FAILURE OF KINROSS, &Co

Poverty Bay Herald, Volume XVI, Issue 5374, 26 January 1889, Page 3

FAILURE OF KINROSS, &Co

MEETING OF CREDITORS,

Therk was over an hour's discussion on the appointment of supervisors. The Assignee said that he had been advised that neither Mr Kerr nor Mr Parker could act as supervisors. He had taken the advice of counsel in Wellington on the point. A vote was taken, and after tho result was declared to b« : For (Messrs Kerr and Brown) L 19,568 13s 5d : for (Messrs Parker and Brown) L 24.043 5s lid. Mr M'Lean said Mr Kerr believed that there was some misunderstanding or misapprehension as to the position of the bank, which had materially influenced the voting. This misapprehension was, however, based on discussions which took place outside, and the bank could not well get at tho reasons so as to contradict or explain them fully. Had it not been for. this Mr Kerr believed

the voting would have been the other way, but as it was he uid not desire to pursue the matter further, and would consent to the election of Messrs Parker and Brown. The Assignee then declared Messrs Parker and Brown duly elected. Mr T. Sidey asked permission to table a motion before MrKinross's examination, that the household furniture, to the value of £600, In; given to Mr Kinross. He thought there could be no objection raised, as Mr Kinross was a very old settler and there was wide sympathy with him in his present trouble. It had been supposed by many that some provision had been made for Mrs Kinross, hut he believed that he was correct in saying that such was not the case. The sum named would pay only a very small dividend, and the gift would not be really felt. Mr Robjohns seconded the motion. The Assignee put the question on the voices, which were all but unanimous, but their being one or two dissentients it was necessary to take a formal vote. The motion svas then carried unanimously, not a single vote being recorded against it. Mr Kinross was then sworn, and made the statement as to his failure, already published in these colums.

The Assignee read out a list of liabilities and assets as given by Mr Kinross, of which the following is a summary : — Secured creditors : — Dalgety and Co., L 13,000 (estimated value of security, L 16,000 ); loan on Tangihanga station L 6200 (estimated valuo, L 12,000) ; loan on liarekaka station, LSIOO estimated value, L 8000) ; town sections with buildings, Gisborne, L3OOO (estimated value, L 4000) ; further advances, interest, &c. , on above an;l loan on Glenross estate and Raukawa (collateral), L2G,00(), and interest,Llo79 16s 8d (estimated value, L37.0C0). New Zealand Trust and Loan Company, loan on Ruakawa station, L' 25,000, and interest, LSI 2 10s (estimated value, L 38.000). G. C. White, loans on various sections at Mahia, Napier, and elsewhere, L2OOO (estimated value, L 2965). R. S. M'Nair, L3OO (estimated value, L 800). W. Kinross White, LSOO (es-

timatecl value, L 900 ); LBOO (estimated value L 800). G. Stevenson, Scotland, L9SB (estimated value, L 12.00.) J. W. Carlilc, £936 (estimated value £1500) ; The North British and New Zealand Investment Company, loan on stock, Raukuwa, second mortgage ou Glenross.and stock mortgage Te Aroha, £4000 (estimated value £5000) ; loan on Te Aroha and stock, £5000 (estimated to value, £9000) ; G. C. White, loan on moiety Pihanui Block, Crieklewood, £2000, (estimated value £13,000) ; Union Bank of Australia, loan on moiety Cricklewood, i"500 ; overdrafts, £14,422 lls 4d ; past due bills, £2323 15s 6d ; (total estimated value of security, £12,701); 'homas Condie, loan on "Wliangaparoa station, £1000 (estimated >-alue,£l 100) ; Mrs Begg's trustees, £624 (estimated value, £800) ; Rev. J. Tanner, £1725, estimated value £1725) ; A. Grant, promissory notes, submortgage of Andrew Graham, of GisUprne, £1000), (estimated value £1000) ; H. P. Cohen, promissory notes against goods for sale, £555 (estimated value of goods £1000) ; Banner and Liddle, ditto, £153 6s (the estimated value of goods, £204). Robjohns and Co., ditto, £293 (estimated value, £350.) Colonial Insurance Company, £2100 (estimated value L 2600). The total secured debts amounted to L 131,230 19a 6d ; estimated value of securities, L 172.454 ; surplus to contra, L 41,223 os6d. Unsecured creditors, L 45.559 17s 4d. Other assets — stock-in-trade, LSOOO ; collection bills estimated to produce L 550 ; book debts, L 16.150 13s lOd (estimated to produce (L 5000 ); furniture, L6OO ; miscellaneous property and interests, L 1409 ; surplus from securities, L 41,223 0s 6d ; total assets, L 53.780 Is. Surplus, LSI9I 0s 8(1. The Assignee said he had not yet had time to inquire into the estate and was not therefore, prepared to examine .Mr Kinross, but any creditor could, if he liked, question him. No one responding, the meeting was declared closed. Amongst the list of unsecured creditors the following names appear : — £ s d John TliomsuQ, Tangihiinga ... 311 8 4 D. Crawford, „ ... 105 12 9 Graham, Pitt and Bennett, Gisborne 37 14 1 I Dalgetty and Co., Napier ... 16,136 8 4 '" Stewart and McDonald, Glasi gow 5,334 5 4 " Clydebank Station, Wairoa ... 2,500 0 0 \ Thomas Condee, Scotland ... 1,238 4 0 1 D. P. Balfour, Glenross ... ],050 0 0