MEETING OF CREDITORS.

New Zealand Times, Volume XLIII, Issue 7222, 18 July 1884, Page 6

MEETING OF CREDITORS.

ESTATE OF W. WARING TAYLOR. A meeting of creditors in the estate of Mr W. Waring Taylor was held in the juryroom of the Supremo Court Buildings last Friday, The meeting was well attended, Mr E. Shaw appearing for the debtor, and various counsel on behalf of creditors, Mr Graham, the Official Assignee, said he had received a telegram from Messrs Dick and Steward, soliritors, of Dunedin, suggesting, on behalf of one of the largest creditors iu the estate, that the meeting should be adjourned to enable that firm to be represented. The Assignee explained that he had not bad time to notify creditors at a distance of the meeting in time for them to obt&iu representation, and it might therefore be advisable to adjourn the meeting as suggested. With regard to the affairs of the estate, the statement with which he had been supplied by the dobtor was not so complete as it might have been, the particulars not being so fall as would have been anticipated. Iu refereoce to the stock-in-trade, he bad employed an expert (Mr Biddell) to go carefully through the list, and that gentleman was of opinion - that the valuation of Mr Taylor was iu excess at least £9OOO or £7OOO of the value to bo realised. The reason ascribed for this estimate was that Mr Taylor bad estimated the stuck at the c->st instead of the selling price. As to the book debts, from what he could ascertain, they had not been overestimate!, and the Fame remark would apply to the furniture. He propped to a;-k the creditors to allow him to eugage a accountant to go over the books. He would not ask them to come to any decision re the disposal of the stock, &c. ; but he would ask for assistance to have the stock properly classified. Mr Biddle had expressed the opinion that the stock lists had not been prepared in a proper system of classification. This would take about a fortnight. Mr Taylor said it took bis staff of four men upwards of a month to take the stock iu detail, and it was absnrd to say that Mr Biddle could do ic in a fortnight. Mr Biddle had no right to Bay that the stock lists were not well

pnyr.TV.V That gentleman Ir.d unlv w-Jk-.1 "Uio or round Mm • rt ims-j-s, ;It;iou h ho h'-i Ini': -=t;>ck li-MwitU him. -no-.. i- ; , :i 'ln;., MrS hax-tM Mr hi' ' w ‘ill I h iv-r ;i -U rc : U -Ht to :;l ik*. hot as Mn*-iv v.viu s> f-w os ..-dito: j pru-ent, il "©lid

l»o b- i-lc-p, ]\.rh,io-t, to ih ivr .stalemoui f*>r a fuller nK'-.tiii i.

Mr ].’»thought it would he b -tMr to h;i.\ ' lb- 'tat m.m : n , Vr *.

Mi- T.-.vi <v -:iM Mi- he ha 1 to make waMu th • form of a -m;-at lon. 11 is Mei was tMilt it ivaull be belt -r, in the inter*

of L;ie creditor-, tint siq.u rvis.trs should be appointed, end the estate w.*un 1 up. To put tint st >el: cc to auetloo. would he to throw it away. It c nil 1 be dUpxcd of at a ivductma of £2oi!o or £:btOo on hU estimate. He could not livr; on air, but if the credit >rs would aiiow him XT* a week ho would de what he couhl.

Mr IhxHlnoo? Fai l the usual c. *urs- was for the debtor to make ft statement as t» the cause of bankruptcy, He thought they wore entitled to that.

MrTa>lor said the hooks would show his transactions. The principal cause* of failure were high charges of interest nod unnr. Tirable returns from the Manawa run. The bu-iut-ss itself ha I been a paying one. la auswa-r t>a qu'stiou by the Assignee; Mr Taylor add : I may say that I have ma kno di.tinctloa between tru*t and gonerd aceouuls. It is of no uio beating about the hush.

Mr G-b-gg moved, “ That, in the event of the meeting bang a.lj mrned, in the me uitime MVs-i.-s Dnthie an t lorn* should be adce.l, :>s exp-Hs, to go over the stock sheets and fur-iii-U the creditors with an estimate of them. The motion having been duly seconded, was carried.

Mr K'ull hoped the Assignee would put ionu one in charge of the business.

Mr Graham replied that be had arranged wilii Mr 13 Try, Mr 'Taylor’s held clerk, to retain possession in lus (the Assignee's name). Ho must a-dc that the creditors would aulhui ise him to engage professional assistance. Mr iCrnll moved, “ Teat if necessary the Assignee be authorised to engage professional assistance.” C a mod.

Mr Beck : Is Mr Taylor prepared to make any oiler ? Mr Taylor : I hive already made tv suggestion as to the mode in which I think the estate should he wound up. I am not in a position to make any oiler, nor have I any people who would make finch an oiler as I I would care to be made. I have every confidence that the estate could be realised in the manner I suggest at a very small reduction. If, however, it ia to be realised in accordance with Mr BiddeU’a estimate, the cro liters will find that they will have a very small dividend. If you put it in the market just now you will not get one-half of its value, Mr ICtull agreed that it was purely a matter of valuation.

The Assignee said he was only selling far actual cash. Ho should continue do so until the next meeting. Mr Ballinger : lias there been no sale since the bankruptcy ? Mr Taylor replied that hardly anything had been sold. It had, indeed, been it complete shutting up of the shop. Mr Ballinger said it would surely be better to shut the shop now, and save salaries. Mr Dalrymple moved, “That the business be carried ou with the usual machinery, under the supervision of the assignee.” Mr Boardmau moved, “That the Ollicial As.-dgneo continue the wale, either for cawh or credit, till next meeting, ponding the report of Messrs Duthio and lorns.”

Me O'Shea : With the assistance of Mr Taylor anti his staff ? Mr Graham said he must object to that. Tt was impossible for him to work with Mr Taylor, seeing that thcro was no certainty yet of the ulterior proceedings which might take place. Mr Glegg asked what Mr Taylor’s staff con* sisted of now.

Mr Taylor said he had seven at present. He might say he had discharged four hands with a view of reducing expenditure, Finally, after a desultory discussion, tho meeting was adjourned to Tuesday, the 15th instant. Mr Huardmau’s motion was nob pub to the meeting.