BANKRUPTCY.

New Zealand Herald, Volume XXIII, Issue 7660, 10 June 1886, Page 3

BANKRUPTCY.

John Thomas Ooilinqs.— A petition wai filed yesterday by John Thomae Collinge, o Auckland, master mariner. Benjamin Anderson.— A meeting of th< sreditors of Benjamin Anderson was callec : or noon yesterday, but lapsed by reason o ion-attendance of oreditors. The following iworn statement has been made by the debtor -I am s> surveyor by profession, and com nenced bueiness in Auckland in September, 1884. At this time I was free from debt Things went on satisfactorily for a few nonths. About the beginning of mi jusiness got very dull, and I was unable t< neet my rent of £1 per week to Mr. EUnderson. I took offices from him at £1 oer week on condition that 1 got all nil jrork. These offiees were never ocoupied, aut were simply taken so as to get the work Mr. Randerson has never had any work sine* November, 1884, and consequently I hav< been unable to pay him, and on account ol riie pressing me I have had to file. Mj liabilities, amounting to £539 3s Id, havt been incurred as followe :—S. Coombes, £35 10s (this is for rent of ofßces); S. Jackson, jun., £60 (this ia for money borrowed al different times for business expenoes) brastees T. Davidson, £50 (this Is for boarc smd lodgiug for the last year); Rueaell and Campbell, £46. 1 did certain work for Mr, Greenwood, and he paid me by promissory notes. These were discounted by Messrs, Russell and Campbell, and they now claiir the amount from me, as Greenwood is bank rupt. Waiwera Hot Springs Co., £288 5a 9d, About nine month* ago I was induced to tak< up 425 shares in this company. I paid foi them by promissory notes at three months When the bill (£183) became duo it wai renewed with the extra calls added. I hav< not paid any money to this company. Durinj the last twelve months I have earned aboul £70, and out of this I had w*ge«, amounting to £30, and other small items to pay. 1 attribute my present position solely to bac times. My book debts amount to £246, being £46 from Greenwood and £200 due bj a previous partner in India. I do nol oonsider there is much prospect of anything being got from these. I have nothing excepting my instruments and office furni ture, whioh 1 value at £22, and the -.hares ir the Waiwera Company. The present markei value of these shares is nil, and I do nol thiuk they should have been put in m] schedule in the way they are, as even wen they saleable there is 15* per share due foi calls. 1 have no proepeofc of anything, anc therefore cannot see my way to make anj offer to my creditors. iiiCHARD K. Davis.—A meeting of creditors in this estate was held yesterday afternoon at the office of the Official Assignee Fourteen creditors were present or repre eented by proxy. The following statemeni by the debtor was read :—" I have practisec as an accountant in Auckland for the las' four years. Latterly, during the last twelve months, I have speculated largely in golc mining interests. At the end of May las , year 1 entered into an agreement with the Woodstock Goldmining Company, Karanga hake, to erect a furnace and eubaidiarj connections, in order to work the mine upon the smelting procees. The price ws.,. to b< £4000, to be paid out of the proceeds of tin smelting, as set out in the agreement. Then was also a sHbeequent agreement, amendiuj and embodying the first. I will produ«< both agreements at the meeting. I received one-half of the mine as bonus for erectinj the furnaoe. At several interviews with the proprietors after having commenced opera uona, their attention was drawn to the fast that, in our mutual interests, it was desirabli the work should be done in a thoroughly substantial manner. They gave me then sßiurance that any extra cost beyond thi £4000 should be allowed to me. This extrs cost, including fluxes, amounted to 2450, making the total outlay £8500 or thereabouts My liability on this acoount amounts tc £4000 (about), and the rest w oui of my own pocket. The smeltinj process at Karangahake has not yei been in operation, although everything is in readiness for a2l days' run. In con lequence of the result of similar operationi it the Thames being so unsatisfactory ir the matter of expense, and the failure of Mr LaMonte to fulfil his agreement with regarc to price, or cost per ton for smelting, i difficulty has been caused in obtaining thi services of experts. The delay in gettinj returns for my outlay necessitated my callin e % private meeting of my creditors in Feb ruary last. The majority in number anc value on that occasion decided to let me g< an for four weeks under supervision of threi sreditors then appointed, and since then thi "state has been virtually managed by theai iupervieors. In June, 1885, 1 bought th< Smile of Fortune and Radical claim, to ?ether with water-race and battery a' Jwharoa, for the sum of £4500, on termi extending over two years. The first payment £500) became due in the following October, jut i have paid nothing on account of thii purchase. Since the meeting of my creditors ihe supervisors have arranged with tht vendors to take back the property, and jrove on the estate for £3000. 1 expended E1577 in developing these irinen, aud this ■xpenditure shows a loss of £1239. The product of the mines hae been £33S ; the valance has been paid out of my own pocket, s-ith the exception of a small amount for wages. I entered into sundry other goidmininj ■peculations of a minor character, all ol which alao turned out unsatisfactory. About lix years ago I purchased an estate of 3223 icres at Kaipara, and paid for it £5800 cash. [n consequence of the depreciation of live itock latterly the returns from this property iave been unprofitable, and been a drag upon ny resourcee. I have alto made sundry nvestments in local companies, which have ;urned out badly. Six years ago 1 was in possession of £12,000 in cash and clear of iebt. I settled £3000 of this in trust for ;he benefit of my wife and children. My ichednle of ansets shows a surplus of £2500 >ver my liabilities, but it is more thaD jrobable there will be a large deficiency if •ealisation is effected at the present time. It irae on tbe petition of one of my nonionsenting creditors that I was adjudicated i bankrupt." Mr. Garlick expressed a wish :o have a fuller examination of the debtor's jooks and accounts, and on the motiou of Jr. Abbott the meeting was adjourned until his afternoon, in order that the supervisors night report as So the present position of the lebtor'a affairs.