BANKRUPTCY.

New Zealand Mail, Issue 1217, 28 June 1895, Page 19

BANKRUPTCY.

MEETING OF T. DICKSON'S CREDITORS.

The adjourned meeting of creditors in the estate of Thomas Dickson, grocer, was held in the Official Assignee's office on Tuesday afternoon. There were eight creditors present, representing claims of the value of about £750.

The Official Assignee stated that since last meeting he had examined the debtor, who had made a statement to the effect that he bought out Mr A. W. Brown's business seven years ago for £2OOO odd, including £IOO for goodwill. The rent was then £5 a weelc. He managed to pay his way until about eighteen months ago, when the cash takings fell off. About 16 months ago he took stock, and made out a balance-sheet, which showed his assets to be £4732, made up as follows: —Stock, .£2170 ; A. W. Brown, £286 ; book debts, £2136; horses and carts, £100; fittings, £3O; butter machine, .£lO. His liabilities amounted to £2402, or a surplus of .£2330. But this included £750 due by Ell, and £374 by Auld, .£174 by Murray and about .£2OO besides. He did not always get receipts. Of the £2OO he got from Mr Hines in August, 1892, he had repaid various sums as follows : —£2o, £SO, £2O, £ll, £2 and other sums.leaving about £3l 10s due at the time of his bankruptcy. His reason for writing the letter stating that he had put the money by at 7 per cent, was to prevent Mr Scott constantly troubling him. He did not invest it except in his own business, and he had about £4O or £SO when he wrote the letter. Mr Hines had agreed since his (Mr Dickson's) bankruptcy to make no claim. He did not owe Scott anything beyond £1 for some work he had done for hini. The cheques he got from Mr Simpson were for money lent him (the debtor) from time to time, which he had repaid. Off the proof put in by the Wellington Loan Company the sum of £62 10s had been paid, which was more than had been credited to him. (This, the Official Assignee stated, was denied.) Mr Ell had agreed to pay him .£SOO premium in consideration of his advances, amounting to £250, and gave him (the debtor) a bill for .£750.. This was in the hands of Messrs Skerrett arid Wylie. He was sure that he did not give it to them for Nathan and Co., who did not know he had it. He gave it to their accountant for the firm to try and collect for him. Messrs Brandon and Hislop had Ell's £2OO cheque against advances amounting to .£l3O.

The Assignee said the missing cash-book had turned up. The debtor's system of bookkeeping had been most defective, and considering the consequences it was a serious question whether he ought not to consult the Crown Prosecutor on the subject. He did not suggest that Mr Dickson intended fraud, but from the way in which the books had been kept any amount of money might have been put by, and it was absolutely impossible to check it. There was an interval between October, when he closed his bank account, and January entirely unaccounted for. Proofs amounting to something like £IOOO had come in since the dividend had been paid. The estate had .been sold to a Dunedin buyer, netting £396, which he considered very satisfactory. The highest "Wellington tender was £250. The horses and plant had been bought in at another £55, and about £3OO worth of book debts had been collected. Altogether the estate would probably not return as much at 6s 8 d in the pound, as he had previously hoped. Mr H. Smith (Phoenix Insurance Co.) moved that the previous resolution granting the debtor his furniture to the value of £122 be confirmed.

Mr J. G. W. Aitken seconded the motion, which was carried. Mr J. C. McKerrow moved that the Bankruptcy Court be recommended to grant the bankrupt his immediate discharge. Mr Graham seconded the motion, Mr Aitken asked whether it would be right to pass such a resolution. The Official Assignee said, the Judge would no doubt mark his displeasure at the book-keeping in some way.

After some discussion the motion was withdrawn, and the meeting was adjourned sine die.

The statement of Crawford Smith Greaves, dairyman, bankrupt, has been lodged with the Official Assignee. The total amount of debts is set down at £255, whilst the assets —consisting of book debts, estimated to realise £45 ; cash in hand, £4 9s 9d, and furniture, £5 —are. stated to be £163 19s. There are several secured creditors. The principal unsecured creditors are : —M. McGuire, £B4*lß ; F. Greene, £4O; W. S. Cobham, £l2; J. R. Foster, .£l4; Isaac (Taita), £8 8s; Campbell (Waiwetu), £8 8s ; H. D. Crawford, £5, and H. Brittain, .£5 ss. A meeting of creditors was held in the offices of the Official Assignee'on Monday. The debtor put in a written statement, from which it appeared that he started as a dairyman in Newtown seven years ago. Three years ago he sold out to Mr McGuire, and for some time ran a coach at a loss between the city and Kilb'irnie, and in May last he repurchased the business from McGuire, but finding it was not a paying concern, he had to file his petition. Mr Hindmarsh appeared for the bankrupt and Mr Skerrett for Mr McGuire,' one of the creditors. Greaves was'examined at some length, and deposed that his rolling Btock was secured to the Commercial Loan Company. The Official Assignee remarked'that the whole estate appeared to be in a perfect muddle. Replying to Mr Skerrett, the Assignee said he would consider if there was a case to

submit to the Crown Prosecutor as to "whether the debtor should not be proceeded against criminally for neglecting 1 to keep books. No resolution was proposed, and the meeting adjourned.

Napier, June 26

In re Albert Karaitiana, bankrupt, Mr Humphries, representing the Official Assignee in Bankruptcy", applied in the Supreme Court in Chambers to-day for advice as to whether he is to hold as assets in bankruptcy lands which the Native himself was by the Native Land Act of 1894 prevented from dealing with except in the manner provided for by that Act. His Honor explained the provisions of the Native Land Act, 1894, and stated that it was his opinion that the debtor's lands did not come within the exemption contained in section 117 of the Act. He thought, however, that the creditors were entitled to such moneys as were paid to the Public Trustee in trust for the debtor, and that the Official As--1 signee should take steps to give notice to the Land Board and the Public Trustee of their claim.