MEETING OF CREDITORS.

Otago Witness, Issue 2106, 5 July 1894, Page 17

MEETING OF CREDITORS.

Re Thomas Gordon, Jun

An adjourned meeting of creditors in the estate of Thomas Gordon, jun , farmer, of Miiuigdtua, was held in the official assignee's office on Tuesday afternoon. In the absence of the official assignee, Mr C. W. Kerr (Reid and Gray's representative) was voted to the chair. Mr A. S. Adams appeared for the baukrupt, Mr Duncan for Reid and Gray, and there were seven creditors present.

The Chairman, having explained that tho meeting had been adjourned for the purpose of allowing the assignee to make inquiries as to the value of the farm, &0., and to give the debtor an opportunity ot making an offer, A letter was read from Mr Sacw, who made a valuation of the property owned by the bankrupt at Hiudon. He thought it was fully worth 35s per acru, but ha did not think thst it would realise more than 30b. Mr Adams observed that the baukrupt had no offer to make. Mr Snow said he had known che bankrupt for many years, and he was sorry to see him iv the official assignee's hands. He had uo one to blame but Reid aud Gray for placiug him there, for they were the gentlemen who forced him into court. The Chairman (interrupting) : With the assistance of Morrow, Bassett, and Co. Mr- Snow (continuing) said he was not aware that that was so. He believed the bankrupt was strictly honest; but, unfortunately for himself, he went into the speculation of buying the Hindon property. If he had carried on the farm ho no doubt would have made an honest living, but he rushed into town and bought a threshing mill and engine from R^id and Gray. He paid £30 on account for them, aud there was a balance of about £50 due. When he (Mr Snow) had a look at the mill he immediately came to the conclusion that the bankrupt could, not make a living with it. It was an old mill, and not lib for threshing.

Mr Duncan objected to Mr Snow making such statements about Reid and Gray.

Mr Snow insinuated than Reid and Gray were responsible for placing Gordon in the Bankruptcy Court. Mr Morrow aaid that none of the circumstances alleged applied to the firm he represented. Mr Snow : If you had given him time you would httvts got your money. Mr Morrow : We gave him two years' time. Mr Snow : That man has no right to be in the Bankruptcy Court. Mr Duncan : You have no right to say that. You are makiDg statements about R'-id and Gray nothing short of elauder. Mr Adams : If thy statement ia not true Mr Snow : I have a right, and will apeak the truth. The Chairman said if Mr Snow came to the meeting to abuse Reid and Gray ho would not listen to him. Mr Fergus (Donald Reid and C>.) wanted to know what pjsition Mr Duncan held at the meeting. Ho had no legal right to be there, and it was only by the cjurtesy of the meeting that he was being listened to. Were Reid and Gray to be represented by a solicitor and by their manager ? Mi % DuLCin said fee was thfre as Reid and Graj's solisitor, and had a perfect right to speak. Mr Snow 6aid ho wished to point out that his sympathy was with the bankrupt. He knew Gordon would not have been in the Bankruptcy Court uok-ss he was forced into ifc, and there was no doubt in his mind that Reid and Gray were the cause of it. He considered that the man had been badly treated.

The Chairman : Surely he did not expect to buy a new mill for £60. Mr Snow : He knew nothing at all about a mill or he would never have taken that one from you. Bankrupt said he had to repair the mill the first day he got it. Mr Adams pointed out that so far as the bankrupt was concerned he bought a mill and engine, which he declared to be unworkable. He afterwaids sold both of them, losing £100 on the transaction.

Mr Fergus said it seemed to him that the property at Hindon would pay the creditors. Mr Morrow : Yuu might get a dividend of 5s or 6s in the p-und. Mr Fergus Baid that there was no doubt that the bankrupt wouM have bct-n able to have piid evtr>body in full had he been allowed to carry on the Hiudon farm. Mr Snow : .T^e property is one of the best little farms iv Hindon. Mr Morrow said that if the creditors had known that the farm wa3 worth more than it wa3 mortgaged for Gordon would never have been in the Bankruptcy Court. The Chairman thought that Donald Reid and Co. wero ss much to blame as anybody. Mr l'urgus otated that Reid and Gray had acted very arbitrarily. The creditors' interests had been jeopardised by their action. When

the mill was sold ib only realised £14, and such a mill ought not to have been placed in the hands of any farmer. Mr Snow : I corroborate that statement. Mr Duncan : You threw it away by selling it for £U. Mr Fergus (excitedly) : I want to know what right you h&ve to interfere. It seems to me that you have been interrupting the meeting. I shall object to you being here. You interfered with Mr Snow, who was talking very moderately and mildly. Mr Duncan : I am representing Reid and Gray, and I have a perfect right to speak. It was ultimately decided, on the motion of Mr Snow, that bankrupt be allowed another fortnight in which to make an offer, and failing that that, the estate be realised by the assignee. Mr Snow also moved that the bankrupt be recommended for his immediate discharge. Mr Fergus : I second that;. I think that if he had not gone into the transaction with Reid and Gray he would not have been in the Bankruptcy Court. The motion on being put was carried unanimously.