MEETING OF CREDITORS.

Otago Daily Times, Issue 7294, 14 July 1885, Page 2

MEETING OF CREDITORS.

!h*E If. lit I'gittSON

A-rJieifeii'ife'if 'efelitors in the estate of R. B. Pcarsoir. lA'Atfeeper, was held yesterday afternoon. Mr Dicjc \Wrt present ou behalf of the' Assignee, aud Mr Gallaway for the debtor. The debtor's statement showed liabilities, £975103, consisting ofi -Unsecured creditors, £725 10s 1 secured creditors, £2887—the latter holding securities of the estimated value of £2037. The assets cttiV- I sisted of stock-in-trade valued at £15, iVrid ft. A'nart'er- j acre section situated in tho Wwrt <ft Ifamptfeii valued at £15, the deficiency thus being £9i5,105. I S l«'_l ln, 8- c5 lM'e^> c,re.a-lto^9 n^PiWm-rrL'. Jfac'fe.ViV, : £18 0s lOd 1 Wright, StepheiVsoiV.ji&a 'C 6,', $33 HS p. WeUlandCd.'.lEoMsW^N.z.jt. Ami A Co., £16 los Id; OdW'Afal C6'-op'erki'\* Sttlil Agricultural , C 6.' . £1&-1711 «Aj J. Gray, butcher, St-. Kllchn.je, Nfclll Bros., £60;: R. AVilson p,!- fJ hJi , y° . s 8d; uSg>ns and Gibson, ,tT &' Ji' i V- M!vce(J °. stationer, £2; .0. AVilson, ■baker, £2;. H.. Lamont, butcher, £7; Marshall and Copeland £2o0; Keast and M'Carthy (Limited), £10 lbs; J.Hardy and Co., drapers, £5 2s; Brpwn, Ewiiij. »nd Co., £13 17s 10d; Herbert, HiU'HeS, aiid vJO., M I «s lld; Dr Alexander, *6 108 i A-. B»a'k\Wdd> slaughterman, Half-way Bush, Ml; Craig ftiVd Gillies. £1 ls-6d | A, Shepherd, hil'tch'er, llftf Dlllledm Corporation, *8(. ColrttthJJ. BA^.k-, *1 5s lflij ■ Thomson.and Co-., mute Bl\ Wi Lane and Co.',: £ig ' 05 lld i.Martih And AVAts^tl>, Jl 16s 3d'; A. ahd T„ , Inglis-, *3 7s GA v BftilUlSy and Son', £9. Tlio secured °t^S?'\ ft^! G-.Fcmrick and G. A. Fenwick, seettiiM by mortgage over sections for £1587.1 theEquitable Investment Company, secured '•'il'? Jfto'rt- : gage over the Salutation Hotel for^tSOO. The Assigiiee.said.thet^ \\^_ \ sum of £308, probaby belonging t6 the eJtVlte, in the hands of Messrs Callan.ahd GtalimVfty, the proceeds of an insurance made in fhA^Wt of Mrs Pearson. He wrote to them instructing them not to pay over the money .until their rights were ascertained.. He. lmd,.'rtfsotaken legal advice, and Mr DicH.woullfe'ihle to inform the meeting on .the majjtJOf. lie also found that there was a bilhard : tiibf4 Which bad been seized, and was in the hpt^i OT Mr Park. That had been given 1!&2. b*i -id be sold- There was a Pi*™ and some IttfdS also in the hands of Mr Park. Messrs Callan and Gallaway had given every facility in connection with the claim for the money in their hands. Mr Gallaway said his "firm had acted in the matter towards the creditors under instructions frflM Mr and Mrs Pearson.

. Mr Dick said the whole questiim \v3& very much involved. There was not ni.i^ft dispute about the tacts, hut the cortpUM»\\4 Were very considerable: because, first-Of 4U» of the property that was not in the pttssessftSY.Sf the bankrupt at the time it was destrßjiM by the fire; and, secondly, because of the insurance money paid over to Mrs Pearson's solicitors. It appeared to him that a considerable portion of the property destroyed for which the insurance company had paid did not belong to Mrs Pearson, and the point was whether tho money received by Mrs Pearson in respect of property that was Mr Pearson's could be declared by the Court as the creditors' money, and she declared trustee for the creditors of this amount. He was of Opinion that the Court would do so. Mrs Pearson was distinctly entitled to the insurance on her property that was vested Under the deed. '

The Assignee suggested that the matter should be compromised with Mrs Pearson. It might be better to appoint-ft. supervisor 'ta act with Uilft in carrying thfe estate through-. On the rtotioil Of Mr Liggifts, s6cbnded by Mr Grey, Mr Jobberns w vas appointed Supervisor. ;The Debtor-, ill replyirtgjtO questions; said his cashbox on the morning before the fire contained £64 in notes, besides stjnie IO Us. ■He got burnt through going ill to find the box. ~ . Mr Liggins: Yes, but I Understood the cash-box was found intact, and there was nothing in it. The Assignee understood that Mr Carmftlt stated that the box was found.

. Mr Grey said if the notes were burned'th'e ash would hive remaiuetl ill the box.

The Debtor said-he had not seen the notes since the-morning before the fire; they must have been bufiied. He had heard that the drawing-room carpet had been found. It had been taken up to be beaten. '■•.:.";

Mr Liggins said he heard that the carpet was at the police station.

The meeting then adjourned sine die.