MEETING OF CREDITORS.

New Zealand Mail, 21 July 1892, Page 37

MEETING OF CREDITORS.

A meeting of creditors in the estate of Thomas Henry Bond, plumber, was held in the Official Assignee’s office on Friday morning. There was a large attendance and the Official Assignee presided. Mr Jellicoe appeared for the debtor, Mr Brown for YVaddell, McLeod and Weir, Mr Bolton for Mr Keene, and Mr McAlister for P. Hutson and 00. The bankrupt, in a written statement to the Official Assignee, said that he began business in July 9, 1891, with a capital of £IOO, expecting to do a good jobbing and contracting trade. Unfortunately he failed entirely in the jobbing branch, and as regards the contracting the competition was so keen that it was impossible to obtain contracts at anything like a payable price, especially as be found he had to compete with the firm who supplied him with materials, and who imported their goods direct, and could afford to take such work at a ohenper rate than he could. When he ascertained th .t the plumbing business was a failure he decided to erect some houses, with a view of selling them afterwards at a profit. He acquired some land in Daniel street, Newtown, and built two residences, Tbeir cost exceeded the original estimate, and he was unable to find a customer for them. He arranged for a loan in progress instalments to build a house in Waterloo aveuue, but when he applied for the first instalment the proposed lenders would not carry oat their original arrangement, and he found himself stranded, without any prospect of being able to complete the building, and as a writ for £153 153, the price of materials, was on the 2nd July issued by Messrs Waddell, McLeod and Weir and served upon him he was compelled to file. Under examination the debtor stated that the money he had started with he had borrowed from his wife. In answer to Mr T. Ballinger, the bankrupt said that he did not think he had told Mr E. W. Mills that he had £IOOO, and he had not told Mr Templeton (Mr Ballinger’s representative) that he had brought between £SOO and £6 0 from Melbourne, Mr P. Fauvel produced a written statement from Mr E. W. Mills, to the effect that the debtor bad told him that he had £IOOO. The debtor said that he had not kept the gwages sheets. Mr T. Ballinger asked what the debtor had done with two ,casß3 of iron be had purchased from him in May last. The debtor, Mr Ballinger said, had agreed to pay £2l 15s per ton for the iron, and his books showed that he had sold a ton of irou to hi 3 brother-

in-law (Mr Edwards) on the same day for £2O 10s. The debtor said the iron was used. He was not aware that on Friday last Mr Edwards had removed a quantity of iron from the houses at Newtown. From the subsequent examination it appeared that the debtor had kept no accounts of his contracts. The Official Assignee thought that a thorough examination should be made of the debtor’s books, and it was decided that Mr H. Kember should assist the Official Assignee in making the investigations. Me srs Hutohen and T. Ballinger were appointed to enquire as to the condition of the debtor’s contracts, and de* cided whether they should be continued. It was also resolved to sell at auction the various landed properties. The meeting then adjourned sine die.