MEETINGS OF CREDITORS.

Lyttelton Times, Volume CXX, Issue 14975, 22 April 1909, Page 3

MEETINGS OF CREDITORS.

THOMAS WALTER NARBEY. A meeting of creditors in the bankrupt estate of Thomas Walter Narbey, farmer, of Akaroa, was held yesterday afternoon. Mr Hunt appeared for the debtor, Mr Wilding for Mr A. Storrie, a creditor, and” Mr Williams for Messrs Dierck and Kerridge and Dr Hargreaves. The statement showed that the amount owing was £643 12s 4d. Tlio assets were book dobts valued at £2o. The debts were all to unsecured creditors, the principal ones beiug:—-A. Storrie, £l7B 6s sd; W. Penrose, £3b 6s 6d; Strange and Company, £27 6s Gd: B. Mora, £24 18s; J. Kerridge, £22 6s; and A. R. Munro, £2O 3s. The debtor's sworn statement was to tlio effect that he rented 400 acres from his father at 10s per acre. He had been on the land for five years and had begun with sheep. Owing to low prices for wool and sheep he got behind in his payments and borrowed £65 from his father. He then commenced afresh with dairy cattle, and made cheese. In 1905, 200 acres of cocksfoot brought only 3Jd per lb, and that did not pay him. In September, 1906, he got more cattle and borrowed a. further £2OO from his lather A field of cocksfoot estimated to bring in £SOO yielded only £ls-, and £Bf of that went in wages. His father paid up further debts on condition that he gave a bill of sale over his' effects. After he was threatened bv a creditor his father declined further help, and the place was seized bv him and sold up. 'Mr Hunt stated that the bankrupt had twelve children. In answer to questions from Mr \\ ulianis, the bankrupt said that his brother who had represented his father at the sale, had bought in a great manv of the lots. When lie gave the bill ot sale he got no equivalent from ms rather. The proceeds of the sale totalled £G7G 19s 6d, and Ins fa Him- bought in property to the extent of £504 18s. He was at present employed by his father to milk cows at £2 a weex, and that would last until the cows went dl ln answer to Mr TVilding the bankrupt said that he nad relied on his grass seed crop to satisfy his immediate requirements. Before the end of the harvest he knew that he could not pay 20s in the £■ He considered that liia property was worth the £i 00 he owed liis father when tlio hill of sale was given, and lie rcaused that the other creditors would be left without anything. ' , Mr Hunt stated that the bankrupt s father could not attend the meeting and owing to domestic troubles he had not come to any arrangement in regard to the bankruptcy. It was moved by a creditor that stops should be taken to set aside the bill of sale. The creditors had, he said, had no chance of getting anything out of the estate. The motion was carried and the meeting was adjourned.

S. I). CADOGAN. A meeting of creditors in the bankrupt estate of Samuel Dan Cadogan, of Darfiold, builder, was held at the office of the Official Assignee yesterday, when the bankrupt and Mr J. H. Upham. his solicitor, and five creditors were in attendance. The bankrupt’s statement showed liabilities to unsecured creditors amounting to £307 7s 10d, and to secured creditors £l3, while the assets in the estate amounted to £153. Following are the names of the unsecured creditors: —A. Swan-ston. timber merchant, £212 9a; Craddock, Orr and Co'., merchants, £7l; J. Ilossiter, West Oxford, timber merchant, £lO 8s 9d; S. Barnes, View- Hill, timber merchant, £8 8s 6d; James Whatts, Darfield, blacksmith, £o. Tho banknipt put in a statement showing that ho went into business two years and a half ago, and attributed bis failure to having lost money on a contract for additions to a building for £ll6O. He got a rough estimate of tho cost of the job from Mr Swanston, and put in a- tender for £IOO less than that estimate. Subsequently the specification of the job was altered, so as to increase the cost by about £2OO, and the bankrupt did not increase the amount of his tender. Mr Craddock expressed the opinion that the bankrupt; had shown groat carelessness in tendering for this work. The Official Assignee said there was no doubt the bankrupt- had been verycareless. Further examination elicited that the bankrupt’s horses had either died, or had to be killed, and that his brother had borrowed his gig and taken it away with him to the North Island. The Officii Assignee wn3 authorised to di-sposo of tho assets in the estate as profitably as possible.