MEETING OF CREDITORS

Otago Daily Times, Issue 14784, 17 March 1910, Page 3

MEETING OF CREDITORS

In- Rr E. 1,. Macasset. A meeting: of creditors in Mio estate of Eustace Linden Macassey, of Dimcdin, auctioneer, was liclcl at the Official Assignee's offico yesterday afternoon. The following crditors .wore present or represented:— Cominercial Property and Finance Com■pany, Evening Star Company,' Dunedin Money Club, ' Herbert, llaynes, and Co., 01 ago Daily Times and Witness Company, Gore Publishing Company, Caxton Printing Company, National Bank, City Corporation, Messrs Dc Leon, Esther, Moore,' Hay,_ Woodhonse, Carter, Russell, and Wilkinson. Mr I'. Calvert appeared for the bankriipl. Tho-Debtor's statement showed: Unsecured creditors, £1824 8s "2d; secured creditors, £115 lis lid: assets, £390 4s 7d; deficiency, £1434 3s 7d. The principal unsecured creditors are:— National Bank, £530; Commercial Pro: p'erty and Finance Companv, £273 5s 2d; Dunedin Money Club, £213103; F, Dutbio (or F. Carter), £160;£. de Leon. £132 13s 8d; Moore. Moore, ami Nicbo!. £56 7? 2d. Erening Star Company. £50 5s 6d: Hcrlwrt, llaynes. and Co., £40; George Esther, £40; Otago Dailv Times Companv, £36 12s 4d; O. S. Doarslcy (Christclmreli), £34 15s; G. and T. Young, £27 13s 9d; J). Cooke, £20; Kirk and Davcy (Naseby), £19 Is 6d; Standard Insurance Companv, £18 5s 8d; Dr Bafcholor, £17 17s: Bal'h,gato and Woodhouser £15 39s 6d; Goro Standard, £15; A. E. J. Blakolev, £15: Budget (Limited), £13 ss; Wilkinson and Son, £11 10s 6d; Dr Fulton, £10 30s; C. W. Hay, £7 I4s 7d; L. Rvan (Auckland). £6 6s: T. B. Feltbam. £5 10s: Wilkie and Co.. '£5 la; C. S. White, £5; - Tainc £4 6s 8d; Walker Brothers, £3 8s; Tilburv Brotlrers, £3 Is 3d. The secured creditor is Henry Eldridge, whose claim amounts to £115 lis lid, and whose security is valued at £140. The assets consist of: Book debts, £26 16s 6d (estimated to produce that.amount); furniture at private house, £250; Furniture at office, £50; piano at rooms, £9; unexpired value of auctioneer's license. £30;' surplus from security in hands of secured creditor. £24 18s W;—total. £390 4*= 7<l The Assignee (Mr Fisher), after rcadin" the statement, said that Mr Eldridge was iwured-byllio assignment of certain book debts. ■' : '

1 ho, following statement, put in by the debtor, was read by the Awiuuec":-" I commenced business in Alexandra as a sharobroker during the mining boom, and did fairly well for a timo. I left thoro for Dunodin with only £100. I started as a. sharobroker and ■ commission agent in Dimedin in July, 1904. I lost money in the business, and came out with about £25. In 1905 I borrowed £200 from my mother and- started auctioneering with this. I gradually worked up a busfness, and' for a timo was doing very well, but about two years ago. there was a very serious falling off in business. Thinking there was a large profit to be made out of tea rooms, I started the Royal Cafe Tea Rooms. This, turned out most disastrously, ( and ended in. a loss of £424; but as I thought I was doing well in the auctioneering and agency business, I thoiHif this loss could easily be. overtaken. Another speculation in which I made a heavy loss was the Ancient Briton Hotel, which I purchased for £1200, stock and furniture at valuation. Owing to getting hold of a noriDs of unsuitable tenants, over whom I lost considerably, the property was ultimately sold by the' first mortgagee. I consider 1 lost at least £500 ovov this transaction. The debts duo te Messrs TJuthie and Carter and the Monev Club, and also portion of tho Commercial Property Company s debt, arc direotly caused 'by the Ancient Briton Hotel transaction.' I also lost, about £200 m bad debts, and in order to keep going I was compelled to borrow ■money and get advances against my book debts. 1 was also put to expense in having to remove mv rooms in Rattray street and as I was being pressed bv various creditors and several summonses were out against me,' I called a meeting of mv creditors last September,-when I offered a composition of ,10s in the pound, payable by instalments, which offer was' accented by the bulk of my creditors. I ma de .„.. rangemenls, to carry out this composition, and I fully believo that I would have been able to pay it, although--it would have in-' yolvml'SOYeral years'work, as my,prospects in business seemed' to be improving When my arrangements were about cornpeed I learned that,the Anciont Briton Hotel bad been sold by the first mortice at a loss of about £150.' This involved me to that extent to Mr Carter and tho Duncdm Money Club, who held a second mortgage, and thus bcciimo unsecured creditors, to the extent of £200. I attribute lily bankruptcy to the heavy losses made in mv business and the disastrous result of the two speculations I entered into also to the very great falling off in business and the heavy expenses of rtmning it. I have made every effort to carry on in tho hope of paying my creditors, but have unfortunately failed, and as execution was issued and my goods seized I had no option but to seek the protection of the court in the interests of my other creditors. ' The Assignee said at the time the debtor filed the bailiff was in possession under a writ of the Supremo Court. The costs of the- sheriff..would, of course, be a charge against (ho assets in tho estate. He had not closed up the auctioneer's business, nor had ho done anything in connection with the loa'so. He had had the furniture valued by • Mr Reynolds, whose valuations were :;Ofiico furniture, £51 15s 6d; house furniture, £174 4s 6d. Going through the figures roughly, the estate at. the present showing panned out at about Is 6d in the pound. • lii reply to creditors, the debtor, said the year before last his income was about £400, and last year his net profit. was £108. He drew no stated sum for salary. The books' showed all his .transactions. The Assignee said he had a letter from Mr Thompson, accountant, stating that 'he balancing ,of tho books would take a fow days to complete. He (tho Assignee) iiad not had tipie himself to go through the books; they came in only shortly before the meeting. Had any creditor any resolution to move? Mr Calvert'said all the creditorswei\> cognisant with Mr Maeassey's 'affairs, and must be aware of the strenuous efforts ho had made up to the last to save his'estate From bankruptcy, lie bad been in hope I Setting assistance, from friends, but- as the bailiff had been placed in possession l'.e could jet no help from that quarter, and had to file.- ■ • • Mr Tonkinson (representing a creditor) said,- as the bankruptcy had been somewhat hurried, the meeting might be' adjourned in order to allow the debtor to look into matters and ascertain if he could make an oner. • In reply ( 0 a question, the Assignee said the . weekly expense of carrying on thehusiness would be about £5.. * ■ Jt was agreed to. adjourn the meeting until luesday next, to enable. the' bankrupt.to make an offer, the business to be I

carried on in (.lie meantime, and (lie bankrupt to be allowed £3 a week from bankruptcy. It was also resolved—" That if Mr Macassey make* an offer of £130 for the furniture (homo and ollice) the amount be accepted by ilia Assignee."