A BROKER'S AFFAIRS.

New Zealand Herald, Volume LXIII, Issue 19453, 8 October 1926, Page 14

A BROKER'S AFFAIRS.

RESTATE OF HASSELL GARLAND.

DEFICIENCY EXCEEDS £4OOO. - SOME LARGE CLAIMS MADE. PROSPECTS OF A DIVIDEND. A deficiency of over £4OOO in the estate of the late, Hassel George de Forges Garland, sharebroker, was revealed at a meeting of creditors yesterday. "So far as wfi can seo at. present the. estate should realise from 7s to v ßs in the pound, stated the official assignee, Mr. W. S. Fisher.

There were about 15 present, but only four creditors presented written claims. This they did half-way through the meeting, so that a resolution could be. passed if necessary. The claims included one from the Diocesan Board (Mr- Hogben) for £SOOO, and one from Mr. Clntha iuaekenzie for £545. •

Mr. Fisher, outlining tho result of investigations, said ho was appointed to administer 1 tho estate on September 23. Tho position, so far as they knew at present, was that £6BOO 12s 6d was owing to ordinary creditors. The sum of £1773 12s 9d was owing to the National Bank on an overdraft, against, which the bank held a security for £350. There was owing to the Bank of New Zealand a contingent liability under guarantee for £6OO, against which the bank held a security for £272 15s. Also owing was £lO for preferential wages, making { the total liabilities £8561 10s 3d. Liabilities and Assets. Continuing, Mr. Fisher said deceased had held shares worth £2136 14s 6d, the scrip of which had been verified. There •were also shares worth £777 4s 9d, the scrip of which had not • been verified. There were undisputed debts to the estate amounting to £615 4s 2d and disputed debts amounting to £289 2s 9d. In addition, there were certain amonnts dne by clients for shares not yet collected from brokers. Deceased had a section in the Ocean Yiew Estate, which should produce an equity of £25. He also had a car, on which £l2O was still .owing. The equity on this car was expected to be about £BO. Deceased held a debenture in the Auckland Tennis Corporation for £5. He had cash in hand amounting to £404 14s 2d, and personal effects valued at £SO, making the total assets £4383 0s 4d. The total deficiency was therefore £4178 9s lid. The assignee said it was thought there would be a considerable amount to add to the assets from life insurance policies, but in the case of suicide or bankruptcy the policies of the assured were'not available) for creditors. In any case, the next of kin werb claiming these amounts, so creditors could expect nothing from that source. A Creditor: Perhaps we could have a statement of the policies. The assignee said there was a policy with the National Mutual Life Company for £1095, but that was subject to a mortgage for £525. There had been a policy with the Mutual Life and Citizens' Company, but ha understood this had been allowed to lapst*. The third was a policy for £IOOO with tho A.M.P., but as this was taken out shortly before Mr. Garland's death payment would probably be disputed. Attitude of Stock Exchange, A letter from the Auckland Stock Exchange was read by tho assignee, stating that at a recent meeting of the exchange, it was dncided that in tho event of creditors making no claim to the proceeds of tho sale of the late Mr. Garland's seat on the exchange, all brokers, who were, members of the exchange having claims against the. estate would refrain from proving. The assignee said it was estimated £6OO was owing to members, while the. seat was valued at £250. He suggested it would be wise for creditors to accept, the attitude of the exchange. Subsequently it was decided not to make a- claim for the value of tho seat, and to thank the exchange for their attitude. Mr. I. Knight, who acted as accountant for Mr. Garland, said some, protest should be made against tho bank holding certain debentures deposited by Mr. Garland against an overdraft. The position was that they had not belonged to Mr- Garland. They wero bearer debentures, bought and paid for. Deceased obtained ' them from the office staff, stating he was going to hand them over to the ovzners, but instead he went to tho bank with them. The Assignee: I think that is a matter for settlement between the debenture holders and the bank. Gift From Prince of Wales, There was some discussion concerning the disposal of shares held by deceased, and it was finally resfclved that the various shares should be placed on the market fnr early sale at the discretion of t head mini stra tor. It was stated that deceased bought a sharo in the Otago Claims Syndicate. The share was worth £SOO, £3OO of which had not been paid. It was resolved that the assignee should not, be asked to disclaim the estate's interest in the syndicate, hut that Mr. Fisher and Mr. Hogben should make full inquiries, with power to act.. The question of the disposal of the late Mr. Garland's personal effects was next: discussed. Among the effects produced were two silver cigarette cases, one of which had been presented to deceased bv the Prince of Wales, and a camera. The assignee was authorised to consider the disposal sof the personal effects, and the meeting then adjourned.