NEW INSOLVENT.

Otago Daily Times, Issue 1171, 3 October 1865, Page 5

NEW INSOLVENT.

(FIRST nEAEING FIXED TOO, NOV. 13tII.) John Russell Smith, merchant, carrying on business in Dunedin, in co-partner-ship with John Currie, of Melbourne, under "the style of Currie and Smith. Debts due by the petitioner, jointly with his partner, L 19.237 12s Bd. Partnership a'seta—amount of good debfs, L4SGB 17s 3d ; bad and doubtful debts, L 3249 4s 1 Id; value of real and personal entire, L 13,917 2s lOd ; total assets, L 21,735 5s ; surplus", L 1497 12s 4d. Debts dae by the petitioner on hia sole account, L 94 ; asset?, value of real and personal estate of the petitioner, on his Bole account, L 65 ; deficiency, L2D. Canses of insolvency—loeses it> business through bad debts contracted in the ordinary course of trade, having lost by that means alone more than LGOOO in the course of the last two years; great depression in business in this Province, and the falling off in the demand for the supply of goods to the up-coutitry storekeepers, who were the petitioner's principal customers. The petitioner having been compelled to call his creditors together some five or six months ago, with the view of obtaining from them time for the payment of his debts, which has caused the total ruiaof hia credit here, and his also considerably damaged the-firm's busi•ness iit Melbourne, and thus rendered it impossible for hia partner to obtain goods on the usuat terms of credit to supply the establishment here ; and legal proceedings having been taken against the petitioner by one of his creditors. B. C. Hag^itt, Dunedin, Solicitor. Petition filed 2nd instant.