A MEETING OF CREDITORS.

New Zealand Times, Volume LXXI, Issue 4313, 23 March 1901, Page 3

A MEETING OF CREDITORS.

SOME CURIOUS TRANSACTIONS. The adjourned first meeting of creditors in the estate of Win. Henry Adams, labourer, Petone, was held yesterday. There were present the Official Assignee, Mr Wilford, for the bankrupt, Mr Kirk, for Mr Hart Udy, of Petone, and other creditors. The statement of bankrupt s affairs showed that he owed £145 11s to sixteen unsecured creditors, including— Messrs Hart Udy, £7l; Sharland and Co., £2 10s; Kempthorna and Prosser, £4; J. Jones (Eketahuna), £10; T. James (Pahiatua), £lO. There were no assets Examined cn oath, the bankrupt said that he had Keen doing “odd jobs” as a builder for the past twelve months. Hid last work he had was at Crofton on a house for his wife. He was paid by her; and she found the timber. He got the timber from Mr Udy, but did not pay for it. The value was £7O cdd. Mr Kirk refused! all his wife’s offers to settle. Mr Udy was informed that the timber was being used on the bankrupt’s wife’s section at Crofton. His wife had £2OO left her before her marriage, and he borrowed from her from time to time. He repaid her £BO about March last year, and she bought two sections at Petone, one of which she gave bankrupt, which he mortgaged. His wife held the other section, on which the house was built and then mortgaged it for £2OO. His wife got the Crofton property last April, paying £6O for the section with money leift out of the mortgage on the Petone property. He bought an old house in Wellington for £22, and took it up to Crofton, where he re-erected it. His wife got some timber from Waddell, McLeod and Co., and Mr Mothes, Petone, paid for it. He never saw the bills. Some of his debts were three or four years old; some nearly six. He had not failed before, but had some debts at Eketahuna and Pahiatua. He had been engaged in the aerated-water trade and at times; labouring. ’ ,

Bankrupt was cross-examined by Mr Kirk. The Petone house (his wife’s) was, he said, valued at £330, and was mortgaged for £2OO. The house alone was worth £270. He could not say why his wife, with a margin of £65 on the mortgage, did not pay Mr_Udy for the timber. His wife owed Mills and Co: £4O for material ordered by him. The sum of £BS was raised, but Mr Udy was riot paid.

Elizabeth Adams, being sworn, said her husband’s statement was, in the main, correct. She understood) that the timber was to be paid for when the mortgage on her property was raised. She did not know that Udy'hadl not been paid. She knew a lot was owing. She knew when she bought the Crcfton property that Udy was being left unpaid, She promised to pay Udy £2O and draw the rents of the Petone property. She was not prepared to give security for the amount. •« shaJjM «■ Jwm »ww %9 keep, pibit £BOO when the mar* ma.. She lent Mf husband £IBO twelve Hha ago, and he had paid M £BO arehlaiti Mr Wilferd stated that ho was author* ls«d to tfw Os in tha.£i ra «} proved debt* within two months of hankrHptey, Mr'Udy eonsptod to nooepfe thla.prohis. oosts in tmnhrnptsy wars .made a. tot ehwge the amount psjd in, Messrs Broesleburst and Bontborne as» seated also, and the meeting was adjourned sine die. 1 The Official Assignee'made some very severe remarks during the hearing of thq evidence. In hie opinion!, it was a ease almost of robbery.