MEETING OF CREDITORS.

Nelson Evening Mail, Volume XXIV, Issue 180, 1 August 1890, Page 2

MEETING OF CREDITORS.

The first general meeting of creditors in the estate of Thomas Payne, a bankrupt, was held yesterday afternoon in the Court House, Mr Soaife, the Official Assignee presiding. Mr Fell appeared for the bankrupt. ' resent — representatives of Buxton & Co., £261 10s Id ; A. Piddington, £21 ; H. Hounsell. £2 14g ldd ; J. P. Cooke, £20 18s. Thoinaa Payne : I am a furniture dealer, carrying on business at Nelson. I have been in business 21 years and was at one time doing well. About 1878 I was in a very good position. I hid the property in Waimea Road and Trafalgar street quite clear, and I had £2000 worth of stock. At that time I was quite solvent. I might have owed £1000. Five or six years ago I got into debt with the Bank and then I had to mortgage the property to pay the Bank. At that time I kept ten men and had a large stock Now I have a man and a boy and not full work for them This last year business has been very bad. Two years ago 1 was in difficulties. I over bought myself, and Mr Hamilton helped me out of the difficulty. If I ha 1 realised I believe I could have paid everybody. No one was pressing me at that time. Mr Hamiton helped me. Mr Hamilton : I arranged the matter for I Mr Payne. I Witness : When I could not meet a bill Mr Hamilton would help me to arrange matters. I have dealt with Mr Hamilton's firm 21 years. The rest of my creditors are all trade accounts. I owe Mr Hinchcliffe £7 on my own account. Hill & Sons summoned me for in 6d for cleaning a hat. I endorsed a bill for Gilraer with others for £98. I have endorsed several bills for him. I could not refuse him as he was a good customer. This bill (£9B) became due some time ago. I had no notice about it. The bill must have been dishonoured. I have accepted bills since then. I accepted three a fortnight ago Gilmer got me to accept them, I thought I had to. I did not receive notice from the Bank about the original bill. Harper'a bill for £44 9s 6d has been running 18 months, Gilmer has reduced ic £3 or £4 at a time and renewed it again and again. Hinoholiffe s for £12 14s 6d is a bill Gilmer owed me. Mr Hincheliffe : I havt) another bill of Gilmer's for £17. Mr Payne has backed it, Witness : Mr Hamilton's account kept increasing. He (.Mr Hamilton) has never pressed me. Piddiugfcou's account was for cash leut. Harley s account was for beer, he bought some goods from me and I took it out in beer. John, who has worked for me for 14 years, always had a bottle of beer a day. Mr Fell: John mu&t huye consumed 4,200 bottles in 14 years. Witness : Mrs Sealy has a mort • gage on my Trafalgar street property. There is a frontage of 45 feet. In 1879 I was offered £1,400 for it. My book debts are worth £14 or £15. I have not kepi; any regular books since I gave Mr Pitt some £80 or £90 to oolleot. He has collected about £80. I keep a day book, and enter everything in it 1 sal 1 , but not what I spend. By Mr Hamilton : Mr Levien acted for Mr Davis. As scon as Moss Davis bills matured, Mr Levien would not renew them. Sinoe then I have told you that I did not owe £30. At that time I was liable for bills endorsed to Gilmer for £145. I never told you I endorsed these bills, as I never thought I should have to pay them. I used to bring Gi mer's bills to you, and you would not discount them, Mr Hamilton : My grievance ia that you never told me that you endorsed bills for Gilmer. . By Mr Cooke : Cornish and John Rogers' names are on the bill, and they are just as muoh liable as I am. The section in Waimea Eoad was a very good bargain. I gave about j£Bo for it. I value it now at £250. Mr Soaife said the stock was worth £145. Ad auotion it would not fetoh nearly that. To Mr Hounaell : I can make no offer. Mr Hamilton proposed that the Assignee be authorised to realise to the best advantage, but in the event of the debtor making a reasonable offer, that the creditors should be called together.Mr Cooke seconded the motion, which was carried, and the meeting ended.