MEETING OF CREDITORS IN THE ESTATE OF W. L. REES.

Poverty Bay Independent, Volume I, Issue 52, 22 September 1885, Page 2

MEETING OF CREDITORS IN THE ESTATE OF W. L. REES.

Tut: first meeting of creditors’BT the above bankruptcy took place in the office of the Official Assignee yesterday morning. Amongst those present were the following :—Messrs. Matthews, J. Browne, Aislabie, Brassey, Searle, Jones, Chrisp, Graham, E. K. Brown, Craig, Watson, Good, Ward, Cresswell, McDougall, Whitcombe, Parnell, Pitt, Townley, DeLautour, Tucker, Adams’ A. McKay, Cooper, Ac. The following proofs of debt were handed in:—

Ihe debtor stated that he had been made a bankrupt upon the petition of two natives. Since the adjudication he had been to Auckland for the purpose of carrying out certain arrangements with the committee of the Co-operative Association, and also to interview the Directors of fhe New Zealand Native I.and Settlement Company in the interests of his creditors. The Bill of Sale over his furniture and live stock

was in favor of Captain Tucker who, had advanced various sums of money from time to time, the last of which (Z l s°) was about twelve months ago, « at which time the Bill of Sale was executed. The sum of /Ty due to Mr Matthewson was also included in the bill. He owed Captain 'J ucker about Z3s° for Salary. The shares in the Ruangarehu Block (150 acres) was worth from /450 to £5OO. It adjoined Mr Scott’s property at the Willows. The other item represented orders upon the Land Company. The total amount which would be ‘available under this head was about Zz.ooo. The orders themselves were worth fully Z 3.000 but were secured to Read’s Trustees for £ 1,000. That was money borrowed to settle Mr Maude’s claim. He was under arrangements with the Land Company to receive certain percentages upon the lands which were obtained from the natives He had received certain advances from the Company and had overdrawn his account by about Zs.°oo, but his claim against the land would amount to upwards of Z3,°00 above that. He had lost some shares which he held in the Company, but bought in by the Company on SatunMW^^\ would be held over for two years creditors allowed him that time. depended upon the settlement of the land as to whether these shares were valuable assets or not. They would be worth /"7,000 on the completion of the titles and when the lands were disposed of. The To Hapara property had been sold to Mr Common for £soo in addi- . tion to money previously owing to that gentleman. The arrangement on the sale was that he (debtor) should hold it on a three years lease with the option of redemption by purchase during that time for /a,456. The property consisted of 54 acres. Mr Common had offered .£3,500 for it, but that was not sufficient as it was worth £4,000. Replying to the Assignee the "debtor said that finding the only hope of paying his creditors laid in the dis- , pasal and settlement of the land now in the hands of the Land Company, ho bad originated the Co-operative Association. The directors of both company’s had agreed that if these lands could be settled it would be highly beneficial to all concerned—to the Colony and the district—and would also enable him to release himself from his responsibilities. If ho were pushed through the Court at the present time he could do little, but if he were al- V lowed two years, and went to England, . he bad little doubt but what he could clear everything up. J Mr McDougal wished to know whether there was any statement under the 68th section of the Act. The Assignee wished to know if Mr McDougall was a creditor. If not lie Ijad no right to speak.

Mr McDongall was not a creditor, but was solicitor for the petitioning creditors. H-’ F~r' , ed j n a proxy, but denied the right ot the Assignee to demand the same. If he was not heard it would be a matter for further action. Mr Whitcombe did not see why the time should be wasted by an unproved creditor. Mr File wished to know what shares and interests the debtor held in the Co-operation Society. The debtor was not at present entitled to anything, although in the event of the success of the movement he would have a good interest which would enable him to live and support his household. In answer to Mr A. Graham the debtor said he expected that his expenses for going Home would be borne by the Co-operative Society, and partly by the Government. The answer which he had received from the Petitions Committee, although declining to make any special recommendation in favor of ' the movement was still highly favorable, b»*-S.nd from other information he knew that the Government was favorably disposed towards - the project. If he once got Home he had no doubt but what he could get the land settled If the meeting gave him two years he would ask that an allowance be made to him out of the book debts. Mr Townley thought the meeting should not rush the matter too hurriedly. Mr Rees had made many important statements which depended solely on chance, and people should have time to consider the matter. He thought they should adjourn for a week or so. Mr McDougal thought that they should have a clearer statement, and more information about Mr Rees’ claim against the Land Company. He would second Mr Townley’s motion. The Assignee having refused to take Mr McDougall as a seconder, Mr McDougall demanded that the refusal should be entered in the minutes. Mr A. Graham then seconded the motion, and thought that Mr MeDougall's objection should be noted. i On a show of hands being taken Mr ' McDougall pointed out that the voting must be by value and not by number. After some further dispute the Assignee rose and said, “ I deciare this meeting adjourned until this day week,” and the meeting abruptly terminated.

Wilsons and Horton.. 15 14 2 A. McKay .. 130 15 8 H. McKay 46 10 6 T. Chrisp 14 3 0 E. K. Brown .. 6 3 0 E. Ling 6 14 4 Izard and Bell .. 965 5 0 G. H. Stubbs .. 7 10 0 G. Davie 17 12 0 • J. Townley .. 100 17 4 Graham, Pitt & Bennett 122 13 2 Whitcombe .. 134 14 11 V. G. Day .. 53 G 4 A. J. Cooper .. 23 6 0 J. Abbott .. 42 18 0 J. D. Wickham .. 84 15 0 A. Thompson .. 21 10 0 DeLatttour .. 4826 15 8 A. Graham ,. 70 0 0 W. Good 8 & 0 Shelton .. 97 16 0 Parnell and Boylan 9 5 2 E. K. Tyler ... .. 268 3 0 J. Coleman .. .. 20 0 0 F. Jones ., .. 49 0 0 James Browne 0 19 5 L. Bees Cl 1 0 W. Brassey .. .. 105 0 0 Total .. £7261 8 5