IN BANKRUPTCY.

Manawatu Standard, Volume XLI, Issue 9451, 25 February 1911, Page 5

IN BANKRUPTCY.

A meeting of creditors in the estate of Jklward Duncan -Richards, land agent, was held at the D.O.A.'s office yesterday afternoon, Mr G. J. Scott, D.0.A., presiding. Tho debtor submitted a statement showing that three years ago he exchanged some Wellington property he had for a farm of 1824 acres at Kaimanuka, the property of F. Smith-, receiving the stock on the property as well. To complete tho transaction ho had to borrow about £6OO from J. H. Nixon and Co., Wanganui, on the stock, collateral with ut second mortgage over tho farm. He then arranged to sell the farm to a Mr Pearco, bwfc the first mortgagees would not agree to the transfer unless, a good portion of the money owing was paid off. This could not he arranged, and the first mortgagee sold the property as soon as the interest was unpaid, buying it in himself. After that Nixon and Co. sold the stock, arid owing to a bad sale there was a deficiency of about £3OO of the amount covered by the bill-of-sale, and owing to the pressure of the trustees of Nixon's Estate for that amount he had to file his petition in bankruptcy. He had some sections at Island Bay and at New Plymouth, but owing to bad times he could not dispose of. them, and interest on the mortgages and rates have accumulated against them. I have been in business as a land agent in Wellington and Palmerston, and have-made enough to get along, but not enough, to pay off back debts. Examined by the D.0.A., debtor said that he had not kept any hooks of account showing what he luul received and paid away. He produced his bank book, showing his receipts from February 21, 1910, to October, 1910, with the exception of £45 which ho borrowed and paid away in satisfaction of a debt to W. P". Smith's estate. Debtor detailed particulars in .connection with his various ■ land transactions in Wellington and New Plymouth. ,He said that at the time he negotiated these very properties he considered he was financial. Pie didnot owe anything, and might have had £SO in the bank. He admitted having backed bills for various amounts at different times to oblige people. Debtor was soundly rated by the D.O.A. for his action in backing bills for other people, considering his own circumstances, and especially when he (debtor) was aware that there was a (strong probability that the bills would not be met. He had been told by tho people deisiriiig the . assistance that they were pressed, and yet .in the faco of this he had put his name to their paper, a proceeding that the D.O.A. condemned in strong'terms. Further replying to the D.O.A. debtor stated he had no ■offer to make.