MEETINGS OF CREDITORS.

Otago Daily Times, Issue 8555, 25 July 1889, Page 3

MEETINGS OF CREDITORS.

Kb Q. Latimer. An adjourned meeting of creditors in the estate of George Latimer, coal merchant, of Dunedin. was held at the official assignee's office yesterday afternoon. Mr Sinclair appeared ou behalf of the Bank of New South Wales, and there were three creditors present. The Assignee said he had taken Mr Scott's evidence, but he did not know that it was necessary to read it • it could He on the tablo, and auy creditor oould Bee it if he wished.

The evidence referred to by the assignee is as follows:—

James Robertson Scott stated that he went up to the Union Company's office with the bankrupt at the lime he started in business nB a coal merchant. Bankrupt told him that he had had some previous communication with Mr Millß, but when they went to the Union Company Mr Mills was away, and they saw the Hon. Qeo. M'Leau; and he (witness) thought Mr Hough'on was present. Witness suggested that Latimer should buy Tomliuson'a business. Mr M'Lean said, "All right; go down and Bee about it, and see what it can be got for." Latimer went down. Witness understood tlia fj the Union Company were going to guarantee Latimer for an amount sufficient to start him. Latimer found that he could purchase Tomlinson'a business for £390. He showed witness the list, and witness said he thought it was right enough. The list contained stock, leases, and plant. Latimer afterwards tnld witness he had made arrangements with the Union Company to guarantee his account at the Colonial Bank for £400. Witness did not remember having any conversation with Mr 11' Lean about this. Mr Mills was ill London at the time. Witness went with Latimer to Tomllnsou, and the lather mentioned his price. Witness inspected everything and told Latimer it was good enough. Latimer then bought, and gave Tomlinson a cheque for £310. Witness had no instructions from the Union Company. Latimer did his own b islness with them. Tomliuson paid witne«6 £5 commission. Witness waß not then selling Newcastle coal on his own account. He was receiving a salary from the Newcastle Company for selling Newcastle coal. He afterwardß sold coal to Latimer on behalf of the Union Company. Latimer was charged the same price as other purchasers, but was allowed to pay as he wns able. He did not give bills to the company. The compauy knew that he was not giving bills, aud witness supposed there was no use iv his giviug bills to them as they were guaranteeing him at the bank. Witness went on two or three occasions to see Ills books and to ascertain how hs was getting on, and he reported to the Union Company that he was getting on fairly well. In February 1888 witness took on hand the sale of Newcastle coal on his own account, and not on salary. He then paid the Union Company the amount Latimer owed for coal, taking his bill for it. Witness had been selling him coal other than Newcastle coal on his own account, and tho bill might include some of those sales. Witness continued dealing with Latimer occasionally receiving part of his bills, until witness found himself in difficulties—early in Juno. At one time witness thought Mr David Mills said to him that he ought to take part of Latiraer'B guarantee. Witness said he ran quite as much risk as be ought with Latimer without that, and the matter was not pressed. It was not till tho beginning of July that witness thought Latimer would be In difficulties. He did not anticipate that the Union Company would withdraw their guarantee. Witness neither made nor knew of anyone making any suggestion to Latimer about his account at the Colonial Bank. Witness lm-J never, ho thought, gone the leoßth of saying that Latimer was the Union Company, but he had said that he would not have given him credit unless he thought he would be carried on by tho Union Company, and hebad also said that he considered the Union Coupuoy were morally bound to see him through, because they started him, aud should not have dropped him iv the sudden rnauner they did. The bill witness took from Latimer when ho commenced to sell Newcastle coal on his own account was discounted I hrough J tt. Scott and Co.'s account »t the Bank of New South Wales.

The Assismee said ho had to report that the business lind been told as a going concern for £167 10s, which was thought to be n very fair pric. The bocik debts were being collected, and the estate would be wound up as quickly as possible. Mr Sinclair moved —"That the bankrupt be allowed £3 n wtek for four weeks." Mr MAdam seconded tho lcotlon, which was carried unanimously. The question of allowing tho bankrupt his furniture was allowrd to stand over, and the meeting adjourned sine die. Ke B. Coylh. An adjourned meeting of creditors in the estate of K. Co.le. hotelku'per.of Kycburn, was held at the official assignee's office yeste'rdny afternoon. The Bankrupt stated that lie started business at the Carriers' Arms Hotel in July 18S7. He built tho hotel himself on what \va< then a residence area, but was afterwards 6old to him by the Crown. Mr James Brown supplied him with furniture and other Roods to the amount of £218. and he agreed to give him a bill of sale to secure him. As soon ns ho was fairly started Mr Brown lent him £100, upon receipt of which he signed a bill of sale for everythl'itt that who in the hotel, except the liquor, nnd for the residence area, to tecuro tho past debt, the £110 and further advances. Healtoßigned a mortgage of land, with the house and stablu theroon. in favour of Mr Brown to furl her secure the same sums. His brother joined In the bill of sale, because one of the residence areas stood In his uamo. Bankrupt now owed Mr Brown about £5-10. Mr Brown took possession of the hotel ou the 22nd of this month, after bankrupt filed. He also took possession of everything in the hotel. Muie furniture was brought into the house after tho execution of the bill of tale, and therefore was not included in the security. The stock of liquors in the house on the 22.id of July was not included in the security, but Mr Brown toMt it also. Baukmptdidnot.dijputehls right to take everything. Bankrupt accounted for his failure by reason of his having started at a bad Urns to try and make a new business in a country place. If was agreed, subject to the assent of the Naseby eredi'.ors, to accept £75 for all the meets outside of the bill of sale and license, and tho nisiguee was requested to repoit to Mr Inder, at Naseby.