In Bankruptcy.

Pahiatua Herald, Volume II, Issue 145, 7 May 1894, Page 3

In Bankruptcy.

Estate of J. E. Drake.

A meeting of creditors in the estate of J. E. Drake, of Pahiatua, was held on Friday, tho Deputy Official Assignee (Mr W. B. Chennelie) presiding. The following is the list of assets and liabilities

Assets : Stock-in-trade at Pahiatua, £SO; book debts, £57 9s lid : cash in hand, 5s ; furniture, £2O; property as per list E., £2Ol 6s 6d ; Total, £3ll 11s 6d. Liabilities : Unsecured creditors, as per list 8., £341 Is other liabilities, £7O ; Total £358 Is List of unsecured creditor! : At Pahiatua J. C. Taylor, £ll 9s 4d; J. M. Levin, £2 19s 5d ; Trewby Bros., £3 Is 4.1 d ; A. Stewart, £5 12s 8d ; Herald, £4 9s ; A. Blair, £5 5s ; A. Yule, £7 ; D. McKibbin, £lO 15a; W. Parkes, £1; D. Pickering, £6 ;C. A. Bluett, £3 ; H. D. Robertson, £4 Oe 6d ; G. MoLean, £l6 9s; H. H. Godfrey, £1 2s. The Palmerston North Sash and Door Co., £92 10s. At Mangatainoka, G. Gardner, £BS 4s 2d ; Upton, £B. At Hawera, T. Price, £ll 8s 9d ;H. Udy, £1 14s ; R. Martin, (of Wellington), £lB 7s Id ; Syverson and Co., (of Newman). £23 4s 3d ; Kauri Timber Co., (of Auckland), £l7 0s lOd. Examined by the Deputy Official Assignee, bankrupt said the ground on which his business premises and cottage were built belonged to hie brother, who had left Pahiatua a year or two ago, and cf whose present whereabouts he was unaware. He was to be back in three years’ time, but he had not returned ; he had not the slightest idea where he now was. All these liabilities were incurred in connection with the business. He had kept his books to the best of his ability. For the month of February he received £72. The Official Assignee: You received this Amount and pay nothing into the Bank at all. How did you pay £2B to the Sash and Door Factory? The debtor : By P.N.

The Deputy Official Assignee: You have not kept your book* as you should have done. You should pay all the money you receive into the Bank.

The debtor, continuing said he had berrowed money from his sister. He had no other property than that mentioned in the schedule, and had no land. The item £ls to Collier and Co was for part payment of an organ for the Mangatainoka Church for which he had become responsible. Business had been bad eince the beginning of last winter, and he had lost money on the contract for the butter boxes. The contract was for 4000 boxes at Is 2d each ; he had only supplied about 2000 and some of those he had got from the Palmerston Sash and Door Factory. The whole of his book debts amounted to £57 ; he had lost very little iu book debts. He had net made much money lately ; and only lately he found he could not carry on. Had hi 9 brother turned up as lie expected he could have squared them all oiT. By Mr Tosswill: The title to the section was in Mr Smith's hands, he believed. He had himself placed it there for safe custody. The land was bought from Mr Crewe for £27 10s. His brother paid the money to him to pay Mr Crewe. The debtor made the arrangements with Mr Crewe, and signed the promissory notes. There was an agreement between him and Mr Crewe which stated that he (debtor) had bought the sections. His brother's name was not mentioned in the agreement. His brother left Pahiatua in 1890, before the title deed was made out. The timber in the first part of the shop on the section was charged against him by Mr Gardner, and he paid for it, his brother giving him the money. He made an agreement in writing with his brother, which was witnessed by Mr H. 11. Godfrey. The agreement staled he could have the land for three years at 10s a*year, and could have it any time. There was nothing said about his buying it at a certain price, though the agreement stated he could purchase it at what it cost his brother. He calculated it cost his brother aboct £IOO. His brother lent him about £SO. He had last heard from his brothei about 8 months ago ; he was then in America. lie had lately sold a trap to Mr Tucker, of Makuri; half of the proceeds was attached; with the remainder he paid £1 10s premium on life insurance policy; and £2 15s to F. Greville to make up his books, and gave the balance to Mrs Drake for household expenses. He took a horse from Mr Foster, of Ballance. a* part payment for building. Nothing hud gone out of his place since a few days before he filed. Two pair of sashes and a door had been sent away to Mr J. Smith since he had filed, but they had been paid for. No furniture bad gone away as far as he was aware. Since his brother left other buildings had boon erected on the section.

To Mr Pickering : He had asked several creditors to allow him time to pay his account. The hearse had been seized under a bailment.

To Mr Briggs : Had kept books ever since he commenced business. The books (commencing from 1892) were the only ones he had in hie possession.

To Mr Luxford: Had not said £IOO would cover all his liabilities outside of whwt he owed on the land. Had not incurred the £3OO liabilities within the last 12 months. Could not say what his book debts were three months ago. His j life was insured recently for £2OO. About : £2O had been paid off the cost of the hearse, the total cost of which was £6B. To the Deputy Official Assignee : He was prepared to leave the house, or to endeavour to get £l5O from his brother aud pay the creditors. The Deputy Official Assignee said if they took possession of the house his brother might hear of the affair and that would bring the matter to a head. They had the stock-in trade and other property to dispose of. With regard to the house they could eject the debtor and get the reotal for the creditors. Mr Stewart asked if the debtor could not be publicly examined. The Deputy Official Assignee .said he

did not think any good would come from

it. There would be no satisfaction in it. Mr A. Stewart moved That t he usual steps be taken to realise the estate and the property be let. Seconded by Mr Pickering and carried. The Deputy Official Assignee said the debtor had kept his books carelessly, and had expended money in improving his brother’s property. These matters could he dealt with when the debtor applied for hj* discharge The meeting then adjourned.