Meetiua; of Creditors

Southland Times, Issue 8046, 29 June 1885, Page 3

Meetiua; of Creditors

VS THB ESTATE O? ANDREW TEif. PLBTOJ?, OF DIPTON, The creditors in this estate met on Saturday, the Deputy Assignee presiding. The debtor's statement showed hiarnn- : aecared liabilities to be L215 11s 2d. 1 bete were secured creditors to the extent oiL7b2 3a, but the properly they held; as security was stated to be worth LIOOO. The principal unsecured cred itora were : — W. K. WWttaker, L43 ; 0. Finlayson, L2l ; Fleming and fjflkisoo, LlB 3^ 7d ; Reid and Gray; L4O ; C. McDonald, Ll7 5a y Southland Farmers' Co-operative Society, Lls ; W. Keith, Ll3 6s 6<Lj J. Murdoch, Ll3 9^4d. The secured assets were sections 194, Taringatura, valued at LBOO, (Becared to Murray, Dalgleish and Co., for LSOB 3a),and stock, iibplemenls.&o., worth L2OO (securetl to. B. and N.Z. M. and A. Co. for L244. The unsecured assets, consistiag of a- horse, some pigs, and some . fowlsj were valued at Lit 10a;— Mr Jones represented -the debtor, and Mr Rattray appeared on behalf of several creditors. -The Deputy-Assignee etated that'Boppoeing the surplus as stated was realised there would ; bo-mpre :than 20s in the £tiin J the estate, bat it would be almost abisard ' to expect it toiild bo; Prom his pbin^^ttl: ;view the only practical aiset : waaP tfie> Lil'lOs.. -■■■^:^;^^-- : J-^ : v^-s ■ The debtor was sworn and stated that he had preyiqjtsly had 400 acre« of liad besides what waa mentioned in tbe state* ment. He leased t from Mr Morison, of Dipton, with an agreement to purchase at , Ij3 2s 6d per acre. That^was tßree i years ago. He had not paid any of thepnrchate moneys buf his father and cousin had paid ;the whole L1250. Ho^ did nor know in whose name the instalments had - been paid. Mr McArdfiU's company made advances toi Btieet the instalments; but \m cousin had to »bacirthe bills. He aigned an agreement to sell aomo'eigh teen months agp, to further Becure his father and consirj, which ww3earned bat two or three months agti ■ The amount due at the tims to them ; was some L6OO or L7oo>: He had seen anH ezamioed a statemeat of accounts. The sum of LI4OO had been borrowed on the land, of which something over tIOOO was paid p> Ur afori§on ;^ihe balance going to bis

[tu doe them. The land did not now i ; belong to him at »ir ; he had no^ interest in 1 it.; He could not get a loan in his own i name at aU, ond Be could not keep the i j»ndj io the prpDertjr paewed into the , hands o£ bis rotations. He got the seed for last fleaeon'e Crop oat of the grain which was on the ground, an<i over whioh i Mr McArdeH's company held alien. He ' did not think he had promißed that this year's crop wbald come to Mr McArtf ©ll. Mr :4obn ; Templeton said that if the creditors wißhed they could -have .■-the land by payincr Mm the money,; he had advanced. VV hen he went io the debtor's property ho saw a maem6cent crop of^; wheat, bat the debtor tola Him h« was likely to lose the land as he could not pay the instaknents^ upoo. it. He;(the speaker) then off ore I to advance the money and endorsed a bill for L350, securing himself, of ccrursiß, .on the land., •■ t The rcanlt was^ that the wheat got froated, and the debtor, who had worked hard and 1 honestly, was mined, v- V The popaty-Assignee saidftt appeared to him that the land was V in Ohanceryi" -He would enqaire into tho matter. and report at a future meeting- -^ [The debtor produced a hill to show that for sixty sacks of his wheat he had only received LI 10s. ? ': The meeting then adjourned. For *«mai*d£?ef reading matter su 4th page.)