R. Anderson and Co.'s Bankruptcy.

Southland Times, Issue 13494, 30 June 1896, Page 2

R. Anderson and Co.'s Bankruptcy.

[By Telegraph] Dunedin, June 29. A meeting of creditors in the estate of John Ryley, trading as R. Anderson and Co, millers, was heltl to-day. Among the creditors who proved were the Bank ol New Zealand, L 5116, and the Colonial *Bank L 74.484. The bankrupt attributed his bankruptcy to the heavy price he paid for his mills to the Colonial Bank and to losses made in his first year. This handicap was so heavy that the buainosa, though good, could not bear it. On the mill account alone L 17.000 had been paid in interest and discount. He was a shareholder of the Bank of New Zealand and the National M. and A. Company., which had coat him about L6OOO. The Assignee explained the position of affairs. He thought the bankrupt's estimate of his assets exaggerated. Tbe accumulated interest amounted to L 19,000 and there were drawings by Ryley on hia private account of L 20,000 so that in four years about L 40.000 had been withdrawn. On 31 Bt October last the bankrupt had prepared a balance sheet for the Colonial Bank showing assets to the value of L 2500 above liabilities. The stock was held to be worth L 45.000. That would require investigation. Tho bankrupt) declared that he had been requested to prepare a balance sheet by the manager of the Colonial Bank presenting the beat aspect he could. Mr Michie of the Bank of New Zealand aaid he was authorised by Mr Ewing to deny thia statement of the bankrupt, and expressed his willingness to give evidence on it. He would say the balance sheet waa highly coloured but no additional credit had been given on account of it ; on the contrary., the liability had been reduced by about L 20.000. As the Colonial Bank liquidators were not represented the meeting was adjourned to the 14th July, the bankrupt to receive L 6 per week in the meantime. -