? The motion having been read, was put to the meeting and carried without further discussion.