BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9065, 28 May 1888, Page 3

BANKRUPTCY.

DEBTOR'S EXAMINATION.

James Hosie, a bankrupt, was examined by the Official Assignee on Saturday. Ten years ago he started a small store in Owharoa, Ohinemuri, working as a miner at the same time. Business increased, and in a few months he put up a larger store, devoting himself to the business and the management of a mine close by, of which he was the sole owner. The mine and business paid well for five or six years. The mine returns then fell off, and the population having largely left the district, busi ness decreased. He got behind with his creditors, and had to borrow money at 40 per cent, on the security of the mine to pay creditors who had seized his estate, and his affairs were placed in the hands of trustees, who got the whole of the money he had borrowed, between £500 and £600. He got a full discharge from all his liabilities in respect to his business. He then rented a store and removed his stock, worth from £800 to £1000 preparatory to building a new store at a cost of £300. Iu this he carried on business for a couple of years, and did fairly well until the Sth January, 1886, when the place was destroyed by fire, and only about £100 worth of stock was saved. He was insured for £725, and he estimated his loss at from £400 to £500. With the insurance money he paid 20s in the £ to all his creditors, leaving him about £450 in cash and goods, with which he built another store, and started afresh. Abut twelve months ago he borrowed £350 to make an addition to the store for public accommodation purposes, and furnishing it. He got a license, and carried on the combined business until recently, when his principal creditor, who had lent the £350 under bill of sale over the building, furniture, buggies, etc., took possession in order to protect himself, as he was aware that others were pressing. Upon this he called a meeting oi his creditors, and it was decided that he should file. He parted with his interest in the goldmine for the sum he had borrowed about three years ago on it. His liabilities were, unsecured, £697 7s 10d; secured,£3so: total, £10477510 d. Theassets he estimatod as follows :—Stock-in-trade, £200 ; book debts, £20 ; and surplus from securities, £150: total, £370. Five cases of dynamite worth £25, were included in the stock-in-trade. He had no offer to make unless the creditors were prepared to allow him time. Fresh Adjudication.—John Morrison, of Newton, asphalter, was on Saturday adjudicated a bankrupt on his own petition.