MEETING OF CREDITORS

North Otago Times, Volume XXXVI, Issue 8508, 30 June 1896, Page 3

MEETING OF CREDITORS

(by telegraph). Dunedih, June 29. A. mcc ing of the creditors m thb estate of John Ryley, trading as R Anderson and Co., millers, was held to-day. Among the creditors who proved were the B<nk of New Zealand L 5116, and the Colonial Bank L 74.484. The bankrupt attributed his bankruptcy to the heavy price paid for his mills to the Colonial Bank, and to losses made m the first year. The handicap was so heavy that business, though good, could not bear it. On the mill account alone L 17,000 had been paid m interest and discount. He was a shareholder m the Bank of New Zealand and the National Mortgage and Agenoy Company, which had oost him about LGOOO. The Assignee explained the position. He thought the bankrupt's estimate of the assets exaggerated. The accumulated interest amounted to L 19,000, and these were drawn by Ryley on his private account of L 20,000, so that m four years about 140,000 had been withdrawn. On October 31st last bankrupt had prepared a balance-sheet for the Colonial Bank, showing assets to the value of L 2500 above the liabilities. The stock was said to be worth L 4 5,00 That would require investigation. The bankrupt declared that he had been requested to prepare a balancesheet by the manager of the Colonial Bank, presenting the best aspeob he could, Mr Michie, of the Bank of New Zealand, said he was authorised by Mr Ewing to deny that statement. The bankrupt expressed hia willingness to give evidence on ik. He would say the balauce-sheeb was highly colored. No additional credit had been given on account of it. On the contrary the liability had been reduced by about L 20,000. As the Colonial Bank liquidators were nob represented, the meeting was ad- ! journed to the 14i.ii July, the bankrupt to reoeive L 6 per week m the meantime, j