BANKRUPTCY.

New Zealand Times, Volume LVII, Issue 2546, 26 June 1895, Page 3

BANKRUPTCY.

MEETING OE T. DICKSON’S CREDITORS. The adjourned meeting of creditors in the oi-tato of Thomas Dickson, grocer, was hold in the Official Assignee’s office yesterday 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 ho bought out Mr A. W. Brown’s business seven years ago for .£2OOO odd, including AIOO for goodwill. The rent was then £5 a week. 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 -£1732, made up as follows; —Stock, £2170; A. W. Brown, £286 ; book debts, .£2136; horses and carts, .£100; fittings, .£3O; butter machine, £llO. 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. Ho did not invest it except in his own business, and ho had about £4O or £SO when he wrote the letter. Mr Hines had agreed since his (Mr Dick-

eon’s) bankruptcy to make no elaim. Ho did not owe Scott anything beyond £1 for some wort he had done for him. The cheques ho got from Sir Simpson were for money lent him (the debtor) from time to time, which he had repaid. Oil the proof put in by the Wellington Loan Company tho sum of .£O2 lOr had been paid, which was more than had been credited to him. (This, the Official Assignee stated, was denied.) Sir Ell had agreed to pay him £SOO premium in consideration of his advances, amounting to £250, and gave him (tho debtor) a bill for £750. This was in the hands of Messrs Skerrett and Wylie. He was sure that he did not give it to them for Nathan and Co., who did not know ho had it. Ho gave it to their accountant for the firm to try and collect for him. Messrs Brandon and Hislop had Eli’s £2OO cheque against advances amounting to £l3O.

Tho Assignee said the missing cash-book bad tamed up. The debtor’s system of bookkeeping had been most defective, and considering the consequences it was a serious question whether ho ought not to consult tho Crown Prosecutor on tho sub ject. He did not suggest that Mr Dickson intended fraud, but from tho way in which tho books bad 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 £896, which he considered very satisfactory. Tho 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 Os 8d in tbo pound, as lie 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 tho bankrupt his immediate discharge. Mr Graham seconded the motion. Mr Aitkon asked whether it would bo right to pass such a resolution. Tho 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 line die.