MEETING OF CREDITORS

Southland Times, Issue 17658, 16 February 1916, Page 2

MEETING OF CREDITORS

ESTATE OF E. J. MOTLAN. A meeting of creditors in the estate of Edward John Moylan, of Waimatua, contractor, was hold on Monday. Mr Geo. McDonald appeared for the bankrupt, and Air T. Meredith for Meredith and Fraser. Debtor’s statement showed liabilities £SS2, and assets £377 10s. The principal unsecured creditors were: Win. Moylan, South Hillond. farmer. £207; R. Al. Fitzgerald. Oropuki, storekeeper, £l2: Henderson and Co., Invercargill, £27; Smith and Laing, £2O; —. Stevens. Athol. £10; T. Crawley, bootmaker, £S; N. M. and A. Co., £7; Alex. Kodie. £7: Thos. Double hotelkeeper, £5. There was one secured creditor. Dr Grigor’s estate, the amount of the debt being £230, and the value of the security £350. The latter consisted of section 3, block 23. Waimatua, and section Sa. block 23, Waimatua.

Debtor (sworn) said he was living at Waimatua, and that the property at Waimatua consisted of five acres, with dwelling and stable. He bought it about three years ago for £350. paying £l5O cash, the balance being left on mortgage. The property should still be worth this amount. It was close to the station. He was contracting for the Southland County Council when he settled at Waimatua. and had several good contracts, but about two years ago be met with an injury to liis back, and since bad not been able to do continuous hard work. He had two contracts when he was injured, and had to leave the men to work by themselves. Afterwards he took out other contracts, supervising the men as he was able. He had saved a little money at the time lie was hurt, having about £3O in the Saving Bank, which had to be withdrawn to make up for losses on contracts, and he gradually fell further behind. In dune, 1015, he was behind with the bank and with his accounts, so borrowed £2OO from his brother. Later, being pressed by creditors he was forced to file. He had kept a cash book and a full record of all receipts and expenditure. but did not keep a separate note of the profit or loss on each contract. J t could easily be found from the books. The interest was in arrear on the Waimatua property about two years, the rate being t! per cent. The agents of the mortgagees (Messrs Macdonald and Tipping) notified him once they would sell if the interest was not paid. The furniture had always belonged to bis wife. In a further sworn statement bankrupt stated that Bridgman was working for him on a contract which was unfln- ( ished, so that lie should get his wages from the County Council when the contract was completed. There should be a small balance (say up to £3O) coming to the creditors when the contract was finished. The contract was for Bridgmeh's road at Mabel Bush, and was for £l6O. He had drawn only £65, and the contracts was more titan half finished by him. There was nothing being done op the contract at present, and he last worked on it in December last. His brother paid the loan to him to the bank by cheque. He owed the bank a little over £IOO at that time. The balance went to creditors. He was still living on the Waimatua property, and the place suited him all right. Ho did not know if his brother would buy it. He was willing to occupy the property and pay rent until the Assignee was able to dispose of it, and was prepared to pay 7s G<l per week, payable fortnightly. Ho collected some money in connection with socials at Waimatua. but others did not pay him. Some of (he accounts paid for liquor were 12 months old. He had been under four different doctors as well as the Chinese doctor, owing to his back. The doctors said it was lumbago, and practically he had done no work for the last two years. He was in an Oddfellows' lodge, and drew £1 per week. He neglected to send in a certificate, so had no money lately. He never worked for Cameron, and his brother worked for him. After deciding that Mrs Moyland’s offer of £2O cash for the cows, and Mr Shieffelbcin's offer for the filly be accepted, the meeting adjourned sine die. ESTATE OF PRANK SHIRLEY. A meeting of creditors in the bankrupt estate of Frank Shirley, of Orepnki, hotelkeeper, was held yesterday. Mr G. P. Keddell appeared for the bankrupt, and Mr H. Macalister for Speight and Co. The statement of bankrupt showed that the amount owing to creditors, all unsecured, was £OOO 16s 9d, and the assets consisting of book debts were estimated to produce £SO. Following is a list of creditors: —Moffett and Co.. £34 13s : Acetylene Gas Co., Dunedin, £l7 6s; Bennett and Sons, Dunedin, £l4 4s; Powley and Son, Dunedin, £29 14s: Neill and Co., Dunedin. £ls 9s; A. D. Beer, Dunedin, £lO 4s 9d; McGavin and Co., Dunedin, £34; Lane and Co., Dunedin, £6 6s 6d; N. Z. Suppliers, Christchurch, £5 12s; Watson and Haggitt. £2 3s; Wairio Coal Co., £4 Is 2d; McGruer, Taylor and Co., £4 2s 4d; Well Parry Manufacturing Co., Dunedin, £3 14s; Mills, Dick and Co., Dunedin, £2 10s; J. T. Henderson. Tuatapere, £4 10s 9d; B. Downes and Co., Mataura, £1 2s 9d; Beattie, Castles and Co„ Mataura, £2; M. Crowther, Orepuki, £6 5s 9d; H. Popham, Orepuki, £3; John Regeskie, Edendale, £2O; J. McEvvan, Gore, £2 18s 6d; D. M. Cochrane, Gore, £ls; A. E. Kemp. Gore, £5 15s; Thomson and Co., £326 15s Id; Speight and Co„ £lB4 2s 2d; D. McFarlane (De Clifford). £145 7s. In a sworn statement debtor stated that lately be had been hotelkeeping at Orepuki, to where he went on July 21, 1914, and took over the Masonic Hotel from R. Welsh. He bought the goodwill and furniture for £1350. through Macassey and Co. He paid £4BO in cash, and borrowed £290, making a total cash payment of £770. The stock was taken over at valuation, and amounted to £316, in addition to the goodwill and the furniture. That left a balance due after the foregoing payments had been made of £9OO. The mortgage showed £950, which was incorrect. The mortgage was to Speight. Thomson and De Clifford. He had hardly taken possession when the war broke out, and, although business increased and kept up fairly well for a few months, it gradually fell off, and during the autumn and the winter he did very little. At first the average weekly takings were about £SO, but last year they fell to £2O, and sometimes less. The rent was £6 per week until last September, when it was reduced to £l. The insurance amounted to about £1 per week, and the interest at 10 per cent, and 8 per cent, to about £B4 per annum. Rates were £l2; Licensed Victuallers’ Association, £l2; and license, £25; so that apart from wages and other running expenses there was about £SOO per annum of a load to carry. He could not make tho place pay with that expenditure, and gradually went back. He tried at various times to sell, but was not successful, and ultimately the business was sold by tho mortgagors. He paid far too high a price in the first place. His chief reason for buying was because the shale works were fully expected to start at an early date, but tho war stopped that. Ho kept a cash hook of takings, and a petty expenses account, and all but petty expenses was paid into the bank, and paid out by cheque. The books showed the details of outstanding accounts as per list supplied to the As- I signee.

It was decided tb/U the book debts be left in the hands of the Assignee to dispose of to the best advantage, and tbe meeting adjourned sine die.