MEETINGS OF CREDITORS.

Otago Daily Times, Issue 11397, 14 April 1899, Page 2

MEETINGS OF CREDITORS.

Re-Thomas Andhews,

The first meeting of creditors in the estate of Thomas. Andrews, of Waikouaiti, farmer, was held in. the. Official Assignee's office yesterday morning, Mr Sim appeared for the bankrupt, and there were five creditors pr their representatives . present—viz., N.Z.L. and M.A. Co., Ualgety and Co., A. G. Watson, and J. Keid and Son. -' ;

Bankrupt's statement'showed his liabilities to be £239 Is" 3d (secured creditors £150, less estimated Value of securities £170 surplus to contra £20) ; asijete (farm at Waikouaiti ' £90 17s, leasehold farm at Waikouaiti containing 2100 acres £10, surplus from securities £20), £120 17s. The principal unsecured creditors are —Aloitut. Ida. Chronicle, £B'l3s; J. Alexander, Naseby, £20; J. Pearson, Naseby, £7/9s; S. Harris,' .Kyeburn, . £12; J.''Law, Eweburn, £6 10^'; iDr Church, £6 13s. 6d; R. Inder, Naseby. £60;. J. H. Milligan, Oamani, £4 Ss: Kecd and Gray, £3 6s 9d; A. G. Watson, £9 14s ; Mollison and Co., £8; C. Cordes, £22 3s 6d>; S. Solomon.'£B 7s; Dalgety and Co., £50; A. Konuard, £4 4s. .. The. secured creditor in the estate is John Reid and Son, the amount of whose debt is £150, and estimated value of security £170. : Tho security was in respect of. freehold property,, of twq and a-half acres situated iti Thomas street, Waikouaiti, with eighVroomed dwelling . house .thereon, and out-buildings. ." / ■_ Bankrupt,' in his.Written statement, said that he started farming on Maniototo in tho year 1886 with a capital of £300. He leased a farm of 400 acres at 2s per acre. He had it leased for seven yeara. Bo made nothing out of it for the time ho had it leased,'but held his,own. In 1893 ho bought tho farm, giving £1100 for it. A few months after buying it his ; 'wifp died. Her sickness.cost him a lot for 'doctors, arid he had to keep a housekeeper ever since^ Twelve months after buying ,tha ,place ho had three dry seasons in succession. Two years out of the'three he did not grow as much as would feed his Btock, and'had to I buy 'all seed for two seasons, • and he had about. 200. acres under; crop'each year, juo could see,.he.could not keep'on,.and thought it beat to call a. sale. Twelve .months ago ho sold everything except a horse and saddle. Tlie farm brought £580, crops, stock, and implements £279. Tho Btock and' implement's went at half their .value, as the farmers had ,uo money, to go in for.them on account of the dry.seasons. Three months before leaving the Maniototo. he-.took up a sheep run at Waikonaiti thinking the sale would have turned in more money,than it did. He,found he could;not carry, on, and had to file. He handed over everything he had to his creditors, and could not do any more. ' ■ The Assignee asked bankrupt how did he think he could make the farm pay when he paid £1100 for it, if he could not make it pay when he lfiased.it for 2s an acre. Bankrupt said that times wore better when he bought the farm than when he,leased,it, He said he paid £400 down for the farmland the balance stood at mortgage at 6 per cent. The farm was afterwards put up for auction with a reserve of £600. It did not realise this, but the: inortagee let bankrupt off for tho balance. His stock and implements, were also mortgaged, and the, sale, therefore, left him nothing. The sheep run at Waikouaiti was .taken up, three.months before he sold out of the fariri. Ha leased the run, which was 21Q0 acres, from the Hawksbmy Borough Council at £100 / a year, and went into debl with Ualgety und Co. ,to the extent of £40 for stock. Bankrupt kept no books. Mr Reid said, with regard to the property for which they were agents the security hud been realised, and there, would be a small balance. ;

After further questions, it was decided that Dnlgety and Co. should proceed with the sale of the stock, which comprises 320 head of ewes and lambs. ■

B.jc Chaisles Bason. A_ meeting 'of creditors in the estate, of Ch'arlcs .Eason, of Owaka, settler, was held in the Official Assignee's office yesterday afternoon. Mr.Milne appeared for bankrupt, and there were presents-Messrs A. Jleder (Owaka), J. Prossly, J. MTarlane, and W. T. Bunting- , V in-

Bankrupt's statement showed his liabilities to .be £102 8s; assets—furniture, £5 ; three bullocks, £3'lss; total, £8 15s; deficiency, £93 13s. The principal unsecured creditors are: E. A.: Smith, £16 2s 4d ; H. Lamont, Kaikorai, £11 11s; W. T. Bunting, Kaikorai, £10 9s Sdj — /Sutherland, Kaikorai, £1 15s sd; J. Presaly, £5 16s; —. Anderson Romahapa, £10 4s: A. Meder, Komahapa. £26 ss; New Zealand Co-operative Co. (Limited), £7.

Bankrupt, examined on oath, said that the greatest number of stock he had at, Owaka was three bullocks. There were also four cows belonging to his wife the-re. They were the progeny of cattle she had at Halfway Bush. The farm was hold in his wife's name, and the rent was 9d per acre. No cattle had been taken off his place within tile last three months. There was about 7000 ft of cut timber on the farm belonging to his wife.

Mr Meder asked if it were not a fact that bankrupt went down to Owaka and got the farm in his wife's name, and did not pay any of his tradesmen. '

Bankrupt denied-that that was so,

Bankrupt in his written statement set forth that otvfrig to the illness and death of his first wife in 1890 he was involved in heavy expenses for medical attendance and housekeeping service. From 1890 to 1895 he lost 67 head of cattle on a farm at the Kaikorai infested with lung worm. He was married to his'second wife in 1891. He had 10 children, three of whom were maintaining themselves. He went to Owaka in 1895, whore his wife had previously taken up a section on perpetual lease. She had about £35 of her own money, and with this she bought' some furniture, and built a hut. Hia" earnings for outside work for the past two years had not amounted to £12. He had been compelled to file, by the issue of a judgment summons against him by Adam Meder, of Owaka, in respect of a debt of £25 Us sd. -

Mr. Pressly moved, and Mr Bunting seconded, that bankrupt's discharge be opposed until he paid 5s in the £ to his creditors. . \

Mr Meder voted against the motion on the ground that bankrupt should be made to pay

The motion was accordingly lost by value; and the meeting thereupon adjourned sine die.