BANKRUPTCY.

New Zealand Herald, Volume XLIV, Issue 13613, 5 December 1907, Page 7

BANKRUPTCY.

AIEETING OF CREDITORS.

A uektixg of creditors in tho bankrupt estate of Henry Johnston, flax merchant, was held at the official assignee's office yesterday afternoon. . Mr. (Jerard road tho insolvent's statement, as already published. The debtor, in explanation of his position, said it had been largely caused by a fall in the price of flax of £12 or £13 a ton. If tho market had remained steady, or if it had ouly dropped a few pounds, there would have been a profit instead of a loss. The insolvent said ,that at one. time his books showed that ho possessed £1800 over all his liabilities. After an examination of the books tho official assignee said they seemed to have been kept properly. Ho did not think" it necessary to prolong the meeting. If any fresh information wore forthcoming ho might call the creditors together again. Tho books were all in his possession, and he could put in an accountant if he wished. Mr. Bailey said he was convinced that if Air. Johnston got another chance, and his discharge wero facilitated, ho would get on all right. Mr. (Jerard stated that insolvent ought to tome up-for bis ; discharge in about four months,; but lie (Mr. Gerard) could not recommend the discharge until he had a conversation with the "biggest creditors. He knew that several of the smaller creditors sympathised with the debtor. ~ The meeting was adjourned sine die.