AN UNLUCKY VENTURE.

New Zealand Herald, Volume L, Issue 15307, 21 May 1913, Page 4

AN UNLUCKY VENTURE.

SYMPATHETIC CREDITORS. J Creditors in -.the estate of George Julian i Robertson, a contractor, met at the office . of the Official Assignee (Mr. W. S. Fisher) - yesterday morning. Mr. Baxter appeared ' for the bankrupt. , The bankrupt, in a sworn, statement, declared that about two years ago he had entered into partnership with one Henry Tate in the purchase of the steamer Doto for the purpose of trawling. Operations were started in Auckland ] about October 10, 1911, and were continued for seven or eight months. Owing to the boisterous weather experienced during that time the boat was.worked at a loss. On the advice of several friends the partners decided to take on towing logs, and the boat was fitted at considerable expense for the work. On October 28, 1912, the bankrupt attended a meeting of creditors, when it was generally agreed that Messrs. A. L. Andrews and W. E. Moore should become trustees under a deed signed by the i creditors. Six weeks later the mortgage was foreclosed on the boat, which was sold by auction and bought in by the mortgagor for £550. He had spent about £125 of his own money on the boat, and had never received any money earned by the steamer. . • The schedules showed that the unsecured debts in the estate totalled £390 9s 9d, and the secured debts £788 2s 9d, a total of £1178 12s 6d. The assets were a property in Edendale valued at £550, and covered by a mortgage of £333, held by the State Guaranteed Advances office, and a second mortgage held by Mr. C. H. Furness for £454. Furniture and tools were valued at £25, leaving a total deficiency of £603 12s 6d. The principal unsecured creditors were Messrs. J. J. Craig, £91 7s sd; A. L. Andrews, £75 • lis 6d; Wmstone, Ltd., £39 9s 3d A. B. Wright and Sons, 4J27; Jagger and Harvey, £24 14s 2d; C. S. Small, Edendale Road, £24 10s; R. and W. Hellaby, Ltd., £21 9s Id; Robert Rew, £16 19s sd; and Westport Coal Co., £13 15s. There was a brief discussion as to the circumstances in which the boat was disposed of, and Mr. A. L. Andrews, representing Mr. C. H. Furness, - said that there should be a thorough investigation of the accounts. In reply to the official assignee's query as to whether the creditors wished to ask any question as to the conduct of the bankrupt, Mr. W. Rew said he had none. He felt very sympathetic towards the bankrupt. Mr. Andrews endorsed this remark, and said he would be glad to move a resolution favouring Mr. Robertson's discharge. Mr. Fisher said that he was getting tired of cases in which the prosecution , of the bankrupt was urged. Such a case as this was quite refreshing. Mr. Andrews moved, and Mr. Rew seconded, that the creditors present wished to express sympathy with tho bankrupt, and requested the official assignee to facilitate his discharge. The motion was carried unanimously.