BANKRUPTCY.

New Zealand Herald, Volume XXIII, Issue 7785, 3 November 1886, Page 3

BANKRUPTCY.

Debtor's Examination. — Edward Charles Windsor, in his examination before the Official Assignee, stated that in July, 1885, he purchased the e.g. Hannah Mokau for £250, subject to a mortgage of £700, and said to be worth £1500. He had been mate of the steamer for two years previously, knowing the trade well, and was under the belief that she paid her way. He traded between the Mannkau, Raglan, Hokianga, and Waitara, until June last, and during that time the vessel did not pay, she being too small for the mobs of cattle intended to be shipped. The Tarawera eruption gave considerable trade on the East Coast, and the steamer was put on there with the intention of improving matters, and traded to Opotiki,. Wbakatane, Tauranga, and Mercury Bay. She had only been there about a month when she was wrecked on the Whakatane Bar. At the time of the disaster the debtor was ill on shore, but the vessel was in charge of a competent master, The vessel being insured for £700, the amount was olaimed by the mortgagee, and the insurance company olaimed the salvage of the wreck. The working expenses of the steamer were heavy and trade alack. He paid £48 for insurance every six months, besides 12 per cent, on the £700 mortgage. The vessel was recently valued at £2000, and but for the misfortune of her wreck would, he believed, have cleared herself in the now trade. In lieu of books the agents at the various ports, where the steamer called, kept records of the freight,and the statements rendered by them sinoe the wreok show no balance to the credit of the steamer. His unsecured liabilities were as follows ;—Loan from relatives for purchase of vessel, insurances, mortgages, interest, coppering, Ac, disbursed at various times, £600; ship's stores, £258 17s 2d; and sundry personal accounts due to tradesmen for necessaries, £30 3s 2d: total, £889 0s 4d. His furniture was valued at under i,25, and beyond a book debt of £3 had no other asset. Having lost all the earnings and property in the loss of the vessel he was unable to make any offer to the creditors. Petitions.—John Ritchie, farmer, OUra, and Augustas Linabnry, draper's assistant, Ponsonby, filed their petitions to bo adjudged bankrupts yesterday.