MEETINGS OF CREDITORS.

Otago Witness, Issue 1905, 25 May 1888, Page 17

MEETINGS OF CREDITORS.

Re M. O'Connor. A meeting of creditors in the estate of Michael O'Connor, of Mosgiel, butcher, was held at the official assignee's office on Tuesday morning. In the absence of the assignee (at Oamaru), Mr D. Reid, jun., representing D. Reid and Co., wa* voted to the chair. Mr Stuart appeared for the bankrupt. The bankrupt's statement showed that his liabilities are £379 Is and assets £209 Bs. The liabilities are as follows:— Mrs James Brown (East Taieri), £230; D. Reid and Co., £40; Reid, Maclean, and Co., £32; Mutual Agency Company, £19 2s 6d ; New Zealand Loan and Mercantile Agency Company, £14 0-s 6d; H. Berry (Christchurch), £11 13s ; Wilson Bros., £3 10s; Falconer and Co., £4; S. Young, £4j J. Brown, £1 5s ; Thomson and Co., £8 ; D. M. Stuart, £4 ; A. M'Leod, £7 10a. 'The assets consist of stock-in-trade, £9 ; horses, live stock,

plant, &c, £100 ; book debts (£200) estimated mv4 c ,° ' caßh ia hftad » 8s ; furniture, £10. lbe Bankrupt, on Demg examined, stated that toe startod business two years ago with £40 capital and a horse worth £12. He had previously beeii working for one Thomson, and started in business for himself from suggestions to that effect by Mrs James Brown and her husband tfsince deceased), who said they would supply (him with cattle at cheap rates, and also with what money he might require. Mr Brown said be would spend £1000 on witness if necessary, as he wanted to run Thomson off the road. Mr Brown first of all lent witness £100, which he laid out in plant and stock. The remainder of Mrs Brown's present claim was made up of money due for cattle. Witness got into difficulties through cattle being very dear and the prices of meat low. Mrs Brown did not supply him with cattle at all cheap, and witness lost £1 per head on all of them. He undersold Thomson in order to get the trade from him, but began to get behindhand after the first six months. He kept on with the hope of beef getting cheaper. It w,as resolved that the assignee should realis/a the estate at auction as soon as possible. It was also resolved to allow the bankrupt £2 5s for a week to enable him to look after the estate. Re Andrew M'Caetney Loasby. A meeting of creditors in the estate of Andrew M'Cartney Loasby, chemist, of Princes street, was held at the official assignee's office on Tuesday afternoon. Mr Webb appeared on behalf of the assignee, who was unable to be present ; and Mr J. Macgregor for the bankrupt. There were also three creditors present— viz. : Messrs J. W. Jago (in the chair), Jones, and Kempthorne. The bankrupt's statement showed his liabilities to be £1455 17s 2d, and his assets £1048 13s 4d— leaving a deficiency of £47 3s lOd. The principal unsecured creditors are as follow:— P. Hayman and Co., £115 6s lOd; Sainsbury, Ellisdon, and Co., £53 10s; Burgoyne Burbidges (London), £90; Evans, Lescher, and Webb (London), £65 19s 6d ; H. Brittain (Wellington), £20; D. P. Loasby (Greytown North), £30; Langton, Edden, Hicks, and Clark (London), £57 14s 4d; Lynch and Co. (London), £102 5s sd ; Rocke, Tompsett, and Co. (Melbourne), £7 15s lid; Evening Star, £13 18s 2d ; Otago Daily Times Company, £6 ; Kitchen and Sons (Wellington), £6 18s lOd ; Sargood, Son, and Ewen, £9 9a ; S. Jacobs (rent), £44; Martin and Phasance (Melbourne), £60 4s. The only secured creditor is S. Jacobs, who holdß a bill of sale over stock-in-trade to the value of £043 13s 4d, book debts to the value of £95 4s 4d, and furniture to full value. The total estimated value of the securities are £1201 17s Bd, and the total amount of debts of creditors holding securities £762. The assets consist of stock-in-trade, £1143 13s 4d ; book debts, £123 43 4d (estimated to produce £100) ; furniture, £165. The Bankrupt stated that he started business in April 1885 with a capital of about £450. He purchased Mr Leary's business for £375. For the first six months he did very little. After that the business gradually improved for about 12 months. It then declined, and did not recover again. His takings during the best period would be about £40 a week, but latterly he only took about £20 per week. He paid £3 for rent, £3 12s 6d for wages, about £1 tor gas and rates. He also paid £3 10s a week for advertising until within the last 12 months, and his personal expenses amounted to about £3 10s per week. He spent £80 fitting up the shop when he bought the business ; and also paid £165 for furniture. In September last, owing to several creditors pressing him, he was compelled to raise a loan, and gave a bill of sale to Mr Jacobs over his stock and effects. He got about £280 in cash from Mr Jacobs at the time he gave the bill of sale. He since paid Mr Jacobs about £160, and also had advances from him. He filed because he found that he was unable to carry on the business any longer. The debts in the schedule were nearly all owing by him before April 1887, when he called a private meeting of his creditors. In February 1886 he bought from Sainsbury, Ellisdon the Central Pharmacy in Princes street for £380 or thereabouts. The money was paid in bills, and lie owed that firm a current account as well. In August last they took back the pharmacy for £450, as he was losing money by it. The giving up of the pharmacy was not an intentional preference. At one time Sainsbury and Ellisdon's risk on his account was about £900. In answer to a creditor as to whether he had any offer to make, the Bankrupt said he had not, and the meeting was ultimately adjourned until Wednesday week in order that the assignee might make inquiries as to whether the bill of sale was good.