MEETING OF CREDITORS.

Otago Daily Times, Issue 12414, 25 July 1902, Page 8

MEETING OF CREDITORS.

■ <4» Re X. L. Rem. I The first meeting of creditors in the cslulo of Norman Lindsay Reid, or Alexandra, watchmaker, was held at the office of the Official Assignee yesterday afternoon. Mr Donald lieid (-Milton) appeared for bankrupt, Mi Stewart (Milton) represented several of the Alexandift creditors, and about half a dozen creditors attended in person. The statement filed by bankrupt showed that he had unsecured creditors to the extent of £327 Gs 9d. He had stock-in-trade amounting to £101 us Id. book debts £2(1 19s Gd (estimated to produce £•>!), shon fittings £17, and tools £2C— total assets £162 Gs 3d, deficiency £165 (Is Si. Ine principal unsecured creditors are: Mrs Jas. Keid. Milton, £100; A. Beaver and Co., £33 10s Id; D, Benjamin and Co., £21 2s 7d' 1-. Sladen, Christchurch, £10 10s lid; Henry Neill, £K 17 Sl Ud; M. M'AUen, £12 9s; and Jas. Rivers, Alexandra, £10 4s. The other amounts are under £10. Mr Donald Reid said an execution was put in by one of the creditors, and he had wired to bankrupt to file to protect the other creditors. Bankrupt was under the impression that ho (Mr Reid) could do it for him. and he (Mr

J.eicl) had to inform him Ihnt he could i:ot. bankrupt {hen wont lo Mr Maedonald, but ho was engaged. As the largest creditors mere in Dv.nedm. it was thousht that it was proper hat bankrupt should file, there. Later on the test statement that could be made up would be supplied. During the lime bankrupt was m Mnton the books were right enough, Mr Stewart having kept them pretty straight, but since bankrupt went to Alexandra he had not kept lus books as he should. However, from information given by him* and Mr Beaver, the amounts received in the business were pretty well accounted for, and also the debt 3 he had paid,

_ Bankrupt, examined on oath, said he had been in business on his own account two and a-half years. He started without any capital. The £100 advanced by his mother'he received in September, 1900. This was for stock, as.he was only engaged in repairing business before .that. He started business in Miilon, and left foe Alexandra tho beginning of February, 1901. He attributed his present position to general slackness of trade in Alexandra. Ho was a single mi'.n. The price put down for the stock was cost. Ho paid at first 10s a week for rent, and his board brought it up to £2 2s per week. Ho was burnt out at Alexandra, and his total loss was £80. He recovered £10 from the insurance, and incurred expense in refitting, making a total loss of about £60. He had not kept books because he did not thoroughly understand bookkeeping, neither had he kent an account of receipts and cxpendituic. Ho had brought all hi 3 stock to town. His earnings during the time he was in Alexandra would not exceed £1 a. week.

Mi Stewart said that when bankrupt stalled he had no capital, and after working fivo or six months there was found to be very little in the watch-making over and above his board, most of which he had not paid to his mother. He (Mr Stewart) spoke to Mrs Roicl, who thought it would be better if bankrupt had sonic stock, and she lent him £100. Ho went to Buncdin, and came back with about 1150 worth of stock, although he had been warned not to go beyond £iO9. It was found that there was very little to be made in SIillo:i, and they thought he would have a better chance of making a living at Alexandra. Consequently he went to Alexandra, and it was only a week ago that they knew of his present position. If it had been known he would have been advised to call a private meeting of his creditors. He (Mr Stewart) did not think bankrupt had made.ill a week— oossibly he mads 15s. including everything. He made a loss of ffiO by the fire, and rented a hut, where he lived for 7s or 8s awcek, to keep down expenses. During the time he was in Milton ho made about £3CO, which just about balanced his expenses. Bankrupt said he did far less business in Alexandra than he did in MiKon.

Mr Donald Beid, replying to a creditor, said bankrupt's friends were unable to help him. His mother had offered to slant! wide so that the creditors might have everything, but Mr Beaver would not agree to that. Mr Benvet was quite justified in doing what ho had, hut his action had not mended matters. He (Mr Ecid) would make this proposal:—Mrs Heid would withdraw her claim and give up everything, the tools being also given up. He thought that was as fair as anyone could bo expected to do. He believed that bankrupt was blamablc for downright carelessness, but ihii he could say: that young Jleid was r..s sisady a young fellow as they would find a;rywhere. The fact of his living in a tent for the lost six months and doing his own cocking showed hov: honest he was. No one conM say that lie had been guilty of anything improper towards his creditors. He (Mr Ueid) as a creditor would move that the creditors take everything bankrupt had got. Mrs Beid withdrawing Jisr claim, and that bankrupt be recommended for his immediate discharge, Mr-Isaacs (Bsnjamin and Co.) seconded the motion, which was carried unanimously. It was also resolved that a claim by Beaver and Co. for £13 for exuenses incurred just previous to tanlmint's filing in connection with legal proceedings be treated as a preferential claim; also that tenders be called for the purchase of the stock, to be seen at Messrs Beaver and Co.'s premises..