BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9112, 21 July 1888, Page 7

BANKRUPTCY.

DEBTOR'S EXAMINATION.

E. G. Ebsox. — Dr. Edward George Erson has made the usual bankrupt's statement as follows : —" I have been in practice in the colouy as physician and surgeon siace April, 1882, the date of my arrival. I had £400 to start with. 1 succeeded very well for three years in the Tamaki district, and had a qualified assistant, who afterwards became my partner. I returned to England in 1886 to bring out my children. Before leaving, my assistant became a partner, with the understanding that he would retire on my return from England. I brought a partner out from England with me to succeed him. With the money I received from the new partner I paid off the old one. The change of partnership proved unfortunate to me, and after five months' experience I dissolved partnership, returning one - half of his premium (£250) with full liberty to practice in my district. We both practiced separately for nine months, dividing the partnership patients. About a year ago I removed to Auckland, as the farmers and residents in the country became impoverished by the bad times. My average bookings in the country districts were over £1000 a year, but the last two years only one-half that sum was collectable. My expenses in horses, &c., were very heavy, and the income was inadequate ; and besides I was subject to a liability of about £'200 through becoming bond for a loan to a friend in England seven years ago, and was sued for the amount in New Zealand 18 months ago. I had to raise the money at heavy interest. I also spent £60 in contesting Franklin North, and lost £100 by a dispensary in Otahuhu, and still owe £60 of it. When I started in i'arnell, a year ago, I was in debt about £750, it might be more, against which 1 had professional accounts for about £500. My bookings since then have been about £1000. Roughly speaking, I have received half of this sum, and consider there are at least £200 of bad debts. To meet pressing demands from old creditors I had to raise money at heavy interest. 1 gave the only security I could—namely, my furniture and horses, for a loan of £90 about six months ago. The actual amount I received was £70. The loan was to be renewed every three weeks, and repayable at £3 a-week, each renewal costing £3, or was added on to the debt. The last renewal was on the 4th instant. I am not aware of any change being made at that, or any other time, of the person to whom I was originally indebted. I had money from the bill of sale holder some time —it might be a month—before the bill of sale was executed. What I actually received when this was done was about £30, as near as I can recollect. I kept no cash-book—merely a day-book and ledger. 1 have not kept a bank account for the last four months. My books contain only transactions with inv patients. I have no record of loans or other extraneous receipts nor of any kind of expenditure. The immediate cause of my filing was a judgment summons for an old debt of £4 or £5, and not being able to meet it, I had no alternative. My unsecured liabilities amouut to £1085 18s 4d, about £120 of which has been incurred since I removed to Auckland twelve months ago. There are altogether 33creditors; loans, £374 12s 6d; household accounts, £337 Is; Otahuhu dispensary, £153 10s ; horses, etc., £83 His 7d ; wages, £78 10s; law expenses, £33; and rent, £25. The advance on the furniture is in excess of its value, and, therefore, the only available assets are the book debts, amounting to £345, which, I submit, will produce £50. 1 have disclosed everything I possess in the nature of assets. I cannot see my way to suggest anything in he way of a compromise. FILINGS. Petitions of insolvency were filed yesterday by Ebenezer J. Clark, draper, and Donald H. Wimro, grain merchant, Whangarei.