CREDITORS' MEETING.

Otago Daily Times, Issue 10291, 23 February 1895, Page 7

CREDITORS' MEETING.

Re .T. Loudon.

A meeting of creditors in the estate of Jacob Londua, of Karow, storekeeper, was hold at the official assignee's office yesterday morning, there being about a dozen creditors present or represented. Mr Atkinson, the deputy-assignee, 03maru» stated that the bankrupt was present at the meeting, as several of the creditors wished an explanation in connection with matters concerning the estate. He mentioned that bankrupt had been examined in Oamaru, the evidence taken dealing principally with the hawking business carried on by his nephew (Mr Simons), and a security given to him over the boob debt?. The whole of the assets except tbe stock were mortgaged. The book debts, present ;vnd future, were mortgaged, so that all had passsd out of the bankrupt's hands to the mortgagee. Badkrupt, in examination, said that he did not fcell any creditor of the assignment he had mad«, and did not know that he was losing all control over the books when he made it. He had bought goods since then. He had thought that ho would be able to release ths books sg^in, and believed that the shearing would have brought him right. Mr Wilson (Biug, Harris, and Co.) asked how that could be when he did not possess more than £100 end owed £1000; arid, continuing, aslrcii tyankrupt if ha knew his position v;hen he bought the last parcel of goods from the firm p.f Bing, Harris, and Co.

Bankrupt replied in the negative. Mr Wilson : When did you take stock last ? Bankrnpt: About 18 months ago. Mr Wilson: Have you got a copy of that statement ?

Biinkrupt: I loft it in the place.

Thn Deputy-aspigneo said tbat bankrupt hod statsd at the previous meeting that he bad left everything iv the premises, and all that was there wan before the creditors.

Mr Kempthorne: Then there is nothing to toll us about these matters ?

The Deputy-assignee; No. I have banded the books to an accountant, but ho could make nothing of them.

■ Mr Baxter asked when the bill of sale was given.

Bankrupt: About five or six months ago.

A Creditor asknd if any monoy was received on account of the assignment, and. if so, how much, to which bankrupt replied £50 or £60, which he paid away to creditors.

In reply to a question as to the cause of his position, he said hfi lost by fire and by floods, from which he suffered a good deal.

The Deputy-assignee: You bad a nephew who came into your employ about 18 months ago?

Bankrupt: Yes, at 30s a week at the start,

How often did you pay him ?—I didn't pay him at all.

How long was he with you ?—About two years.

So you owed him £160 ? What led up to this mortgage ?—Ho came to me and asked me for money as he had never received any. He snid he must have some. I replied, "Yon know I can't give you any," and he said, " Well, jon can secure me."

The DepuEy-assignee: And you gave him all the book debss ?

Bankrupt: I did. What I owed him was for wages and money he lent me.

Covitinuiug, bankrupt said the cash book wns only kc-pfc for things sold in the shop, not for borrowpd money. So that money borrowed from Simons would not appear. His nephew also gave him four watches, the value of which was £10. There was nobhing else. He gave bankrupt money when he signed the assignment, but bankrept could not s*y riow much.

In reply to Mr Wilson, bankrupt said an auction was held at Fairlie Creek when his uepfcew was hawking.

ulr Wilson: And goods sold at a third of their cost.

Bankrupt denfed this, and thought the prices obtained were fair. There was another auction at Tiraani which was causad by prc.ssnre. The debtor proceeded to give a lint of names of people to whom he had paid money, commencing with Bing, Harris, and Co., wheu Mr Wilson, their representative, iifked bankrupt if he thought the debt was lens now than before, to which bankrupt answered yes.

Mr Wilson: As a mitter of fact it is double. Another Creditor: And that is our position, too.

A lengthy examination of bankrupt followed, in which he made statements arid corrected them, and also, on the_ deputy-assignee's showin,';, contradicted hia evidence given in Oaraaru.

The Deputy-asßignee to the creditors: Yoa won't get any information, gentlemen, if you stop hero all day. You will uovr see what I have hful to contend with.

Mr Wilson : Do you think the bankrupt has any information to give ?

The I-lenuty-assignee (with emphasis) : No ; I dou't think he has.

Bankrupt,: All I know is thnt I have been working for you all for four years.

Mr Wilfon : I would sooner have paid you and have bad you let it alone.

A Creditor: We will never get any satis' faction.

The Deputy-assignee: The sworn evidence of employer and employee (Mr Simons) do not agree ; they do not compare satisfactorily.

A Creditor: They had not time to oompare notes properly.

Mr Baxter: I think we had better bring him before the judge, and make lam speak.

Bankrupt: I lost very heavily at the races yesterday, and I forget.

MrWilfon : Ithiukyou haveaaid aboutenough tn-day. Mr Baxter has proposed that you be brought up for public examination, and I will gladly second that. I consider that tlis answers made aud the way bankrupt hns treated the creditors is disgraceful. No information can possibly be elicited in any shape or form from him, end when he answers he contradicts himself every time.

The motion Sor a public examination was then carried, Mr Simons (another nephew) dissenting.

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