BANKRUPTCY.

Poverty Bay Herald, Volume XXIII, Issue 7657, 16 June 1896, Page 3

BANKRUPTCY.

WOOD, SHAND & CO.'S FAILURE. Chkistchurch, to-day. At a meeting of creditors of Wood, Shand aud Co., a statement was nmdt. that the bankruptcy bad been brought about by the firm having gone in with other persons for the lease of a large property near Gisborne In order to carry out improvements the firm had been obliged to get large advances from the Union Bank. The bank required these to be paid up, and as the firm were unable to pay, the estate, including 17,000 sheep and everything on it, had been sold and bought in by the bank for £850. The meeting was adjourned to enable the Official Assignee to obtain a legal opinion us to whether the bank should be allowed to give credit only for that sum and prove for the balance of its claim, or whether it should give credit for the soaurity on valuation. It was stated that if the bank took over the property at tho valuo set down in the document, tho other creditors probably would got 20a in the X, but if they took it only for the price at which it had been bought in there would be but a small dividend. The statement of Messrs Wood, Sband and Co shows debts owing to unsecured creditors £17,218, secured creditors £39,306 (lets estimated value of sccuiitieH £50,044) surplus to contra £10,737. The asset?, including this surplus, ure sot down at £29,305, and the eßtato is thus shown to give a surplus of £12,086. Tho largest unsecured creditor is \V. Dv Wood £13,700. The secured croditors are — Tho Union Bunk, £31,728 (secured by various securities, including deeds of assignment and other instruments over tho firm's leasehold estate at Louden Hill, and the stock and wool thereon, and by a guarantee of the firm and the members thereof individually, valued in the aggregate at £35,000, by |bills lodged for collection, £894 4s Bd, by guarautco of W. D. V> ood, £2000 ; by estimated surplus on Bhipment of wool i 350, aud by morlgngi: over farm at Sheffield £2800). W. D. Wood, Chrislchurch, £3000 (secured by mortgage over tho firm's interest in Ashby, Bergh and Co, £7000), and £4578 9s Id (secured by security over Avon bond property, £2000).

In a billiard niiUoh beweon John Roberts and W. Mitchell, 21,000 up, the champion conceding Mitchull 7000, Roberts made a record break of 480 with the push disallowed, He won the mutch by 196 points,