BANKRUPTCY.

New Zealand Herald, Volume XLIII, Issue 13273, 4 September 1906, Page 7

BANKRUPTCY.

BARRY KEEPING'S AFFAIRS.

FIEST MEETING OF CREDITORS

The first meeting of the creditors of Barringtdn Ralph Keesing, commission agent, formerly carrying on business as a stock and sharebroker under the stylo of Barry Keesing and Co., was field at the offices of the official assignee (Mr. E. Gerard) yesterday.

The bankrupt in his written statement showed that his liabilities were £715, and his assets, in silver and electroplate goods, were worth £70.

Mr. T. X. -Baxter represented the bankrupt, who stated that his partner, Mr. H. A. Wright, had taken over the business as it stood with all the liabilities and assets. There was no lien on the silver goods, which were stored at Hnyman and Co.'s. They were wedding presents. The employers who owed him the £80 referred to in his written statement were not Hayman and Co., hut a Wellington firm. The statement (already published) of the causes of his bankruptcy was correct. All the books in connection with the firm were in the possession of Mr. II A. Wright, excepting the commission agency books, which could be produced. Wright financed the sharebroking business and divided the profits with him. He was not in an insolvent position when he started business in February. 1905, with Wright. The Official Assignee: When did you find out that you were becoming insolvent?Bankrupt : I could, not say exactly how long it was after joining Mr. Wright. The market was very quiet for some months St"joining him, and then I had to finance things I had to obtain assistance for my. part Mv partner had not much money hen I "got assistance from friends and, so far as'l could see, there was such an improvement in the share business, and there were several very good commission* to be earned, that I did not think there was any cause for anxiety. So practically for over a year you have, been tn an insolvent condition? Can you say "I "or" we (your partner) have been in an insolvent condition?—l cannot include my partner in that. Mr. Pullan asked whether, when the ban rupt exchanged a cheque of £20 Willi Air. Gaiulin in July Inst there was any chance of it being met. . '.' - . " Bankrupt:, I thought it could be met in a few days. " The Official Assignee: Out of what.' Bankrupt: From two or three, SOIII'CCS: Mr C LOHisson, of Christchurch, who had financed me before. From what I understood from him, when he was in Auckland, 1 had reason to believe that lie would assist me again. ~ ,-,,-, For the cheque due to Mr. t.authn?Yes; and for other persons from whom 1 borrowed money before. , Why did vou not apply to Lottisson before-?— Well,' it was a matter of urgency. I wrote to him at once as scon as I wanted money badly. With what success?-I had a letter from him to the effect that he would think over it and might assist. I wired that it was urgent, and he replied that he could not do it. , 1 What was the other source?—l expected financial assistance from Ernest Schntz, of Christchurch. 1 called upon him expecting help from him from a conversation I had with him, but he also did not assist me. Anybody else?-My father, I expected, would have come to my help, although be did not promise to do so. Right up to the last I expected assistance from him. but when the law ease against Kecks came on m the Supreme Court he refused to do anything for me. «... . Is your father able to help you if lie wished to?—I think so; 1 have always thought so. 1. did not mention to .Gaiidin at the time I received his cheque that I expected money from a client in Taranaki. Most of the "money i had to raise was to pay people who had advanced money to me. Mr. G. Kent, who appeared for Mr. Kalman, asked bankrupt, when he received a cheque from Kalman, what prospects he had of meeting it. Bankrupt, replied that at that time (July 19) he expected'to draw some money from his business;. owing to one.or two clients not meeting their engagements he could not do this. Had they met their engagements he would have been able to draw £50 or £60. , The claims for commission referred to were repudiated before the cheques to Kalman and Gaudin were given; but had the law ease, Keesing and another v. A. Ecelcs. been in favour of bankrupt's firm he would have been able to meet his obligations. To Mr. Kent bankrupt admitted that he had not applied to Schatz or to his father for assistance when he gave the cheque to Kalnian. He certainly thought the money would be at his disposal by the time this loan had to be paid. Mr. Kalman said bankrupt distinctly stated that he could got the money from the bank, and that it would lie at his (Kalman's) disposal next morning. Mr. Kalman said he was anxious that this should he so, as the money that he was lending to Keeping was not his own. Mr. Kent: Can you tell me if it was prior to or at the time you exchanged cheques with Kalman that you had a cheque of £2 dishonoured that you gave to Mr. Foster, of the Imperial Hotel? Bankrupt: it: was prior to Kalman's cheque. But I hud the cash tho next morning after it was dishonoured. y What became of the money raised by the cheques?A sum of £60 was used to pay off money lent to me. . - ' Did you spend anything in card-playing at this time?—l have played cards, but only for small stakes; and 1 stopped altogether when things were going badly. 1 don't think I lost anything at cards in Juno and duly last. Previous to that had you lost a good deal in that way?—No; I have never gambled. The Official Assignee : What was the largcst stun you ever lost in gambling- of any form since 1905?

Bankrupt : I could not say; not even approximately, f never lost £10 in any one month by cards or horseracing, or any other form of gambling. Mr. Singer: Have you ever paid away money borrowed from one person to satisfy another creditor who was pressing? Bankrupt : Yes; that is so. I was pressed by a creditor for £25 for a loan, and I obtained the money from someone else to pay it.

Have you any offer to make?—No; I've nothing to offer. But should I ever be in a position to pay I will pay my creditors every penny. Bankrupt said ho thought some- of his creditors took alarm at a sea trip he made from Auckland in order to recuperate his health, and they .then took action. •>

To .Mr. Williamson bankrupt said he had applied to his father for assistance; but he had heard nothing from him so far.

Mr. Singer wished to know what prospects bankrupt had of meeting tjis engagements had he not gone the sea trip. Bankrupt: The trip cost me nothing—it was free, and I spent no money. Had 1 remained here in Auckland I could at least have arranged with my creditors until 1 had got. assistance, and so have staved off the bankruptcy altogether. Did you, in answer to Mi. Cousins, tell him that you had no other debts when he lent, you the money?—l do not remember. Mr. .Jahu asked how Wright's account of over £300 was made up. The Official Assignee said he had no account in from Wright at present. Mr. Singer: It will make no difference) in the dividends anyway. The. Official Assignee said the case seemed to him to be a serious one, and he would have to order a public examination. The meeting adjourned sine die.