BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9151, 5 September 1888, Page 3

BANKRUPTCY.

DEBTORS' EXAMINATION. H. Fulton.The bankrupt, when examined before the Official Assignee, said that he had been railroad contracting in the Auckland district for the past eight years, and paid his way until he took a railway formation contract for 4£ miles on the Helensville extension, the price being £6875. Witness began the work in May, 1887, a month later than his time, this being because he was not prepared. The contract was to have been finished in December, but when he applied for the January progress payment he was told that he had been already overpaid on the work. He then discovered that a discrepancy existed in his tenderof between £900 and £1000, an error having been made by the person who drew out the quantities. Owing to this mistake, and also the bad weather with which he had to contend, he was compelled to give up the contract, his surety having to complete it. He made over his plant to his surety for £250 in order that he (witness) might pay the December wages. The principal error in the tender was the omission of 1700 yards of ballast at 10s 9d, equal to £913 15s. Witness' surety had lost £603 3s lOd in finishing the contract. His (Fulton's) unsecured debts were £749 9s 6d, and his only asset was a balance of £1 0s Id to his credit at the bank. He had also a cow value 30s. The greater part of his furniture belonged to his wife. Witness had not the slightest prospect of paying his debts. MEETING OF CREDITORS. J. Mason. —A meeting of creditors in the estate of James Mason, gardener, was called to be held yesterday, but at the hour appointed only one creditor, Mr. Ivey, was present, and the meeting, therefore, lapsed. It is now fixed to take place to-day.