IN BANKRUPTCY

Southland Times, Issue 17596, 7 March 1914, Page 6

IN BANKRUPTCY

j BSTATK OK ABKBKI.) A I NOB F>. | VcsliTd.-iy afternoon a meeiing of | creditors in the estate of Allred Arnold. ! Ibixmiller. Kenningl nn, was held in the Official Assignee's office. The principal eredilors were represented. The bankrupt's liabilities amounted to FI 01« I.ls I Od. and his assets to £172 10s, leaving a defleieney of FTtt Is B'd. The principal uipoi-nml creditors were: Titos. I iyer. Mossburn. £An; .1. Blomfield. Winton, £:!. r >; Southland engineering Go.. 1(5(5 Is; McCurdy Bros.. Waikiwi, £(5 l 10s Id; A. Shand. Fvennington. £SO; Connor and Co., Orepuki, £lO l(*s .Ad, and the Sonthhmd Sawmilling Co., fit 11s Bid. In his statement bankrupt said that he started flaxmilling on his own account about four years ago. lie was in delit at that time, having been put to considerable expense through an illness He took over the Waiau (laxmill without any capital, expecting to make something out of the venture to pay his hack debts. The llax area gave out in about twelve months, carting expenses were heavy and Fibre was at a low price, the investment proving unprofitable. Ho then took over a mill at West Plains for the remainder of Flic season, hut also lost on that transaction. Flax being obtainable cheaper at New Biver, he shifted the Waiau flaxmill there. Inn owing to prolonged wet weather 1 lieseason was a very unsatisfactory one. a.nd ho lost a eonsideralde quantity of both green flax and fibre, which was carried away by floods. Messrs .1. K. Watson and Go. then sold both the mills, but. the proceeds were not sufficient to pay his indebtedness to that Company. He again took over a mill from Mr H. iSieffcrl, of Kennington, under a sale and purchase agreement, the price for the mill being £4OO. payable at. the rate of f2A per month. Two hundred pounds It ad been paid off under that agreement, and £2OO was still due. He had to pay out about £IOO to put the mill ;n working order. He worked the Fvennington mill for about eight months, when the low price of Fibre again necessitated his closing down. He then leased u mill at Mataura island from a Mr Murdoch, but failed to carry out his contract, and was forced to transfer the business tier the sum of £IAO. That amount had been disposed of as follow; —Paying order of Watson and Go., dated December 11. ion, £SO; living expenses, flu: legal expenses. £2O: counterclaim Messrs Smith and Mc-Kerchar. purchasers of the Mataura mill, assets £l2, and balance in hand. £2S. He considered that his bankruptcy was due to working on insufficient yapilal, bad seasons, low prices for fibre, and ill-health, which had prevented him ’ from attending to his business quite nine months during the last three vears. The £l5O he received for his share in the Mataura Island flaxmill represented what he lead put into it in the way of extra machinery, improvements and labour. If he had had good seasons he could have retrieved his position. He had no offer to make to his creditors. .As none of the creditors had any suggestions to offer, the matter was left in the hands of the Official Assignee, and the meeting was adjourned.