MEETINGS OF CREDITORS. Be B. Ginsberg.

Otago Witness, Issue 1917, 13 November 1890, Page 5

MEETINGS OF CREDITORS. Be B. Ginsberg.

The first meeting of oreditors in the estate of Berpard Ginsberg, of Nenthorn, storekeeper, was held at the ofSca of the official aseiguee on Wednesday, when there were present : Messrs J Molonev (Sooular'and Co), T Black (Hardware Company), P Isaacs (D Benjamin and Co), M'Dougall CPhcenix Company), H S Jones (P Hayman and Co), J M Jones (M Joneß and Co), and D Baxter.

Bankrupt's statement was as follows :— Liabilities to unsecured creditors, £1331 lls $d. Assets : Stock-in-trade at Nenthorn. £544; book debts, £370 16s id (estimated to produce £150); cash in hand,£l4 3s 3d] property (a throe roomed store), about £i 95;9 5; section of land, £4o; coal ehed.JßiO; the buildiu^ aqd section estimated to produce £,75.

The principal unsecured oredifcors are;— Bank of New Zealand, £11 lla 3d ; W G Net 11, £63 18s 7d ; W Scoular and Go. £90 16s lid ; D Baxter, £53 13s ; M Jones and Co, £31 9« 6d; Phoenix Jam Company, £34 15a 2d; Skblton, Frcstig, and Co. Christchurcb, £87 7s 3d j Shag Point Coal Company. £10 10s lOd ; Butler Bros, £8 16a 6d; Kalapoi Woollen Company, £13 la 9d ; Sargood, Son, and Hwen £105 3s 6d ; Bing. Harris, and Co, £202 7s lOd ; P Hayman and Co, £80 0a sd ; D Benjamin, £56 16s lOd ; New Zealand Hardware Company, £106 12s 4d; Boss and Glendining, £200 ; W Gregg, £6 le ; A 0 Hubbard, £10 (wages) ; and H Ginsberg, £16 (wages). The Assignee said there was £644 for shares and buildings, but particulars did not appear on the statement.

The Assignee explained that Mr Atkinson was really the assignee \n thjs bankruptcy, at it was an , Qamqvu coso, and that during hit (the assignee's) absence Mr Marryatfc had been sent up to Nenthora to }ook after matters, and bad seat [n a report, wblo.U

would be read after the bankrupt had been examined WiUj regard to 'the stock, Mr Marryatt said ib wai very "good and saleable. 'As far as he (the Assignee) could «cc there was nothing to make him think that Ginsbnrg had acted dishonestly.

Bankrupt, examined by the assignee, »ald he had £95 when he went to Nenthorn. He had been in partnership with his brother, but this was dissolved eight months since. There.was a notice in the limes aud the Nenthorn Recorder of the dissolution. He thought all the debts of the firm were paid. He had been at Nenthorn about 19 months. He had paid ab Hit £600 in buildings and shares, the buildings representing about £250. The shares were valueless, except 100 Kureltas, ■which were original shares and fully paid up. He paid calls and creditors as long m heoould.and then they came down on him all at once, and he had to file

A Creditor asked, how much bankrupt had lost In bad <}ebfcs, as he got the name of looking very olosely after his affairs.

Bankrupt said he lost between £200 and £300 In bad debts

In, reply to the. Assignee, tho Bankrupt laid his books only represented money owing to him, but did not show profits or losses. A Creditor : What goods have you sent out of the place during the last three or four weeks, and where did they goto?

Another Creditor: It is well to be plain with Mr Ginsberg, for it Is well known that he sent a lot of goods to Naseby. Bankrupt said that there was the stuff for customers. That would be t-ntered in his books. His hrothcr bought a lot of stuff at Grlffen's sale, and left some wines and spirits with bankrupt to sell. His brother also bought things at Mr Laverty'a sale, and . tubseuuently took- them all away together. There v.as one load. To a Creditor : There was no portion of my own itook went to Naaebv. No boots or drapery went. The Assignee: Will you swear that nothing was tfiken away by your brother but his own goods ? Bankrupt : Yes, there was nothing taken away but his own goods.

A Creditor drew attention to the fact that according to the stook-aheets there appeared to be only £14 in boots, and bankrupt had recently received £30 or £40 worth from Christohurch, and a further lot from Sargpod'iBankrupt : Well, they are in stock ao far as I know. The Assignee : It would be a very good test to go over all the boots.

In reply to a creditor, tho Assignee said that from bankrupt's bank book he had paid in £34 in October, and a very much larger Bum the previous month. To bankrupt : Will you swear that you paid in in October nearly all the money you received? Bankrupt : Yes, sir.

Mr Black referred to the discrepancy between the payments into the bank during the last two months, and did not think J?enthorn had gone down so much ni that. He asked what the payments were in other months.

The Assignee : In August £91, in July £95, in Juna £170, and in May £63, so that it evidently fluctuated. A Creditor asked what the two sums (£23 and £30) whioh had been drawn out of the bank for self were for?

Bankrupt: I didn't draw money for myself. Ifc must be a mistake. I never drew it for myself. Ttje Asaignee : Who made out your cheques ." Bankrupt: Mr liubbard, and he would mow what this money was for. (At this point bankrupt suddenly remembered that the £22 was in connection wifrl} an aofcion in which his otuique was refused and he oaahed it.) Mr Jonea asked what bankrupt's tobacco stock was, as he did not ace any in the etock-sheefc. Bankrupt s I don't know ; Mr Marryatt made that up. I used to sell a oouple to three boxes a month, but now sell very little at all. The Assignee : I don't see any tobacco at all mentioned in the list. Mr Jones pointqd out that bankrupt got £24 worth in 'September and'Ootober without inoludincF the duty. • The' Assignee (to bankrupt): You must expeot that, this st.ook question will be inquired into very cloa^ly; and you must render Mr Marryatt all the help you can.

A discussion eneued about transferring tho proceedings to Dunedin, and on the motion of Mr J.. M. •Jones, seconded by Mr D. Baxter, it wbb deoidedto do sp. „, ■ It was further deolded on the motion of Mr Neill seconded by Mr .Ormsby, that Mr D. Baxter be* appointed as supervisor. Mr H. S. Jones moved, and Mr Ormaby seconded— " That the ansigneo and supervisor proceed to realise the estate as loon as possible, either by tender or otherwise, ana that Mr Marryatt or some other competent person be left In charge till realisation." This was oarried, as was also a motion, moved and I seconded by Messrs Jones and Neill, that bankrupt be allowed £2 a week for four weeks, and 'the meeting terminated. Be John Joedan. A meeting of oreditors in tho estate of John Jordan, of Dusbaok, hotolkeeper, wag held on Thursday when there were five creditors present. The Assignee stated that there seemed to have been some misunderstanding regarding the meeting,' It was adjourned until yesterday from a fortnight ago, and as in tho oate of adjourned meetings no post cards were sent out, consequently tho principal oreditors wore imperfectly represented. At the laat meeting it was deoided to adjonrn until Wednesday, sth October, and iv the meantime the property should be advertised for sale. It had not, hoW.ever, been determined whether the property should be sold in one lot or not, and he thought it desirable that the meeting should be further adjourned in order to allow the >/eneral body of oreditors a voice in tbe matter. The Assignee then went on to say that ho had visited Palmerston and Dnnbaok. and had examined Messrs Kvereat, Shaw Reid, and Mrs Jordan He found it necessary to retain the services of Mr Shaw, and he appointed him to look after tho buiinestf for five weeke, at a salary of £a per week. He (tho assignee) also went partly into the accounts betweeu Everest, fche . .bank, and the estate, bat he was unable to give detailed results, as the jaccounts were much confused.. He had traced what appeared to be large sums of money alleged to have been paid to Everett, and there were a large nurdber of bills lying in the bank dishonoured, tome of which the bank would probably prove upon. Ifc would take a considerable time to investigate these matters, and he thought it was possible he should have to summon Mr Everest on one of the dishonoured bills to bring the matter into court. It was then deolded to adjourn the meeting until Friday next at 11 o'clock, and to notify eaoh creditor of the same by postcard,

An adjourned meeting of creditors in the eitate of John Jordan, of Dunbaok, hotel keeper, was held in tho ofSoial assignee's office on Friday. There were about a dozen creditors present, and the offioial assignee occupied the chair. Mr Solomon appeared to adviao the assignee. Tbe Assignee mid it was not necessary that he should repeat what he had said on the previous day, as he presumed tho ored'tora all read their papers. The principal point to tw considered that day was the question of the sale of the property, and it wat a very important question. They were all aware tha^ the hotel wns advertised for sale on tbe following day, and the property was a very fine one. It was not to bs expected, of course, that he. as administrator of the estate, and also as filling the position of assignee, should allow this property to go for a sum less than what he considered a fair value. He had a great responsibility thrown on him by the Administration Aot, and also by the Bankruptcy Act ; and betides M^s Jordan, the benefidare, should also have a voice in the matter. Mr Keade and he (the assignee) himself had discussed about the value of the property, and arrived at a conclusion as to what the property ought to fetch. He did not know if it was very wise to publish to all the world what that amount was, but he wanted the oreditors to trust him so far ai to pass a resolution to the effect that the property be sold at a priae agreed upon by tha bank and the assignee. He did not think ib advisable to name the amount, but if any creditor waited upon him privately, he would get any information he desired, and if the property did not realise that prioe, tho hotel should be kept open for another month.

Mr Jago moved— •< That if the offers for the hotel do not reach the sum agreed upon between the assignee, the bink, and Mr R. Wilson, representing ihe general body of oredUors, the assignee be authorised to carry on the buslaesß for a month and then sell, if not privately in the meantime. Further, that the assignee be authorised to p*y three months' interest to the moi tagee ." Mr E. Wilaon eeaonded tho motion, which was carried unanimously. The Assignee said the valuation put 'upon the Janet s Peak property was £600. The other small farm is valued at about £230. It contains about 92 acres. I am unwilling to go to the expenie of another public aale about this property. Mr Everest : What is the mortgage on the Janet's P6&k P TheAsiigneet It ia £634, T.heyvalu6at£6oo,an4

prove for £34, but the real amount of ;the debt iel 634. The Assignee stated that in the paddock adjoining' the hotel, there was often as many as 90 horses pcr k night- It certainly wanted to be looked after by a man with a good head on his shoulders. He had run through a number of accounts brought to him by (Mr Everest, but the date he (the assignee) wanted, viz , the accounts for the year 1889, were not there. Mr Everest said there were a number of documents at the hotel, showing what each bill was given for. Some of the entries had thrown a little light on the previous transactions, but they did not come far enough. He wanted to see especially an account of the transactions for 1889. Mr Everest said there were papers which would show the time each renewal was given, but he (the assignee) had made an investigation but could not find any. It wat an awful pity that Mr Everest did not keep a proper eet of books. Mr Everest said that Mr Jordan, wanted to keep all his business transactions quiet. Every time he gave him (Mr Everest) a promissory noce, he gave him in return a statement, and Mr Everest thought that the .executor got hold of these papers. The Assignee : As Monday i» a holiday I propose to go up either on Saturday afternoon or Monday to epend the day at Dunback. I think it is hard, to ■ay the least of it, that I should have to make out Mr Everest's books, and It appears to me, if he cannot make them up. my only course is to summons ■him for the £200 bill and let the court decide. When Mr Everest puts in his defence the whole question can be brought out. I have got three or four witnesses who say certain things, and Mr Everest will have to call rebutting evidence. Mr Everest : When Mr Jordan took my bueineis over at Dunback, there was a sort of arrangement between us that I should supervise the business, < which was a very intricate one. My time was taken up so much that I have got a bill here amounting to £27 for buggy hire alone. That shows that I have utilised my time in working up the business. When I took up the business I told Jordan I would devote a portion of my time in forwarding its interests, so that it should be carried on in a proper manner. The remuneration I was to get was £1 per week, and the £27 paid for buggy hire shows that I did not waste my time. You may be sure I did not go up there for pleasure. The Assignees Mr Jordan, on his deathbed, said that " they did me out of £200, and you may have to pay that, but no more." Mr Hialop •. That is exactly his words. Mr Solomon suggested that the matter should' be brought into the Supreme Oourfc, and Mr Everest allowed to persuade Judge Williams with such a etory as he had told the creditors. He would find Judge Williamo a man easily persuaded.— (Laughter.) , . The Assignee •. It would take me three weeks to make out anything like an intelligible statement of the accounts. Remittances would have to be gone through and checked, and all the entries examined right through the books. Mr Jago: Have you seen the accounts of which Everest speaks at Dunback ? The Assignee: No. Mr Solomon ; It would save us a lot of trouble if you made up a statement, Mr Everest. Mr Everest: I will try. The Assignee said that be heard that Jordan fluting the time of the Nenthorn rush made about Mr Everest said he had bolstered up Mr Jordan for fiome time past. He was bankrupt some four years ago. After a further discussion, Mr Greaves moved— "That it be left to Mr Wilson and the assignee to decide whether action should be taken against Mr Everest or not." Mr Jago seconded the motion, which was carried unanimously. The meeting then adjourned sine die.