MEETING OF CREDITORS. Re C. J. H.Thomson.

Otago Witness, Issue 2722, 16 May 1906, Page 9

MEETING OF CREDITORS. Re C. J. H.Thomson.

The first meeting of creditors in the estate of Charles James Henry Thomson, of Fairfax, near Milton, flaxmilier, was held at the official assignee's office on Friday afternoon. Mr Lang appeared for the bankrupt, and Mr Stewart (of Balclutha) for Mr G. C. Begg (one of the creditors).

Bankrupt's statement showed that he had unsecured creditors (£2OB lls 9d), and secured creditors. G. C. Begg (of Komohapa) and the Otago Farmers' Co-operative Association, bankrupt understanding that the former had paid off the latter s seciiriiv on taking hia second of two securities held by him. The estimated value of the securities was £58-5, the statement setting out that the amount due to i£g- Farmers' Co-operative Association was ±180, and the sum dus to Air Begg unknown. The assets consisted of £16 cash, and furniture valued at £15; deficiency £377 lls 9d. The piincipal unsecured creditors were the Southland Engineering Company, £53 7s 2d; Latta Bros. (Milton), £10 16s 4d ; R. Wyber (Milton), £12; James Keen (Milton), £30; Clutha River Board, £27 8s 9d ; Dr F. C Batchelor, £21 10s ; J. A. Duthie and Co. (Milton), £13 10s 2d ; Taratu-Kaitangata Coal Company, £26 9s 6d; James Gray and Sons (Milton)," £45 18s lid; Booth and Macdonald, £12 9s 6d ; Thomson, Bridger, and Co.. £15 19s 8d ; — Inglis, £12 Is 6d; Dr Young. £11 lls; G. H. Thomson. £16 la 3d; H. S. Hrtchon (Kaitaiigata), £15 3s 2d. G. C. Begg proved for £258 18s lid, G. Begg and Cc>. for £459 8s 9d, and the Farmers' Cooperative Association for £79.

In his ■written statement bankrupt said that he started business as a flaxmilier at Otanomoino on the Bth August, 1904. He had no meney oi his own bub Mr G. C. Begg, of Romahapa, gave him a start. He had very poor flax to mill, and it did not turn out as he expected. Flooding of his bleaching paddocks at the start added to his difficulties. He rented some ground for bleaching, and had the expense of putting up and taking down fencing. After five months -the flax was so scarce and poor that he had to shift the mill to Coal Point. In October, 1904, he s f arted a flaxmill at Fairfax as afent for Mr G. C. Begg. During his absence the Coal Point mill went further into debt. The flax there ran out in June, 1905, and he shifted the plant to Milburn, wheTe it has been standing idle ever since. In September, 1900, he agreed to lease the Fairfax mill from Mr Begg for a year, and arranged with his carters to deliver flax at the mill for 21s a ton. After putting through a few tons they found that they could net make it pay at the money, so he shifted the stripper out to where the- flax was. and carted the wet fibre into Fairfax to field it. This made it necessary to have another engine and more men. Then the water supply ran out, and the whole plant had to be shifted back to Fairfax. It then cost 293 6d to cart, the flax to the mill. Circumstances prevented continuous work, and at last he found it useless to try to keep up the struggle as creditors began to push. Added to these things, bankrupt had a. good deal of sickness in his family and was himself laid by by a kick from a horse. His position with regard to Mr Begg, to whom he was secured by two instruments under the Chattels Transfer Act, made it impossible for him to make headway under the adverse circumstances mentioned.

Mr Stewart said Mr Begg had only an equity on the goods included in the Farmers' Cooperative Association's bill of sale. His bill of sale was subject to the association's security. There were two bills of sale over the property, and the association's claim was for £79, Mr Begg's bill of sale being subject to this. The Assignee said he had understood that Mr Begg had taken that bill of sale over. Mi Begg said he had not done so, but hehad the option of taking it over. The Assignee said it was a hopeless estate as far as outside creditors were concerned. After some slight conversational discussion, Mr Couchman said he would move that the debtor receive his furniture, but the. assignee pointed out he received that as a matter of course under the act. Mr Begg then moved, Mr Couchman seconded, and it was carried, that the bankrupt be recommended for discharge, end the meeting ended.

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