MEETING OF CREDITORS.

Otago Witness, Issue 2715, 28 March 1906, Page 9

MEETING OF CREDITORS.

Re James Robert Parker, Otttram.

A meeting of creditors m the estate of James Robeit Parker, of Outram, gold miner, was bf id m ibe office of tbe official assignee on the 52nd. — Mr L E. Finch appeared on behalf of bankrupt, Mr Payne for Mr J. Ward, and there were also present Messrs Wilhnm Snow, John Neill, and Henry Wilson (creditor*)

The unsecured creditors included William Snow (Outram), £102; Fred W. Knight and Cj. (Waipori), £61 15a lid, Wilson Bros (Outram), £21; W J. Ward (Outram), £13; and Alexander M'Leod (Mosgiel). £10. The only sec-taed creditor wa= John Neill (Outram), £60, the estimated value of the security being £35. Total liabilities were set down at £241 15s lid, assets £42, leaving a deficiency of £202 15s lid.

Bankrupt's statement was as follows — " lam a gold miner by occupation. My wife and family reside at Outram, while I have been ■working at Post Office Creek for some years past. Some years ago I acted as manager for the Post Office Creek Gold Mining Company (Limited) at a salary of £3 per week. In May. 1902, I was quite solvent, but from that date the company was unable to pay me full ■wages, and my tradesmen's accounts fell behind For 14 months following May. 1302, I only received £40 in wages. About July, 1903, the mortgagees of the company offered me the claim to work on my own account, guaranteeing no wages. I accepted, hoping to retrieve my position, and for 10 months worked at g

paddock During that period T obtained gold ' to the value of £100. Of this I paid away £18 in wages, kept £18 for myself, and gave £60 to the mortgagees, which they kept. I goi nothing further from them. For the past 23 in^nttis I ljave l>een working tixe claim oia my own account, and in that time I have ! raided gold to tbe value of £376 Is 9d, but had to pay away £236 18s 6d in wages, leaving £139 3s 3d to myself, or about 30s per week. Throughout tbe past four years my position has gradually gone from bad to worse. A new company is about to be formed to sluice tbe ol 1 company's claim, and on account of the £l'2o wages due to me by the old company I am to get 100 fully paid-up shares if the new company is floated. I hoped to get these shares converted into cash, and so pay a fair proportion of my debts, but Mr Ward, of Outram, began to press me, first by summons and then by judgment summons, and as I only hs>d about £40 in cash out of the last gold obtained by me from the claim, I thought it fairest to my creditors to become bankrupt and divide my assets equally as far as they would extend. '

Bankrupt, examined, stated that Mr Snow's account was for merchandise, etc., and had been owing for three or four years. A bill of sale bad been given to Mr Neill in September, 1904, -when bankrupt owed him some £41 He was practically solvent at that time, but in a bad way for v.-ant of ready money, owing to his wages being in arrear.

By Mr Payne: Mr Neill's account was in practically the same position as the others. At the time he gave the bill of sale Knight was pressing him. Mr Snow understood his pcition. Mt Snow : I did not. He (Mt Snow) was of opinon that bankrupt was now in a position to pay his creditors if he were an honest man.

Bankrupt said he was quite agreeable to c!o what he could, provided the creditors did not summons him and gave him a show. Mr Payne said he thought the best thing to do would be to get the judge to grant an order under tli»s Bankruptcy A_<_t ,to make bankrupt pay. He was satisfied the bill of sale was no good. Examined further by Mr Payne, Bankrupt said he had not at present all the property mentioned in tbe bill of sale. He bad no land a L . Post Office Creek. By the arrangement with the syndicate he got the gold won up to 2oz per week ; anything over that was to go .o the syndicate, which was also to allow him a commission. He had never got 2oz a week, however, and had never received any commission. As far as he knew the new company bad not yet been floated. If the present proceedings had not been taken against him he thought he might have been able to raise £200, that was if he was able to sell his shares. Mr Snow suggested that the bankrupt should give his creditors promissory notes for three, six. and nine months. Bankrupt stated further that he only worked o.i tribute for the mortgagees. He reckoned that the old company owed him about £180. Mt Payne (for Mr Ward) moved—" That ihe assignee be requested to take advice as to the probability or otherwise of upsetting the bill of sale, and to take steps if favourably rdvised." Mr Snow seconded the motion, which was carried. Bankrupt stated that he could make no offer to creditors unless he got a billet. He did not know whether he would get one from the company or not. Mr finow said he thought bankrupt would certainly get a billet Bankrupt said he thought that inside of 12

montts he should be able to clear himself witH that. He could not make an offer at present unless he could dispose of his shares. f It v.-as resolved to adjeurn the meeting to ! Thursday, April 5.