MEETING OF CREDITORS.

Oamaru Mail, Volume XV, Issue 4656, 1 May 1890, Page 1

MEETING OF CREDITORS.

A meeting of creditors in the estate of W. Belcher was held yeßterdnyj when those attending and represented were F. H. Townsend, Liutottj Skeet and Co., G. Snmpter, J. Vernon, P. Orri R. F. Odbert, W. Boyd, W. Bee, M'Callum and Co., J. H. MilHgan and Co., Dodds and Co., James M'Keown, Mr Creagb for Assignee. Mr Harvey appeared for the bankrupt.

The Assignee said the assets consisted of four horses, a break, and some empty sacks.

The bankrupt (sworn) in answer to Mr Butt, said that Messrs Bruce Christie and Co. retain the whole amount of the proceeds of the sale held the other day. The net amount was L 157. He gave an order on Christie and Co. to the Colonial Bank for LBO. He did this because as far as he knew at the time the Bank had security over the things sold. At the time he had dealings with W. Christie and Co. he gave them a bill of sale which was lodged there. He did not remember having signed any security in favor of the Bank. The remainder of the proceeds of the sale still remains with Christie and Co. Messrs Bruce Christie and Co. held no security. He bad demanded the balance in the presence of Mr W. Bee, but Christie and Co. refused to pay beoause they had a bill maturing next month and they would hold the money then to oover it. He did not know the amount of the bill but it was far less than the balance due to him.. When he gave the order to the Colonial Bank he was not aware that be was defrauding his other creditors. There were no threats or promises made to induce him to give the order. Mr Milne made out the order in the bank, and he (bankrupt) signed it there. He went to the bank with Mr Bruce Christie for the purpose of giving the order. He went to Christie's office, and told Mr Bruce Christie he had to go to give the order* When he got into the bank he asked Mr Milne what he owed him. , Mr Milne ascertained the amount, and then made out the order. He had given no other order since the sale except this. It was about nine years ago that he gave the security that he went to pay off. He received money from home, but did not remember the amount. He first received five years since L 250, but It was net entered In his books. Twelve months afterwards he received another L2SQ. The money came through the Colonial Bank. He inherited the money through a cousin. He believed there was no more money to come from the same source. He had no further expectation. ' It is not true tbat be expected more money. He paid some cf his liabilities out of the remittances. He did not square up with the bank because he did not owe it anything. He settled up with Christie and Co. ( Mr Butt: Then how do yod reconcile the statement 1

Bankrupt: " Well, the order was given to settle an overdraft, obtained since then. The reason I did it was because I thought they had a security. I cannot reconcile the statement." Bankrupt continued that he gave an order to Brownlee before the sale for about L 3. He did not know he would have to file then. Ha sold out because of the expiring of the lease. He did not resolve to file until a week after the sale. Nothing had occurred in the meantime to make filing necessary. The reason he filed was because Bruce Christie and Co. would not give him the balance. No one bought anything for him at the sale. He had kept a day book and ledger, but not a cash book. He kept the stables about seven years at a loss. He did not know this until after the sale.

To the Assignee: He had no interest in a buggy at Curran's Hotel. He had no spring cart. The one he used was Bailey's, it never belonged to him. The cows were bonght by and belonged to Mrs Belcher. The statement was read over to the bankrupt, and Mr Harvey asked, that the statement be amended, and through the Assignee asked the bankrupt to explain. Bankrupt said he was under the impression that the old bill of sale, although not registered, was still held as security over him.

To Mr Hsrvey : Bankrupt said all the money he received from Home had been used in liquidation of his debts. Mr Bee said it was evident that Mr Balcher had been disappointed at the result of his sale, and he move'a that the bankrupt be recommended for his discharge. Mr Procter (Dodds and Co.) seconded. Mr Butt (on behalf of Messrs Lintott, Skeet and Co.)proposed as an aDicmdoaeac tbat the recommendation be postponed. The motion was carried by a small majority. -' ■ _^