BANKRUPTCY.

New Zealand Herald, Volume XXV, Issue 9182, 11 October 1888, Page 3

BANKRUPTCY.

DEBTORS' EXAMINATIONS.

Andrew McLeod.— Andrew McLeod was examined by the Official Assignee yesterday, and said :— have been in business in Auckland for the last ten years on my own account. The last four years I have been carrying on a commission agency business. lien 1 started the commission agency, I had £100, and was free from debt. For the first two years I did fairly well. I then thought if I had more capital I could do a larger business, and with this object in view I got a partner. He put £50 into the business, and gave me £75 for a half share. About this time business began to fall oil', and after six months my partner sold out his interest with my consent for £20. The new partnership lasted for six months, when the party abandoned the business. No formal dissolution took place, and the debts at this time amounted to £50 or £tio. About the latter end of 1880 I began to work a manganese mine, of which I had a lease, at Kawakawa. I estimate that I expended £150 on this mine without any return. I also lost about £50 in goldmining shares at Coromandel from ISSti to date of forfeiture of shares about a month ago. £26 of my liabilities represents some mining shares which I bought about six months ago. I had the transfer made out in ray wife's name, and I have no doubt if required my wife will be prepared to hand these over, provided the amount expended for calls by her, out of her own means, is refunded. In addition to what is on my schedule, there is about £50 due for book debts, which I estimate at £5, and the manganese lease, which is worthless. My furniture Ido nob think is worth £'20. I have nothing, nor any interest in anything, beyond what is disclossd in my schedule and herein. There is no possibility of my making any offer to my creditors. I kept no books, but contented myself with entries in pass-books, which were destroyed when filled. C. Innks.—Charles Innes was also examined, and said : I am a brewer by trade, and built a brewery on some land belonging to my wife at Te Awamutu 13 years ago at a cost of £500, borrowing £400 on the security of the place. The balance, £100, was then all I had,so Ireally started business on credit. The trade was sufficiently good to enable me to pay my way until four years ago I got some bad malt, which had the effect of nearly destroying my trade. I made all haste and effort to repair the mischief, but only succeeded in part, as many of my customers made arrangements elsewhere, and I have been losing money ever since, not only by diminished trade, but by bad debts. The immediate cause of .my filing was the stoppage of malt supplies by my principal creditors, who pressed for their money (£125 2s) or security. Having neither to give, I consulted with a few of the principal creditors, and offered to assign my estate. They would not entertain the idea, and therefore I had no alternative but filing. My assets consist of household furniture, £70; book debts, £20 ; horse, cart, and cow, £15 : total, £95— the unsecured debts amount to £257 10s lOd. Four years ago X bought a seven-acre paddock for £140, and paid £20 down. This property lias just been valued for property tax purposes at £84. The brewery plant, valued at £120, is covered by a bill of sale, which is collateral, with a mortgage of the land and brewery building, belonging to my wife, valued at £400 and on which £530 has been advanced. I cannot ■ possibly suggest any means of meeting my liabilities beyond giving up what is left. I have disclosed everything I have in the nature of assets. On having this statement read over to me, I find that I have omitted to state that the horse, harness, and cows, mentioned in my schedule as valued at £5 10s, were sold for £6 15s by the police on i Saturday last (after I filed) to pay a fine im- ! posed on me by the R.M. for supplying beer I to a customer at my store at Te Kuiti. j