IN BANKRUPTCY.

Mataura Ensign, Issue 943, 10 September 1901, Page 2

IN BANKRUPTCY.

UK B. DYNES, FABMER. The first meeting of creditor? in the estate of llobert Dynes, of Glenkenich. farmer, was held in Dunedin on Friday. The creditors present were—Messrs J. A. Johnston (representing Wright, Stephenson and Co.), A. Todd (New Zealand Loan and Mercantile Company, Duuedin), H. \V. Wait (New Zealand Loan and Mercantile Company, Goru and Invercargill), and J. Lethbridge (Dalgety and Co.) Mr Solomon was also present on behalf of the three firms. The debtor had no statement prepared, owing, it was said, to his only getting notice the previous night. Examined on oath, bankrupt said that in addition to tho stock agents present he owed the- National Mortgage Company £'2oo, and Mr Jas. Henderson, of Kelso, £ll7O odd on a mortgage over '2OO acres at I'ukerau. This mortgage was given some time in the beginning of the year. Mr Solomon : Did you know the £IOOO was not included in the statement vou sent out ?

ISankrupt: It was brought to n:y knowledge afterwards. Mr Solomon : You have had several niee'.ings of creditors. Did you mention you owed Henderson nearly £1000? Bankrupt: I did not. I never thought about it.

Mr Solomon : What is this mortgage to Henderson for ? Did you pet money ? Bankrupt: No, I did not. It was for various accounts running for a year or so. It was for seed oats, and occasionally money lent, etc, Mr Solomon : It seems to me wo cannot do very much until we get a statement from him. This security to Henderson will have to be closely examined into. It will have to be examined into to see if there was consideration given, and it is most important to find what has become of the assets. (To Bankrupt): Did you keep books? Bankrupt : No, I kept no books. My son kept scrap books. 1 daresay they can be got.

Mr Solomon: Cuii you make up for the ollicial assignee what stock you have now Bankrupt: Oh, yes, I can make it up from the sales from this dairy. Mr Johnston referred to a statement made by bankrupt on the llith May that 011 his farm of 300 acres there were 500 crossbred ew-es, 380 crossbred lambs, and -45 head of mixed cattle. The dealing stock in addition to this was 1000 crossbred wethers, 300 three and four year old bullocks, oil speyed heifers, and 100 carcases of beef. He supplemented this list 011 the 25th May by adding ltl draught hoises, 0 light and 5 young draught horses, 10 cows, 'Js cows with calves at foot, 70 pigs, implements, drays, harness, etc., and 1200 sacks of oats. On the '2nd inst. he found that there were only 12;! head of bullocks, of which seven were claimed by neighbors, -12 head of eows and heifers, lii •calves, a bull, 200 crossbred ewes (in shocking condition), 75 crossbred hoggets, and 225 crossbred wethers. The stock, Mr Johnston said, had disappeared in a very mysterious way, and the creditors wanted ta get at the bottom of the matter. Bankrupt: Well, I cannot account for them.

Mr Johnston said that bankrupt had entered into a covenant that he would not deal in stock except through his agents, and lie had been dealing with it right and left. Bankrupt : No, sir, I have not. Mr Solomon : Why did you not tell anyone that you were sending sheep to Christchurch. Bankrupt: At that time I was insolvent, and thought the assignee would " collar " the proceeds. Mr Solomon ; Thai is absurd. Mr Lethbridge drew attention to the fact that 011 the 25th May bankrupt had made a statement that his farm of 200 acres at Merino Downs, which lie valued at £1 UHI, was mortgaged lo Government for i'sso, and there was a nominal surplus of £BSO, whereas it now appeared that there was a second mortgage of .C 1175 to James Henderson. On the farm of Otakerama, which lie valued al .£2-403, he had said there was a mortgage to Government for 1:3:10, and to A, E. G. ltiiodcs for .tIHO. According to his present statement the latter sum now turned out to bo .1350. Bankrupt said lhat at that time lie had some money coming to him privately, and he promised to reduce the amount of the mortgage, but 110 did not do it.

Mr Solomon asked bankrupt if he ever realised that he owed his creditors .CIDUU, and that it was his duty to tell them the truth.

Bankrupt : Well, 1 never knew until 1 got in the accounts.

The Assignee read a report from his representative, Mr Kerr, at the farm, in which it was stated that bankrupt had refused to giveany assistance wlntever. Kerr said to hank vupt, " Well, if you don't givenieovery assistance you will find yourself ill -quod' before very long." Bankrupt denied the truth of the statement made by Mr Kerr.

Mr Todd suggested that they should gel. statements from the linns with whom bankrupt had been dealing during the last six months.

My Solomon :Itis no use going on. The creditors want to get a statement from bankrupt as to what has been done with the stock. You (to the assignee) have the means of enforcing it. We .should adjourn this meeting. We are no better oil than we were when the bankrupt filed.

The Assignee (to bankrupt): You run a risk of getting into a very bad scrape unless you make a clear statement. You lud bolter down to Mr Kerr and assist him to make the best of everything, and you will have to make a statement that will be thoroughly reliable.

Mr Solomon : We want a statement of your assets, and of the stock sold during the last five or six months. We want to know what has become of it.

A creditor said there had been meetings several times to get this information from bankrupt, and they had always failed. Ml- Solomon: The creditors think this man should he very strictly dealt with. He is a very plausible gentleman, and at meeting after meeting it is always the same. If you ask him a question lie always answers about something else. Hundreds • and hundreds of pounds have disappeared, and the creditors can get 110 statement from him.

Tfie Assignee said he would give bankrupt a note of the information he required, and the meeting then adjourned for u week.- ' Times.'