MEETING OF CREDITORS

Nelson Evening Mail, Volume LVI, 30 July 1924, Page 9

MEETING OF CREDITORS

ESTATE OF C. D. C. EGOERS

A meeting of creditors in. the bankrupt estate of Carl D. C- Eggers was held at Iho office of the D.O.A. (Mr Y\ . Rout) vestenlay afternoon. Mr Glasgow represented bankrupt. Following statement was put in by bankrupt: — prior to Ist December, .1919, .1 was farming. Then I bought from my nude, E. C. D. Eggers bis four acres and liousy in Upper Moutere for £IOOO. £4OO in cash, £OOO on mortgage. After working for various people for about six months 1 started butchering. After paying for the place £4OO and car £2OO l had £2OO left when 1 started butchering, At Um start 1 was only killing a few sheep a week and it pa id fairly well, although 1 had my uncle, A. C. D. Eggors. in opposition to me. Between dune 1920 and December 1921 1 bought for cash two horses, 2 carts, harness els. One horse (£25) broke its leg four days alter buying. In Dece.tr.ber 1921 1 bnuglif the goodwill of my uncle’s business” ior £125. part paid in cash and the balance* a few months later. For abouttwo years alter this 1 bad 2 carts, 2 paid ‘men and 3 horses goings and the expenses proved too much for the turnover. 1 do not think the business ever paid after l bought- my .uncle's goodwill, t er.t an extra £IOO on the property in August 1920, and last December I borrowed £IOO on the car from Mr Fedderse.u. On the last line of sheep bought from 31 r Gibbs L lost at least £SO. In February last I sold my business to Hudson and Moore, of Motueka, for £1.50, whi-'h included the Ford delivery van, which l had bought IS months before for £125, plus body £4O and some repairs (savs £2OO in all), carts, tools,, and goodwill of business. I paid this money among those who were pressing, hoping that my other assets would pay everyone, in full. I have, however, been unable to sell the place. I attribute mv failure in business to a lack of business training and heavy expenses —the Ford .nr ami the Maxwell which I used in the business cost £2OO for repairs in the last year. I also had heavy losses in stock' through these being worried by dogs, and death from other causes. 1 am married and have a family..of 5 children all under 13 years of age. .1 am of sober habits and have never been extravagant in living. 1 have no prospects of any help from relatives. For the last 5 months I was in business 1 carried on by myself without any. assistance to try and make the business pay. Imt the. work was too muen for me. I have a verv bad leg. 1 could not. go on any longer. 1 have suffered from a. very bad leg (broken varicose veins) lor the past 5 years. [„ answer to the D.O.A. bankrupt said his furniture, estimated value £250, was insured for that amount. His estimate of his assets be considered fair ones. ~ In answer 1o Mr Frank (I- Buxton and Co.) bankrupt said when he retired from business bis book debts amounted to about £230. of which be bad collected all but. £65. He read a list of t-lie payments lie bad made out. ot tins money. ~ , Mr Komnitz (representing several creditors( closely questioned bankrupt concerning his books._ * . Questioned bv Mr Frank bankrupt admitted that during the. four years ho was in business bis purchases of stock amounted to £SBOO and bis cash takings £8505. leaving a gross cash dificronco of £2705. Mr Frank asked what had become of this amount. It was shown that wages m this period totalled £640: and expenses of ear and l orrv £771. The D.O.A. road out other items of expenditure. ... In answer to Mr kemmtz bankrupt said that practically all business expenses were paid bv cheques. Bankrupt answered several questions as to the security (a motor car) held by Mr Fedderson. , , , , , Mr D. Frv complained that bankrupt bad lead him to believe when wanting credit, that bis property was not mortgaged' and that- all creditors would be paid in full. Bankrupt denied tins. In reply to Mr Kemmtz bankrupt admitted that be did not. know much about book-keeping: and it would have been better if be. bad gone out of business two years ago. ... ~ ' After some further questioning the D O.A. said the position was very unsatisfactory to tlie creditors. Bankrupt bad gone into'trade without any knowledge of the business. Mr Frank said the most unsatisfactory feature of the bankruptcy was the way the books had been kept . Bankrupt -said he had done Ins very best to pay bis way, but had been unable to do so. . , r After some further questioning, -Mi Frank said the bankruptcy was very unsatisfactory. Eggers went into business four years ago and never seemed to know his position. He would move i resolution that- bankrupt s application for discharge bo suspended for three, years. _ . ‘ Seconded bv Mr Drummond. Before the motion was put counsel tor bankrupt said his client was in business in onlv a small wav, and did not realise the expenses involved. He had previously been farming; and very few -small farmers had a knowledge of proper book-keeping. It seemed useless to punish a farmer for not keeping proper : ’ Frank : It will prevent another 1 man doing the same thing. I Counsel : Your resolution will not pre- ! V °The l D.O.A. then pul {Fie motion, and there were no dissentient voices. ! Counsel for bankrupt questioned whether all present- had voted, and contended that it was not a unanimous '°Bventii,.l!v a show of hands was decided upon,' six voting for the motion and three against. ....... A number .of creditors bad left the meeting -before the motion was nut. The D O A. said he would take steps to realise the estate to the best, advantage.

THH BUSINESS' OF I 'AIUV ING Your business ns a fanner must bo to strive for the maximum output and a. higher butter-fat test. Methodically drenching each cow alter calving with S’vlees’s J)rcneh is a. big step towards this goal, because Sykes’s Drench lias been proved to do what is claimed bn ic bv the most successful farmers and breeders in the Dominion. Sykes s Drench cleanses the blood, acts as a teniu and creates rich real blood, thus bringing tlie herd in for the milking season clean and healthy, -daily sleek owners have tried drenches of various kinds and have found them useless. Hundreds who have had this experience have sent Tor Sykes s Drench, sometimes as a last resource, and have found it most effective. Bettor uso this remedy first before wasting time and money in experiment. In vour own! interests we urge you io get the habit of drenching each cow after calving •with Sykes’s Drench. The cost, is very small, 1/6 a packet or 17/- a dozen. Two drenches in each packet. Obtainable from yonr store.

AN IMPROVEI) «0U 5 BALL A new Ooif Ball this year is the “Why-Not” Blue Cross -a definite improvement— it has longer life and gives longer drives than any ball hitherto made. The "Why-Not” Green Cross is slightly larger so ns to be “picked-up easily.' Order either mini vour dealer, professional, or New Zealand Agents, \V. 11. Tisdalß kb}.. Wellington.