GARRETT BROTHERS' BANKRUPTCY.

New Zealand Herald, Volume XXVIII, Issue 8472, 24 January 1891, Page 3

GARRETT BROTHERS' BANKRUPTCY.

MEETING OP CREDITORS.

A meeting of creditors in the estate of Garrett Brothers was hold at tho office of the Official Assignee yesterday, Mr. Lawson presided, and there were present :— The debtor and his solicitor (Mr. Cotter), Messrs. Tewsley, Fleming, Bull, Noumegen, Lewis, Nicholson, Brown, and Beaumont. The jewellery question was discussed ; and ultimately the following motion, proposed by Mr. Nicholson, and seconded by Mr. Bull, was carried, "That the jeweller}' deposited by the bankrupt with tho Official Assignee bo returned by him to them as their own property." Mr. Tewsloy theu proposed, " That the Official Assignee examine on oath Mr. William Garrett touching any jewellery he may have been possessed of prior to his bankruptcy." Mr. Fleming seconded this motion, and ib was carried. With regard to the dispute about the factory bell and certain machinery, Mr. Batger, secretary of. the Auckland Cooperative Building Society, telephoned to state that; his Board would hold a meeting this morning to consider the matter, and would inform the Official Assignee of the result. Mr. Lawson informed the meeting that the gross proceeds of the sale of the Queen-street, Newton, and Gisborne . properties amounted to the sum of £8163, which was equivalent to about 12s 7d in the £.

Some discussion tlion ensued as to the right of ownership of two ponies that the bankrupts alleged they had given away at a date long prior to their failure. Mr. Lawson quoted the following from the .sworn statement of Thomas Garrett :— The pair of ponies now on the farm were about four years old. They were put on the place where they have been running ever since. The two mothers belonged to the firm. When thoy were yearlings, or a little over, one was presented by the firm to my wife, and the other to my late brother's wife for their respective pons. All the members of the nrm were parties to the gift. I do not know the present value of these ponies. £4 was offered for one of them about four months ago. One gentleman present stated that these ponies were a very valuable pair, and it was his opinion that they were not worth a penny less than £50. After further expressions had been evoked with regard to the affair, Air. Nicholson moved and Mr. Tewsley seconded " That the Official Assignee take possession of the two ponies, but that before disposing of the same the persons to whom the bankrupts allege they were given be required to legally substantiate the gift." The motion was carried.

Mr. Nicholson then moved that the Auckland Building Society be requested to forego all claims for fines accrued and accruing since the default by the bankrupts in making the stipulated repayments, and that they be respectfully requested to accept, in lieu thereof, interest on the principal amount at the rate of, say, 7 per cent., and until paid, or the security realised, to charge and debit the properties with the same.

Mr. G. Lewis seconded this motion, find it was carried.

Tlio meeting then adjourned sine die, the Official Assignee promising to send post cards announcing' when the next meeting would take place, and the matters that would be discussed.