T. G. RITCHE'S BANKRUPTY.

New Zealand Times, Volume LXXI, Issue 3957, 24 January 1900, Page 3

T. G. RITCHE'S BANKRUPTY.

The first meeting of creditors in the estate of Thomas Grant Ritchie, merchant, was held at the Official Assignees office yesterday. Dr Findlay, who appeared for the bankrupt, stated that all bills endorsed by Mr V. G. Ritchie (bankrupt’s father) would be fully met. Mr D. Simpson., among others who made complaints about not holding hills endorsed by Air F. O. Ritchie, stated that ha had advanced £BO to Alessrs Ritchie and Nairn on condition of repayment out of a sum of money expected from England. Instead of that being done,, the myne.v. in, question had been set aside tor other creditors. Bankrupt's statement was to the effect that he started business as auctioneer in W’illis street at the end of 1897. He had £4OO, advanced Him by his father, and carried on business alone for about twelve months,, and was then Inpiit out. He was insured lor £4OO, which was paid iiv full. Ho lost about £3OO above insurance. With the £4OO he paid a'.! his debts and sums due for consignments, and this took the whole amount. He repaid nothing to his father, and still owed him the £4OO. After being burnt out be was allowed a further £7OO by his father to start in business again, and hi addition ho hurt .£IOO of his own. This would be in Oetoboi', 1808, and ho arranged to build «n a Corporation leasehold in Lower Cuba street, The premises cost £1997 to bllild, ftful £205 more in other ways,. It was valued for mortgage purposes at £2400. His father promised to lend 1 the £7OO referred to out of money invested by him in Scotland, and which was exp'ectecl iu December. In order to enable him to pay the builders, bankrupt mortgaged his leasehold in Cuba street. and his father gave a mortgage over his property in Wellington, and also over the debt due to him from Scotland. Dr Findlay advanced bankrupt £350 at first without any formal security, and bo arranged for a permanent' advance of £I4OO to pay for the building, which, with the £7OO to be lent by tHe father, would fully nay everything in connection with'the building. To enable, bankrupt to carry on, Air P. G. Ritchie "agreed to in crease his loan to £IOOO. and out of this he expected to be able to finance the business. The money from Scotland should have been in Wellington in December, 1898, or early in January, 1899, liut it was stopped by Air P. G. Ritchie, who had been persuaded by a friend not to lend it, and who wrote telling ids lawyers in Edinburgh to disregard the request already mailed, and to keep the money in hand. The non-arrival of the money greath impeded bankrupt, and began to spoi l his credit. In April he raised £IOO on his furniture. Air P. G. Ritchie, in view of the nositiou, wrote Home explaining that be now relented of his change of mind, and asked his lawyers in Edinburgh to send out the money ; but in view of the contradictory instructions they sent in June £4CI 18s and said tliev would re-invest the balance for Ids father. It was not until October last that the balance (£SOOI came out. Examined by the Assignee, the bankrupt (wild is in delicate health) said, after doing well, his firm’s credit had been damaged by the non-arrival of expected remittances from England. Witness personally drew £225 in the past eighteen months. Mr Nairn said he had no interest iu the business in the first ulace, being engaged on a salary.' In tire last year he had drawn under £OO. It was ultimately deckled that an investigation should he made by an accountant into the bankrupt’s affairs, at the expense of the estate. The meeting adjourned to February 6til. "