BANKRUPTCY

New Zealand Herald, Volume XXXIII, Issue 10033, 21 January 1896, Page 3

BANKRUPTCY

Yesterday morning Richard Webb, under examination, made a sworn statement before Mr. J. Lawson, Oiiicial Assignee, as follows: —I have been a market gardener on my own account for '20 years in Onehunga, Five years ago I had to compromise with my creditors and paid 4s in the £1. Before and since then I have had to contend with the Chinese competition, and hence my difficulties. Latterly I have been working at a loss, nevertheless I continued in the hope of recovering myself by hard and continuous work, early and late, until certain creditors began to press, and therefore under these circumstances I deemed it necessary to file, and so protect the interests of the general body of creditors. I kept a cash book, ledger and other usual books for my business, and now produce them. Up to six years ago I had a partner, and between us we acquired two properties, viz., 3 acres and two houses in Albert-street, and two allotments on the opposite side ot the road, and at the corner of Princes-street about a quarter of an acre 011 which there are stables and other outbuildings. At the same time I had a property on my own account in Arthur-street— feet by 65 teat— which there is a five-roomed house and flower and fruit garden. In order to pay off Moore, all these properties were mortgaged to the Land Society for £700. Moore got the greater part of the money, and after paying more than £400 off, I found two years ago that I owed the Society close on £000. I then decided to arrange elsewhere for easier terms, and accordingly transferred the mortgages to Mrs. Matilda Bind ley, who advanced £575 atß per cent., and this is now in force with nine months' interest- overdue. 'Ihe properties referred to have been for many years worked for market-gardening, and the soil is of a first-class quality, and buildings and everything thereon in good order, and I consider the lot to be well worth £750. My secured liabilities amount to £281 2s 2d, and the assets consist of—vegetables £3, book debts £5, household furniture £15, surplus from security in the hands of secured creditors £145—total £168. The deficiency is £113 2s 2s. There is no prospect of my being able to suggest any compromise. I have disclosed everything I possess in the nature of assets. Creditors in the estate will meet on Friday morning next at II o'clock.