In Bankruptcy.

Oamaru Mail, Volume XVI, Issue 5083, 19 September 1891, Page 4

In Bankruptcy.

IN RE HENRY MATHIE.

A meeting of creditors in the estate of Henry Mathie was held yesterday, in the Courthouse, there being represented Messrs A. Johnston, J. Curran, and J. Bullied and Co. Mr Newton appeared for Mrs Mathie and Mr Crawford for the bankrupt.

Bankrupt handed in the following written statement :

"Shortly after my marriage, about four years I wrote home for funds, and got a. reply that no more would be sent until my marriage settlement was completed, so I put my affairs in Mr Crawford's hands to get the necessary documents. Tn April, ISSS, there was still about L 1928 to come to me from Home. There was considerable delay in setting persons to act as Trustees, but eventually Mr Crawford consented to act with Mr Duncan until some other persons could be appointed. The settlement was completed in July, 18S0, and the remainder of my money sent out to my Trustees. I had arranged with Mr Crawford to pay my local debts out of his own money, pending the receipt of trust funds from Home, and I satisfied myself before executing the settlement that he did so. About three years ago I went into occupation of a farm of 80 acres at Papakaio, belonging to Alexander Forbes, at a rental of 15s per acre, and my Trustees purchased Forbes' interest in the place subject to a mortgage to \\ illiams' Trustees of LSOO. Over L3OO was laid out in the land and buildings since erected, and the balance of the trust moneys have been expended in stock, implements, cropping, and living expenses. Everything about the farm, house._ etc., has been paid for out of the funds held by Messrs Duncan and Crawford. I have had two exceptionally bad seasons on the place, and lost heavily besides, being very unfortunate with my stock and horses. After harvest this year I believed T could pay all debts owing in connection with the place out of the grain, but when I came to inquire, I found a lot of accounts contracted by my wife, and the total was very much more than I at first supposed. I tried to make arrangements with my creditors to take part and allow the balance to stand over until after next harvest, until something turned up and prevented the arrangement from being carried out, and several creditors commenced suing me, and took steps to have me proclaimed a bankrupt. After the bankruptcy proceedings were commenced, I got my trustees to promise to pay my creditors a composition by agreeing to give a lien over the incoming harvest, and consenting to their making up any deficiency out of the trust funds, but my wife would not consent to this, and the arrangement fell through. A considerable amount of money has been spent in wages for servants, etc., which my wife considered necessary, owing to her not being stronn enough to do any work at the place, and the proceeds of the grain sold this year went in paying these wages, interest on mortgages, groceries, etc.. until there was only L 7 lefr, which was ■withdrawn by myself and wife, and I received L2 17s" Cd of the amount, which is the only money I received out of the grain. I have so.vn SO acres of wheat and prepared another paddock for fiats, but had no seed. I sold the balance of the cattle about the place, and made arrangements with the trustees for my wife to receive the proceeds so as to buy seed oats, but have not got them yet. In July, last year, when I bid for the late William Richmond's farm, I knew the trust funds were nearly exhausted, but I believed my friends at Home would assist me in the matter, and I wrote applyin™ for them to do so. I got Mr Crawford to take up the purchase for me on the understanding that I was to have the riaht to take it over on repaying all it cost, and his charges for commission, etc., if the money arrived before harvest. My friends wrote refusing to assist me, and I arranged with Mr Crawford for liim to keep the {dace as his own property, and release me from liability on my forfeiting the amount of the original deposit paid at auction on the purchase. We decided to buy the place, because we had more plant, stock, etc., than we could do with on the eighty acres. The money A. Johnstone sued for was a debt owing by my brother James, for which I endorsed a promissory note. I was told that I would not be made liable on it. as it was only to enable .Johnstone to get it dis counted. I omitted from my statement debts owing to Sinclair and Hodge and Jones, for repairs to cart, harness, etc." The bankrupt was shortly examined and arrangements were made to postpone the sale of plant, etc., for one week to enable the Assignee to complete the sowing of crops prior to disposing of the horses and implements. The meeting was then adjourned for a week to enable the Assignee to confer with bankrupt's solicitor.