MEETINGS.

New Zealand Mail, Issue 960, 25 July 1890, Page 20

MEETINGS.

‘ MEETINGS OF CREDITORS. <t The first meeting of the creditors in the estate of W, F. Anderson, formerly commercial traveller for JohnDuthie and Co., and latterly in business in Wellington and at-Paraparamu, was held in the Official Assignee’s office last Friday. Mr Tripp appeared with the debtor, and Mr Brandon acted for Messrs McArthur and Co., one of the creditors. The written statement sworn to by the debtor set forth that in February, ISS9, he purchased a business in Manners street, the funds coming from advances on a farm he owned near Otaki. When he sold this farm he placed the whole of the remaining proceeds in the business. In April of this year, finding the competition in town so koen as to leave him no chanco of making a profit, he decided to open a store at Paraparamu, leaving the town shop under his brother’s charge. Ultimately ho had to call his creditors together, and they advised him to file. The Official Assignee stated that the town stock had been put up to auction and portion of it sold for L3S. Mr T. Beaven was taking stock at Paraparamu and had giveu au estimate of its value. The debtor was sworn and examined at length by Mr Brandon. He said he had been seven years with John Duthie and Co. as commercial traveller, but kept no books at that time. When he opened in Otaki lie kept a storeman who looked after the books. Purchased a farm at Otaki after ha had been two years in business, and sold the business in 18SG for LISOO. There was no mortgage on the farm, for which lie had paid L 237, and he also acquired an adjoining lease for L. 50. With the LISOO he paid his trade debts, which he thought took nearly the whole sum. He got credit to the extent of that sum at that time, aud his payments averaged LBOO a month. He did not include his book debts in selling his business. After leaving the business he retained the farm, but it did not bring him in anything. He sold the farm to Aitken, Wilson and Co. for LSSO, and purchased a business in Wellington from Mr Downer for LlbO. There was a mortgage of LOOO on the farm when lie sold it, and a balance due on his account was deducted, leaving him about L 135 in cash. He supposed that his books would show what his liabilities were when he sold out of Otaki. Bought the business at Paraparamu for LOO, paying LlO and raising the balance by a mortgage of LSO. Had not sold the town business to his brother, but if he could have managed to pay the debts he was to have the business. This arrangement was made in the beginning of April. In April last obtained goods from Messrs McArthur and Co., believing lie was solvent, and that his country business would pay. By Mr Graham : Thero was no arrangement with his brother as to the town business other than that his brother was io have the business if he could work it out. Had made his wife a present of the piauo in ISBG. By Mr Duncan : Had not the consent of his Wellington creditors to the transfer of Wellington liabilities to his brother. By Mr Field : The horse and cart belonged to his wife, having been made a present to her when he left the Otaki business. In reply to a question put by Mr Graham as to whether he had any offer to make, the debtor said that certain gentlemen were prepared to offer L3OO for the business, provided they had an opportunity of verifying the stock, book debts, and value of the property. The Assignee read an estimate from Mr Beaven, who put the stock down as worth L-iOO. On comparing the estimates it was found that the drapery was put down at L 157 by Mr Beaven and LIST by the bankrupt, Gtid that there was only L2 difference in the values placed on the boots. Mr Beaven had not finished taking s stock, aiiu me cutiipaiiioii cou.ct not bo earned right through. There was some discussion on a motion made on behalf of McArthur and Co. seconded by Messrs Wilkins aud Field, calling for a public examination, but this was lost both by numbers and value, the numbers being 5 for and Id against, and rhe value L 338 for LS77 against. It was decided tc leave the realisation of the estate in the bauds of the Official Assignee, and the meeting then adjourned. A meeting of the creditors in the estate of W. J. Hunt, draper, of Cuba street, was held on Monday, the Official Assignee, Mr C. C. Graham, being in the chair. There were about half a dozen creditors present, aud Mr A. Gray appeared for the bankrupt. The debtor submitted a statement in which he says he started business in September, 1888, with a capital of L3OO, He commenced dealing with several wholesale drapers, principally Messrs J. Nathan aud Co. and Clarkson and Sons, from whom he purchased large supplies. At first the business prospered well, and lie wa3 able to make considerable payments to bis merchants. Owing, however, to the failure in 3889 of Messrs Clarkson and Sous, bis principal creditors, his credit with them was stopped and he was called upon to make periodical payments (including interest) to Messrs Page and Co., the Assignee of Messrs Clarkson and Sons, in reduction of his debt to them. He continued to carry out this arrangement flatil recently, when he

was unable to meet ono of tho bills, and Messrs Page and 00. sued him foi the amount of it, and put a bailifi in possession of his stock. Under the circumstances he had no option, in justice to the other creditors, but to place his affairs in bankruptcy.

The bankrupt was sworn, and stated that the statement as read was true and correct. His books showed that all his transactions and takings had been booked in the usual way. It was in September last year that he was called upon to make the payment to Messrs Page and Co, and he had since then managed to get credit. He had not kept regular books, but he produced a cash book which had been made up from memoranda. A balancesheet was produced,showing that the bankrupt had an interest in sonic land in England which lie expects to be worth about LSOO. Mr Nathan said it was the money that the creditors were relying on, but it never came. The bankrupt stated that the land was mortgaged, and there was little to be got out of it just at present. Mr Stringer (Page and Co.) produced a letter written by the bankrupt in March last, in which he stated that L3OO had been arranged for him in England, and that between LGOO and L7OO worth of goods was coming out to him. Mr Stringer said the bankrupt’s credit would have been stopped long ago had it no: been for the letter which he had written to them. In order to assist the bankrupt Page and Co. had given the bankrupt monthly bills. They had issued two summonses, the first of which had been paid. In reply to a creditor, the bankrupt said he could mak9 no offer at present. Tho Official Assignee stated that he was now having stock taken. It was decided to allow the bankrupt to keep his furniture. Mr Gray asked that the bankrupt should be al lowed something for liis services. It was decided to allow him L 3 per week so long as his services are required by the Official Assignee. Mr Graham said he would call for tenders for the stock. The proceedings then terminated.

Tho following is the list of liabilities : Joseph Nathan aud Co., £592 13s Gd; John U. Bankart and Co. (London), £540 Ss ; D. W. Page aud Co. (Christchurch), £SBO os ; Warmington and Co., £‘2s 2s ; F. C. Brailsford, £l4 Ss 7d ; E. 11. Faulkner (Sydney), £53 17s lid ; Olney and Co. (Christchurch), £ll Os SI ; 6. Boss, £SS ; Edwards and Co., £2 10a ; C. Smith, £6 4s lid ; Union Clothing Company, £1 2s Gd ; Alex. Lawson, £2 11s b'd ; Btowd, Thomson and Co., £1 12s; \V. A. Kellow, £3 9s 5d ; Happy Valley Meat Company, £5 11s Sd ; Wellington Gas Company, £2 4s lid; Dr Grace, £lO ; P. Scaulan aud Co., £3 5s ; Blundell Bros., £3 4s ; E. Colqnhonu, £l9 10s ; Cottrell and Co., £l7 ; E. Chanman, £llO ; total, £2lll 11s Id. The assets are set down at £ISO9 9s sd, leaving a deficiency of £330 Is Sd.