Creditors' Meetings.

Otago Witness, Issue 1812, 13 August 1886, Page 22

Creditors' Meetings.

A meeting of creditors in the estate of Wm. Thomson, settler, of Green Island, was held in the official assignee's office on Tuesday afternoon. Thirteen creditors were present. Mr D. M. Stuart appeared for the debtor, Mr Gallaway for several creditors.

The bankrupt's statement showed liabilities amounting to £740 3s 3d. Unsecured creditors, £644 35 3d; secured creeitors, £96 (value of securities £45). Assets, £45, consisting of the £40 surplus from security and wearing~a.pparel £-5. The secured creditor is Jas. Gebbie, gardener, Dunediu (debt £96). The principal unsecured creditors are : — Neill and Co. (Ltd.), £253 Ms 3d; John Campbell, Green Island, £14S 13s 2d; Smith, Anderson, and C 0. ,£59 10s 0d; Agnes Frew, Dunedin, £38; R. Wilson, Ballarat, £20; M'Kerras and Hazlett, £40; Briggs, brewor, Caversham, £16 ; F. A. Ingle, Arcade, £12 ; W. Youug, Green Island, £10. The Bankrupt said ho had been 28 years in

the colony. Two years ago he went Home, and that caused him considerable expense. He borrowed £300 from his trustees at Home, but found that was not enough to pay his creditors. He applied to them for other £300, but they refused to give him any further loan. He got money from Home every six months. The last two remittances were £96 and £77. This was in connection with his father's will. The copy of the will he had was lost. He had asked several solicitors about the will, but they could not explain it to him, and he did not know how much had been left to him. He did not know who were the trustees in connection with the will. He received his remittances from Dr John Thomson, late surgeon in the Royal Navy. He expected his next remittance in January. The copy of the will which he had in his possession he had given to Mr Gebbie.

Mr Gebbie said he had given it to Mr Stuart about four months ago.

Mr Gallaway said he had it in his possession only a few weeks ago for a special purpose. Mr Stuart said the last he had to do with it was before the New Year. It was then that Mr Gebbie had given it to him. The Bankrupt, re-examined, stated that he had about three weeks ago drawn £77 out of the Union Bank of Australia, but he was almost ashamed to state what he had done with it. He had gone to the National Steeplechase meeting at Christchurch with it, and whether he had got the worse of liquor or whether he had been hocussed by some poisonous matter he could not say, but he had lost the money. That was the truth of it. Mr G. L. Denniston : Did you not have this money sent to Christchurch with the view of defrauding your creditors ? The Bankrupt : Not at all. I expected to be living in that quarter. I intended to work on a station there. I had to borrow £4 to come down from Christchurch. I have paid nothing to my solicitors, and I have nothing in the bank. I have not had an account there for many years. I always paid my remittances away as soon as they came. I am not aware of any insurance on my life. To Mr Gallaway : Two remittances have been sent to Christchurch. They were sent by my instructions. I wrote to the trustees at Home asking them to send the money to the Christchurch branch. I gave no reason to my trustees for that. I paid the £96 remittance as far as it went. I have never kept any books or made up a list of my debts. Mr Denniston said tbat to show the extent of the bankrupt's honesty he might just state that his firm held an assignment of his debts to Mr Fargie, and they had an order from the judge of the Supreme Court giving them power to imprison Mr Thomson. Though he had been getting remittances his firm had never received a sixpence on this assignment, though they had several times written to Mr Thomson about it. A few weeks ago he came into their office and solemnly declared that he had not received a single sixpence of his income for the last 12 months. The money had evidently been sent to Christchurch with fraudulent intent, because Messrs Mackerras and Hazlett had an order to receive his letters at the post offioo and the drafts coming to him through the bank. He (Mr Denniston) intended to take further action in the matter; he would take steps to criminally prosecute him. Mr Hazlett said his firm had a lien on the remittances, but the bankrupt had written Home to have them sent to Christchurch so as to evade them. The Assignee : It looks very like it ! Mr Gallaway : He told me the very same thing as he told Mr Denniston.

Mr Haalett said he held that his lien was good as against the assignee. He thought his firm was pfetty safe. The Assignee (to the bankrupt) : I caution you to this extent : that if any money comes into your hands and you do not give it up to me you will be guilty of larceny. The Bankrupt : I am perfectly willing. For the future, sir, I am agreeable that you shall receive all. He went on to make numerous statements, and The Assignee threatened to order him out of the room if he did not keep quiet.

Mr Gallaway said the facts coupled with the mysterious disappearance of the will looked very strange. The Assignee concurred with the remark. Mr Stuart said he did not want to be involved in any mysterious will cases. It was eight months ago since the will was in his possession. He then gave it to Mr Gebbie, and he said he had given back to him; but he (Mr Stuart) had no recollection of that, and oould not find it anywhere. A few weeks ago Mr Gallaway made application to him for it, and if they had got it it was not through him. He did not know anything about it, and they Hid not get it in any way through him. It was a ridiculous thing for Mr Gallaway to say that the will had been done away with. That would only be postponing the evil day, for it was only a copy, and another one could easily be procured.

It was resolved — " That the assignee take the necessary steps to realise Mr Thomson's interest in his Home property as he thinks fit."

At a meeting of creditors in the estate of Henry Moffatt, of Otautau, held at Invercargill, the .debtor's statement showed his total liabilities to b0£2425, of which £1520 was secured, and his assets were valued at £2525, the apparent surplus being £100. The secured creditors were : — Trustees in the estate of F. Fielding, deceased (secured by first mortgage over part of section 50, block 11, Aparima Hundred, and flour mill thereon, valued at £2200), £770; John Tod (Lincoln), secured by second mortgage over same property, £550 ; Colonial Bank (secured by third mortgage), £200. The principal unsecured creditors were: — N.M. and A. Company 1 , £300; R. Smith, (Otautau), £180; S. Wright (Ashburton), £100; Carswell, White, and Co., £70; J. Hamilton (Cbristchurch), £52; T. Bailey (wages), £50 ; W. Howe and Co., £30 ; T. Smith (wages), £18; Guthrie and Co., £18 ; A. Morris (wages), £17; J. G. Ward, £14; E. Recce and 00. (Christohurch), £12 ; Reid and Gray, £11. The Deputy-assignee (Mr M'Leod) after examining the debtor decided to interview the N M. and A. Company's representative as to the securities held.

At tbe meeting of creditors in the estate of Donald M'lntosh, farmer, Aparima, which was held at Invercargill on Tuesday, and over by the deputy-assignee (Mr R. Macleod), the debtor's statement showed that his unsecured debts to amount to £456 10s, distributed as follows :— Bank of New Zealand, £190; Bank of Australasia, £76 ; British and New Zealand Mortgage and Agency Company, £84; Robert Campbell, storekeeper (Otautau), £84; James Hay (Rivertou), £22 10s. The secured creditors were the National Mortgage and Agency Company for the following amounts -.—£lß2o on section 29, Aparima, 184 acres, valued at £2208 ; and £700 on mortgage of stock, and bill of sale over stock and implements, valued at £300— deficiency, £12.

The free assets, consisting of stock and furniture, were valued at £25.

The Deputy-assignee said there would not be a penny for the unsecured creditors, as the act allowed the debtor £25 out of the estate.

The Debtor, having been put on oath, stated that his present position arose from a series of misfortunes. The first year he held the land he lost 40 acres of wheat, valued at £340, through using spurious bluestone to dress the seed! He had also lost £00 by a shipment of 196 bags of wheat to London, but which had to be dug out of the ship there and sold as pigs' feed. Next year frost and grubs played havoc with his crops, and as prices were advancing he had hoped to meet his creditors. He had got his crop threshed but not removed from tke field when the late great flood came down and swept away over 300 sacks of oats. He had offered Is 6d in the £at a private meeting of his creditors, but it was refused, and the offer lapsed. He had now no offer to make, the friend who had agreed to find the amount of the composition having since resiled from the arrangement.

The Deputy-Assignee said that the circumstances leading up to the debtor's bankruptcy were well known to be as he stated. This was one of those rare cases where the debtor was entitled to sympathy. The meeting then adjourned.