MR. T. CHALMERS REID AND HIS CREDITORS.

Oamaru Mail, Volume IV, Issue 994, 26 June 1879, Page 2

MR. T. CHALMERS REID AND HIS CREDITORS.

(From the Otago Daily Time A meeting of Mv. Ileitis creditors «as held on Monday last. There w.is lm® than ordinary interest manifested in proceedings, and Mr. A. Hill Jack having been appointed chairman, explained that the meeting la) been called to hear from Mv. Reid ,m explanation of the state of his ailairs— if explanation he had to offer. The Chairman, in language more forcible than polite, animadverted on the extraordinary nature of many of the liabilities ; anil although the law of libel could scarcely in the present instance be brought info operation against us wore we to report liij pertinent remarks, we shall simply content ourselves with saying that in the case of any person whose moral feelings were not altogether blunted, the things that were said would have made the blush of shame mount to his cheeks. In the present instance, however, the " observed of all observers " —graphically described by the Chairman as "this gay deceiver, a bale in years, though ancient in iniquity"— preserved a perfectly calm demeanour. Mr. Donuiston handed the Chairman a statement of Reid's liabilities and assets, showing the former to bo L 4427 4s Od,and the latter L 3435. In the liabilities, however, a number of alterations and additions were made by creditors present, and the statement as finally amended was as follows LIABILITIES. North and Scoullar, L 27 14s Od; S .Morrison, L 420 ; Esther and Low, LSI; A. Hill Jack, L4OO ; S. Duncan, L 500; Rev. F. J. Sotham, L 228 ; F. Martin, LlO2 10s ; J. Gibson, L 347 10s ; S. X. Muir. L 25 ; W. Stavely, L2(io ; Bishop KeviH, L 125 ; J. A. Hislop, L.'ioO; John Maloney, LGOO ; Bank of Australasia, L9OO ; Daily Times, LIS7 ; J. Martin, L2l ; Brown, Ewing, and Co.,Llß;i Saunders and Co., Ll4 ; Kirkpatrick, Glendining, and Co., L 1 0; Mathesoi Brothers and Co.. L 8 ; Park and Curie L 8 ; G. and T. Young, L 9 ; S. G. Smitt and Co., L 35 ; J. Willcie and Co., LIS H. Wise and Co., LlO ; Douglas ant Falconer, L 40 0; J. Lambert, Ll3O Colonial Building Society, L 450; Jfe Meyer, Ll2 :F. Lewis, Ll3. Preferential claims, L 24 ss. Total, LSGB3 It's (id.

ASSETS. Library, L 150; personal properly, LIOO ; horse, &c., L 100; furniture, L 400; section, South Dunedin (LIOO. less mortgage L 100), LCO ; section of 3! acres, Blueskin, LSO ; stock, L!) 0 ; military accoutrements, LSO ; Volunteer Set vice Gazette accounts, L2SQ; copyrigt Volunteer Service Gazette, L7f»o; C Daley's acceptance., L4O; copyrigl " Manual of Banking," L 100; Johi Williams, L 45.; Now Zealand OJmrcli man, LSQ ; Church Society, L 25 ; suutlr small debts, L 5 5; 300 acres loasehol land, Timaru, LGOO ; Roslyn frecV (L2OOO, less mortgage, L 1480), L 520 total, L 3435. The statement of assets and liability having been amended ns above, several® die creditors gftve explanations of *'> nature of tlieir- respective claims, wuven of the large amounts having boon given f Reid for the purchase of sharc.-j, and th money appropriated without any tnuisfei to the buyers taking place. Ami v.i'. regavd to the assets the opinion w expressed that many of thoin were quit illusive. In confirmation of this, Mi'-1 C. Strode handed in a telegram froi Messrs. M'Lean and Stewart, of Tiniari giving their opinion that the Tiiuat leasehold was not worth more tlmu th rental.

Very strong language was used 1) several of the creditors present, andaftf Mr. Beid had been asked by tho Cliai man if he had anything to sav in explaW tion of the circumstance tliat he ha during the past few months received sums of money for investment, had fail' to account for the disposal of these sum and yet oame before his creditors with " statement that he had no money, Mr. Denniston, on behalf of Rejd, sal he should certainly advise his olient ' decline making any statement in expla® tion of his afiairs at a meeting of sohosti a nature. His advice to Mr. Reid won be to defer any explanation he had make until he could do so at a meet" properly called under the bankrupt laws, and where he could have their pr< tection.

Mr. Reid then declined to make ft' statement.

More vigorous language having u dulged it, it was proposed, seconded; »'j carried—" That Mr. Reid and hi.s aalJCi be asked to withdraw and the wisi die meeting in this respect having !; acceded to, it was further resolved Air. Reid be instructed to file his sche on the following day. The meeting then broke up.