MEETING OF CREDITORS.

Otago Witness, Issue 2524, 30 July 1902, Page 14

MEETING OF CREDITORS.

Rk X. L. Reid.

The first meeting of creditors in the estate of Xorman Lindsay Reid, of Alexandra, watchmaker, was held at the office of the Official Assignee on Thursdny aft<n - i.o\iy. Mr D. Reid (Milton) appeared for Iwukiup't, Mr Stewart (Milton) lepresentcd several of the Alexandra creditors, and about half a dozen creditors attended 111 person.

The statement fiW by bankrupt showed that he had unsecured creditors to the extent of £337 63 9d. He had s>tock-in-lrade amounting to jfli)] Gs Id, book debts £26 19s 6d (estimated

produce £24), shop fittings £17, and tools £20— total assets £162 6s Id, deficiency £165 0s Bd. The principal unsecured creditors are: Mrs Jas Reid, Milton, £100; A. Beaver and Co., £93 19s Id, D. Benjamin and Co., £24 2s 7d ; F. Sladen, Christ-church, £10 19s lid; Henry Neill, £12 17s lid, M. M'Allen, £12 9s; and Jas. Rivers, Alexandra, £10 4s. The other amounts are under £10.

Mr Donald Reid said an execution was put in by one of the creditors, and he had wired to bankrupt to file to protect the other creditors. Bankrupt wa3 under the impression that he (Mr Reid) could do it for him, and he (Mr Reid) had to inform him that he could not. Bankrupt then went to Mr Macdonald, but he was engaged. As the largest creditors were in Dunedin, it was thought that it was proper that bankrupt should file there. Later on the best statement that could be made up would be supplied. During the time bankrupt was in Milton the books were right enough, Mr Stewart having kept them pretty straight, but since bankrupt went to Alexandra he had not kept his books as he should. However, from information given by him and Mr Beaver, the amounts received in the business were pretty well accounted for, and also the debts he had paid.

Bankrupt, examined on oath, said he had been in bnsisess on his own account two and a-half years. He started without any capital. The £100 advanced by his mother he received in September, 1900. This was for stock, as he was only engaged in repairing business before that. He started business in Milton, and left for Alexandra the beginning of February, 1901. He attributed his present position to general slackness of trade in Alexandra. He was a single man. The price put down for the stock was cost. He paid at first 16s a week for rent, and bis board, feiought it up to £2 2s j?er week.

H^ was burnt out at Alexandra, and his total loss was £80. He recovered £40 from the insurance, and incurred expense in refitting, making a total loss of about £60. He had not kept books because he did not thoroughly, understand bookkeeping, neither had he kept an account of receipts and expendituie. He had brought all his stock to town. His earnings during the time he was in Alexandra. would not exceed £1 a week.

Mi Stewart said that when bankrupt started he had no capital, and after working five or six months there was found to be very little in the watch-making over and above his board, most of which he had not paid to his mother. He (Mr Stewart) spoke to Mrs Reid, who thought it would be better if bankrupt had some stock, and she lent him £100. He went to Dunedin, and came back with about worth of stock, although he had bsen warned not to got beyond £100. It was found that there was very, little to be made in Milton, and they thought lie would have a better chance of making a living at Alexandra. Consequently he went to Alexandra, and it was only a week ago that they, knew of his present position. If it had beeni known hp would have bsen advised to call a, private meeting of his creditors. He (Mr Stewart) ctad not think bankrupt had lnade £1 a week — nossibly he made. 15s, including everything. Ho made a loss of £60 by the fire, and rented sx hut, where he lived for 7s or 8s aweek, to keep down expenses. During the time ha was in Milton he made about £200, which, jnsii about balanced his expenses.

Bankrupt said he did far less business in, Alexandra than ho did in Milton.

Mr Donald Reid, replying to a creditor, said bankrupt's friends were unable to help him. His mother hsd" offered- to stand pside so that ' the creditors might have everything, but Mr"_ Beaver would not agree to that. Mr Beaver ' was quite justified in doing what he^had, but his action had not mended matters. He (Mr Reid) would make this proposal: — Mrs Reitt wou'd withdraw her claim and (jive up everything, the tools being also given up. He thought that was as fair as anyone could ba expected to do. He believed that bankrupt was blamable for downright carelessness, but this he could any • that young Reid was as steady a young fellow as they would find anywhere. The fact of his living in a tent for the last six months and doing his own cooking showed how honest he was. No one could say that he had been guilty of anything improper towards his creditors. He (Mr Reid) as a creditor would move that the creditors take everything bankrupt had got. Mr a Reid withdrawing her claim, and that bankrupt bfr recommended for his immediate discharge. Mr Isaacs (Benjamin and Co.) seconded the motion, which was carried unanimously. It was also resolved that a claim by Beaver snd Co. for £13 lor expenses! incurred just previous to bankrupt's filing in connection with, legal proceedings be treated as a preferential claim; also that tenders be called fpr tho purchase of the stock, to be seen at Messrs Beaver and Co.'s premises.