BANKRUPTCY.

New Zealand Herald, Volume XXVI, Issue 9371, 22 May 1889, Page 3

BANKRUPTCY.

STATEMENT. T. B. Hill. —Thomas Boucher Hill was examined on oath before the Official Asignee yesterday, and said : —ln the course of my colonial career of 2§ years I have carried on my business as a chemist 0:1 two occasions, viz., from 1861 to 1866, and again from 1878 to the present time, the remainder of the 28 years were occupied with farming, etc., and a visit to England. In the year 1884 I was induced to lease a piece of land on the New North Road for 40 years at a ground rent of £60 per annum, on which I built shops at cost of nearly £3000, and borrowed the money for the purpose. It did not prove a satisfactory speculation. In August, ISB7, the whole block was destroyed by fire, and my insurance only amounted to £1800. A clause in tho lease provided that I should put up buildings to the value of £750. In consideration of the altered times the owner offered an extension of twenty years to my original lease, with the understanding that the ground rent should be reduced, and I was to make him an offer with a proviso that I rebuilt in brick. My offer was £30 for the first 40 years and £40 thereafter. This offer was made nearly 10 months ago, but the only response received was a summons last week for a year's rent at £60. This is my sole reason for filing. My unsecured liabilities consist of the claim of £60 referred to ; two trade debts, £29 4s Id; a household account, £7 16s 4d ; and two loans, from my wife £2000 (exclusive of interest), and from a friend in England £159 : total, £2256 0s sd. The assets consist of stock-in-trade, £700; book debts, £50 ; unencumbered property in the Raglan district, £1150; horse, £6; and surplus from securities in the hands of secured creditors, £2000; total, £3906, or a surplus of £1649 19s 7d. The secured properties comprise a farm of 509 acres in the Raglan district, now in the occupation of my son, and is valued for property tax purposes at £1135, and the house and shop in Queenstreet, now occupied by me, and which I could have sold for £5500 three years ago. The lien on these two properties amounts to £3500. I kept tho usual sot of books for my businoss, anil they are fully posted up. MEETING OF CREDITORS. C. H. Osmond.—An adjourned meeting of creditors in this estate was held on Monday afternoon at the Official Assignee's. The debtor was sworn and examined by Mr. McDonald. He said Mr. Derham's debt of £1500 was money advanced on mortgage. There was another debt of £1642 due to the same person. The money had originally come out from England for investment on his account four or five years ago. The securities for this money were now in the hands of Mr. Dufaur, Mr. Derham's agent. Mr. Dufaur said there were really no securities, and he was in correspondence with Mr. Derham on the matter. The debtor said Mr. Empson's debt of £1138 stood on an exactly similar footing. Ib was finally l'esolved, "That the Official Assignee be requested to proceed with realising the estate, and to call the creditors together on receipt of information from Mr. Dufaur touching the attitude of the English creditors."