MEETING OF CREDITORS.

Otago Witness, Issue 1874, 21 October 1887, Page 10

MEETING OF CREDITORS.

! Re Ht/ofl Caukbb. A meeting of creditors in the estate of Hugb Calder, of Caversham, contractor, was held at the office of the official assignee on Monday aftertiooti. There was a small attendance of credi* tors. Mr James appeared for the debtor. The bankrupt's statement showed :—-Liabilities: Unsecured creditors, £152 Is sd ; secured creditors, £6669, less estimated value of securities, £8998 (surplus to contra, £2329) ;— total debts, £152 Is sd. Assets: Book debts, £2s ; ■ furniture, £110 ;• freehold section, Clarendon, i £25 ; surplus from securities in hands of ; secured creditor*, £2329 ;— total assets, £2489; ! general surplus,- £2336 18s Id. The principal i unsecured creditors are: —D. Calder r £40; ' Caverfhara Borough Council, £38 9a 6d ; Joha Sibbald, £ffi 6's 6d ; D. Baxter, £19" & 4d ; Wm, Wilson, £7 10s ; Caversbam Gas Company, £4 0s 7d. The secured creditors (mortgagees of properties) are as follow ;— William Kennedy, 1 amotfut of debt, £2205, value of security, £3218 ; Natioual Insurance Company, debt £2140, security £2000 ;• Colonial Bank of New Zealand, debt £1038, security £1500; Loyal* Hand-and-Heart Lodge, debt £800, security £1500; Thomas Burton, debt £48S, security £780. The Bankrupt, examined, stated _ that the cause of his bankruptcy was depreciation in the value of property. The valuations in his list were ' those of tfce Government valuator for the property tax. Pressure was brought to beat on him by the National Insurance Company* They issued a writ for £144 interest, and that compelled him to file. He had been some years out of business. He had been living on rents from his property. His wife had property in her own tight, which was valued for about £520. This property was bought out of money that was hers 25 years ago. He had no expectations from any quarter. The Assignee pointed out that the debts were remarkably small for one apparently holding such a large estate. Mr, James said Mr Calder was a victim to the fearful depreciation of property. It was resolved that furniture to the value of £110 be granted to the bankrupt, who said he did not want an allowance. It was agreed that the assignee should do the best he could in regard to the properties.