In Bankruptcy.

Southland Times, Issue 11298, 2 November 1889, Page 2

In Bankruptcy.

— -• A meeting of creditors in the estate of John Sinclair, of Waiau, farmer, was held in the Courthouse yesterday afternoon. The Deputy-Assignee (Mr R. Macleod) presided, and Mr Macalister appeared for the debtor, whose statement showed the amount due to unsecured creditors to be L 244 11s 2d. The only secured creditors were the Trustees of the Estate of Neil Ferguson (L 414 for loan and interest), who were secured by a mortgage over section 43, Waiau, containing 200 acres. It was mortgaged for L 2 per. acre, but in his statement the debtor valued it at L 4 per acre, and therefore showed a surplus from the land of L 386, which, with L2l, amount owing by Mary and Sarah Sinclair, for grazing, comprised the assets. Accordingly the statement showed a surplus of L 162 8s 10d.— The unsecured creditors were—Matheson and Co., merchants, Ll6B 18s 8d ; Duncan Sinclair, miner, Merrivale, L 52 12s 6d ; Alex. Sinclair, ploughman, Ll7 4s ; William Scobie, storekeeper, Eastern Bush, LI 6s ; and Geo. Woblman, hotelkeeper, Otautau, L4 :IOS.' „- tv The debtor was examined by Mr Finn on behalf of Duncan Siuclair, his brother. He stated that he had filed because he could not pay the claim of his brother, who had got judgment against Mm. Previous to 1884 he owned two farms— Blair aud Cabra —in the Waiau district. He mortgaged them both for L7OO and afterwards sold Cabra farm for about LI 10 to his wife and sister, who were at that time living at Port Chalmers, the former teaching a school. He also sold them for Ll3O all his implements, including a plough, chaffcutter, reaper, and four horses. He did all the work oh Cabra farm by contract, his wife and sister paying him until last year when he verbally agreed to look after it for L2O a year. Before mortgaging the farms he had got L3OO from the estate of one John Mackay, which was disposed of in improving Cabra farm on which he now lived with his wife and sister. He had removed a sledge liut and some fruit trees from Blair farm to Cabra some time ago, and had no stock nor implements on Blair now. He occasionally bought sheep for his wife and sister and charged them L2O per year for the right to graze sheep and cattle on Blair. The Chairman said that the debtors explanation was somewhat mixed and he thought it would be advisable to adjourn the meeting until Mr D. L. . Matheson, who might throw some light on the matter, could rttwdt—Xto meeting then, adjourned,