BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9180, 9 October 1888, Page 3

BANKRUPTCY.

A WAITOA BANKRUPTCY. [from our own correspondent.] Hamilton, Monday. The first meeting of creditors in the estate of Mr. Charles Gould, settler, of Waitoa, was held in the Chamber of Commerce, Hamilton, on Saturday. There were present, in person, Mr. George Edgecumbe and Isaac Coatee, and by proxy Messrs. Clifford, Lusby, Holtby, Bellamy, and C. T. Gould. Mr. J. S. Edgecumbe, Deputy-official Assignee, was also present. Mr. George Edgecumbe was moved to the chair. Mr. Gould obtained leave to amend his schedule by making the liability to his wife £900 instead of £400, as at the time of making his schedule he had not his books with him. The money was not advanced to him by his wife for the farm, but for investment, and was used from time to time by him for the farm, his intention being to refund and invest it for herself and children. A tolesrram was received from the principal creditor, Mr. W. Aitken, stating that he had received notice of the meeting too late to attend from Auckland. On the motion of Mr. Coatcs, seconded by Mr. Lusby.it was unanimously agreed, "That the creditors being convinced that Mr. Gould's bankruptcy is attributable to the fall in the price of land, and the existing agricultural depression, and not to any fault of his own, recommend the Assignee to use all reasonable efforts to facilitate and expedite his discharge." It was then proposed and seconded, " That the household furniture in Mr. Gould's house at Waitoa, having been nearly all purchased with Mrs. Gould's private money, be not interfered •with by the Assignee, bub remain her separate property ; she to reduce her proof by £100." Thi3 motion was also carried unanimously. The following statement, furnished by Mr. Gould, was read to the meeting by the chairman : —ln 1877 I purchased, in conjunction with my brotner, Joseph Gould, Woodward's property at Waitoa, consisting of 7500 acres. The price was £210s per acre. We paid £8750 down, leaving £10,000 to remain on mortgage at 6 per cent, per annum. Mr. William Aitken was the mortgagee. We also paid £250 for stock on the land at time of purchase. The same year we bought an estate called Kahia of 2000 acres. We paid for it in cash £3500, the balance, £4000, remaining on mortgage at 7 per cent. In improving Kahia we spent £2500, and in improving Woodward's estate and in stock spent £11,000. On or about January "let, ISB6, we dissolved partnership, paying off the £4000 mortgage on Kahia, my brother taking Kahia lor his share and I taking Woodward's and the stock for my share, taking over also the liabilities on the Woodward's estate. 1 have also expended about £3000 in working the farm, and £900 of my wife's money. I now lease Kahia from my brother Joseph, paying him £300 a-year rent. I did not include this lease in my schedule as I consider it of no value as an asset. Ido not think it is worth more than £150 per annum. I owe my brother the £600 for rent and money advanced, and owe my wife £900 for moneys of her own I have received from time to time. I attribute my present position to the depreciation in the value of land and live stock. The land with all improvements as it stands now would nob realise the money I paid for it in 1577. I estimate that I have lost £26,000. I have no policy of assurance on my life. I had, bub {surrendered it about nine years ago, receiving £40 for it. I have disclosed to you all the property I have. The land at Waitoa in my wife's name was purchased with her own money, she having £300 a-year in her own right. In the year 1879 my house and furniture was burnt. The insurance money of £400 was expended on the property in addition to tho other monies, Mrs. Gould's father sending her £100 to replace furniture burned. My estimate of the furniture is as stated in the list, £100. The lease of Mangatapu (nearly expired) was sold to Mr. J. McNicol for £20, which is included in the book debts.