BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9117, 27 July 1888, Page 6

BANKRUPTCY.

DEBTOR'S EXAMINATION.

Donald Hugh Monro, in his examination before the Official Assignee yesterday, made the following statement: -I was in Mr. D. H. McKenzie's employ in Auckland for some years prior to January, 1887.' When deficiencies arose, Mr. McKenzie ; asked me to take over the W hangarei Flout Mill, which was { then at a standstill* On the Ist of January, 1887, I took it over on the following verbal understanding, namely: That he should supply me with wheat on terms, and help me .when I required accommodation. I managed to pay my way, or meet my engagements, until October. Up to this time all my transactions were done through Mr. McKenzie. When I had to dishonour several bills, by arrange ment with Mr. McKenzie and those to whom he had paid away the promissory notes, no action was taken for recovery on my agreeing to let him draw for 10s in the £. Nothing more was done until February (the promissory notes being duly met), but in the interval I dealt independently as agent only, closing the mill. In February Mr. McKenzie pressed me about the dishonoured bills, ana on this I came to town and consulted with Mr. McKenzie, to whom I owed about £400, and Mr. Macfarlane, to whom I owed £66, and Moir and Co., £49 (the only trade creditors I had)., • The former verbally agreed to accept 5s in the £ for the balance for the present, until the book debts could be got in; Mr. Macfarlane agreed to take lfls down and wait for the balance ; Moir and C 0.,, being a Southern house, I did not consult. nor did I offer any arrangements. , I paid the 5s and 10s . respectively as agreed, partly out of the book debts and partly out of my new account. I did not consult Moir and Co. because their promissory note was, current. r When this bill became due it was dishonoured, and they agreed to renew on certain conditions as U payment of part I was so long in getting money together for the purpose that they re fused to renew, and I was required to assign my estate, which I did early this.month This assignment caused complications tt some of the parties interested, and to save trouble it was Considered I should file. The estate assigned consisted of book debts amounting to £200, and stock valued at about £10. A portion of these asuets have been realised, and the amount put ' down in my schedule represents the balance. In addition to the assets disclosed I had a horse and harnetis, which I understand the trustee has realised, and there are also £16 10s worth of bills held by Mr. Carruth* for collection, and £7 in the bank under similar circumstances. My liabilities on trade account are £441, £7 for clothing, and £23 for insurance Eremium taken by me as agent. The party •om whom I took it deducted the amount from an account I owed him, and I have not since been able to pay the company.