BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9154, 8 September 1888, Page 3

BANKRUPTCY.

DEBTORS' EXAMINATION. T. Teasdale. —Thomas Teasdale, bankrupt, when examined yesterday by the Official Assignee, said he had been in business in Auckland as a baker for many years. In the year 1878 he sold out the lease of his premises for three years, and business, I "TaAwu-hut he returned in the of his own premises expired, when" ife~ru sumed possession. The business went on well until two or three years ago. In 1887 he took two or three contracts at a low figure, expecting a fall in the price of flour, which, however, did not take place. The contracts were large, and his loss in consequence was very serious in the twelve months during which they ran. This, with numerous bad debts, and the general effects of the depression, | had caused him to fail in meeting his engagements. He called his creditors together on the 9th of August last, and fully explained his position, but nothing definite was done, chiefly because of the absence of one of the principal creditors. On the 24th of August he again called a meeting of his creditors, when he made a proposition to pay 5s in the £1 on three months guaranteed bills. This was accepted by all but one, who represented the absent creditor previously referred to. This creditor afterwards threatened debtor with a writ, and by the advice of the others he filed a petition of insolvency. Witness valued the freehold premises in Grey-street (which he now occupied) at £875 ; the mortgage liability on them was £1493. His unsecured debts amount to £455 6s lid, all on trade account and due to seven creditors. The estate consisted of stock-in-trade, £61 ; book debts, £139 16s 9d ; horse, cart and harness, £45: total, £245 16s 9d, which would probably yield 5s in the £1, and he was still prepared to offer this, through the aid of his friends, it being understood that 5s would be clear to the creditors, and that his friends woulds would pay the costs of the bankruptcy proceedings. R. Preece.—Evidence in reference to his bankruptcy was given by R. Preece, miner, yesterday. He said he had been a gold miner in the Thames district ever since he was a boy. Up to four years ago he always paid his way. About that time he got laid up with a serious illness, and could do nothing for five or six months. He was then only a few pounds in debt, and this was considerably added to during his illness. After he got better he was not sufficiently strong to earn the usual wages for 12 or 15 months. His average earnings for the last three years have not exceeded 10s a week, and he had a wife and five young children to support. He owed £127 14s 3d to 29 tradesmen and others for household necessaries and rent. Most of these creditors had for a long time known his position. Four months prior to July 30 he had purchased an interest in a tribute, expiring on the date named. During the term £52 fell to his share, but he had to spend this money in purchasing furniture, clothing and necessaries of life. A. Hanson. — Alexander Hanson was [ examined yesterday by the Official Assignee,

when he deposed that he had beenin business as a bootmaker in Whangarei for the past 13 years. About seven years ago his premises were burnt, and he lost part of his stock; since that time he had got in arrears with his creditors. About three and a-half years ago he was induced to take a share in a coal prospecting lease, which had cost him £53 18«, and from which he had had no return. Witness had been unable to work properly sinoe April last, when he was taken ill, and he attributed his bankruptcy entirely to this illness, and to being unabfe to collect his book debts. His trade liabilities were £237 2s 7d, and there were other debts to the extent of £132 lis. The following were his assets : —Stock, £121 15s; book debts, £163 14s (estimated to yield £103 18s sd); two allotments at Grahamstown, £10 ; and 20 paid-up shares in the Kensington Park Land Company, £20: total, £255 15s sd. He was not in a position to make any offeJ to his creditors.