In Bankruptcy.

Southland Times, Issue 9359, 27 October 1886, Page 2

In Bankruptcy.

IX RE JOHN DALGLISSH, OF INVERCABGILL, MEHCHANT. The creditors in this estate met ia the Courthouse yesterday afternoon, the Deputy-Assienoe (Mr R. Macleod) presiding. — Mr Wade appeared for the debtor, whose statement Bbowed his liabilities lo be L 6057 16s 9d, of which L 3350 is due to secured creditors and JJ564 6j 9d as a contingent liability due to the Bauk of Australasia as guaranleo for an overdraft to D. 0. Urquhart. The secured assets were valued at L 3750 and tho uuaecured at L2OO, making a total of L 3950. Tho apparent deficiency was thus L 2107 163 9d. — The secured creditors are: -~D. J. Napier, Dunedin (secured by inctgage ov( r section 84, Wairin, valued at L2I00) L 2070 ; Miss Huoaby, Invercargili (secured by mortgage over section 7, Prestonville, Waikiwi, valued at L 800), L 43 0; Bank of Australasia (secured by mortgage over section 21, block 9, Forest HIII, valued at L 700), L7OO ; Lord Clark, I Elinbaigh (secured by mortgage over section 32, block 4, Avenal, valuod at L 150), Ll5O. — The unsecured creditors v/ere stamd to bo a 9 follows — Murray, Dalgliesh and Co. (in liquidation) estinu sted at LIOOO ; Duncr.n Clark, of Invercargill, storeman, L 463 10s ; trustees of the late J. T. Thomson (being proportion of guarantee on behalf of tbe Southland Tramway Company), L4OO ; R. B. Williams, Invercaryill, LSO ; Bundry small debts, Ll3O. — To meet the unsecured liabilities the assets were set down and value J as follows ; — Furniture, L2OO ; surpluß from securities in the haads of secured croditors, L4OO ; total, L6OO. The Deputy Assignee said the Bank of Australasia's claim was LBOO, and they valued the security they held at L3OO only. The debtor's statement put the amount due at L7OO, at which sum the property secured was also valued. The debtor said he had refused L7OO for the property, and had paid rates on that amount. He Hid not think, however, it could be sold at all at present. Mr Carr (8.-'.nk of Australasia) said the property had been vaiucd lately, aud the valuation then given was less than onehalf that put down in the statement The det>tor was examined by Mr Russell (on behalf of the Trustees in the estate of the lato J. T. Thomson), and said tnat ha had held the appointment of agent to the Otago and Southland Investment Society in Invercargill since Murray, Dalglieeh and Co. had gone into liquidation. Tho appointment was cancelled by his insolvency. He had received a sympathetic letter from the manager, but any reappointment would havo to bo made in London. Tho salary was L4OO, buc out of that a clerk and* office accommodation had to be provided. He had also been acting for the North British lusurance Company, but the remuneration had been uncertain. The position might now be worth LSO per annum, but he did cot now hold it. He was not in a position to maie any offer.— By Mr Wade : When ho joined the firm of Murray, "Dalgliesh and Co. he put L2OOO into the business. Through unfortunate operations in the wool and grain markets Snd through having become 'guarantee in certain matters which had turned out disastrously, he had lost everything. It was not through any extravagance in living that he had become insolvent, but wholly because of misfortune in business As there was nothing certain p.ho.ut his proapects, ha waj not io v, jjosition, to make

Mr Hatch said there was not the slightest doubt that Mr Dalglieeh's position was a misfortune— -not only a misfortune to the debtor but also a misfortune to the town for which he had done so much. He (Mr Hutch) therefore moved that the debtor be allowed his furniture. Tbe motion was seconded by Mr J. Mitchell. Mr Oarr would oppose such a motion at that meeting, because firstly, they had not an estimate of the value of the furniture bfcforo them, and, secondly, because creditors who were not present should, in his opinion, have an opportunity of expressing an opinion on the matter. Ha hoped the, meeting would not decide to give away the only r?al asset in the estate without allowing all the creditors a voice in the decision. Althongh he reprosented the bank he was not then in a position to say what view they would tako of the proposal, and he desired to have an opportunity of ascertaining. Mr Russell thought the motion premature, and suggested that time should be given in which tbe Deputy-Assignee might make a valuation of the furniture. Mr Colbeck said they all knew that Mr D^gliesh's position was dne to misfortune, and for that reason he hoped tha motion would not be pressed that day aa he wished to see it carried without dissent. Mr Horder (representing Murray, Dalgliesh and Co.) said ho would support the motion. The furniture would be really of no value to the creditors as an asset, and to deprive the family of it would be a great hardship. Eventually it was decided to hold the motien over till a special meeting to be held on Thursday at 2 p.m., when the Deputy Assignee will submit an estimate of the value of the furniture.