MEETING OF CREDITORS.

Otago Witness, Issue 2997, 23 August 1911, Page 10

MEETING OF CREDITORS.

! A SHAREBROKER'S BANKRUPTCY. TRANSACTIONS IN SHARES. AUCKLAND, August 16. A meeting of creditors in the bankrupt estate of James Scott Lennox, sliarebroker, was held at the office of the Official | Assignee this morning. The Assignee (Mr W. S'. Fisher) presided. j In speaking of the position of tlie estate | the Assignee said that if the assets realised ' anything like the values placed on them j by the bankrupt the estate should pay a f dividend of about 6s 8d in the pound, and I he would be very pleased if he could pay that amount. He proposed to have a full investigation made into the position in regard to the debtor's seat on the Stock 1 Exchange. He understood that the~Ex- ' change had forfeited the seat, and had ! sold it and applied the proceeds towards I payment of the amounts owing by the bankrupt to some of the members of the j Exchange, who were thus placed in the ! position of preferential creditors. "It ! seems to me," he added, "to be an extra- ! ordinary thing if the Stock Exchange is ! allowed to do this, and the matter as to 1 whether it has such power should be , fully investigated." In Tegaid to book : debts, which amounted to £2500 and, were ! estimated to produce £875, the Assignee j understood that a laTge proportion of the I accounts was disputed. He proposed to I place the shares in the estate in the hands j of a* broker for sale at current rates : .at j the earliest opportunity ._ In reply to a question the Assignee ; stated that calls were due on some of the shares. He had purposely refrained from (giving the names of the companies in which the shares were held. ,He then read the statement filed by the bankrupt, in which the latter attributed his position to the slump in Waihi shares. The bankrupt, who was sworn, was first examined by Mr Gould at some length : regaiding various share transactions. j On the motion of Mr Greene, seconded by Mr Gillies, it was resolved Uiat the ! debtor be examined by the assignee as to I various share transactions, and that the ! books of accounts be produced. It was i stated that the examination would not be ! a public one, and that the question of a further meeting of creditors would then be decided. The meeting then adjourned sine die.