BANKRUPTCY MEETING.

Taranaki Herald, Volume XXXIII, Issue 5808, 15 July 1885, Page 2

BANKRUPTCY MEETING.

A MEETING of the creditors of Messrs. Websters and MoKellar's estate, was held this morning. About fifteen were preaiut, tho Deputy Official Assignee presid inc. Tho bankrupts were represented by Mr. Standisb, who mado a lengthy statement to tho creditors present of the causes which had led to the failure. The principal cause was, he tiaid, depreciation. Tho Egmont Mill cost £6,000, and the loss by depreciation was estimated at £2,500. The mill at Hawera, which cost £3,300, has depreciated at least £1,300. Thia mill was opened under most favorable circumstances, the farmers having promised to grow wheat, a promise, however, which was not fulfilled. The firm also purchased a farm nine years ago, at Mangoraka, for £2,300, but which had depreciated by about £1,620. Altogether tho threo properties showed a depreciation of £5,420. Tho weight of Intereit and bad times, together with the unsaleablenesa o£ property, were tho only causes of bankruptcy. None of the firm had lived extravagantly, tho amount each member drew from tho business for the last fivo years having been only about £190 a year, which was a very reasonable sum for people with families. A few months ago the Loan and Mercantile Company, which bad ft mortfag* of £2,600,

Rave notice that they required payment. Unsuccessful efforts were mado to raise the money. Tho Deputy Official Assignee said it was unnecessary for him to make any remarks upon tho business transactions, as they had been carried on in an honorable manner. It would bo a matter of regret to all as townsmen to see old and respected neighbours placed in this unfortunate position. Ho road out the following lists of account?, &c. The secured debts amounted to £7,683, and the securities were valued at £8,420. The unsecured debts amounted to £2915 18s. 4d. The principal unsecured creditors were as follows:— W. K. Hulke, £763 7a. Bd.; Colonel Stapp. £510; Z. W. Wells, £510; Win. Allum', £510; J. C. George, £260; Hornsby & Sonn (London), £47; P. McGill (Tokomoiriro), £33 25.; Mrs. F. Webster, £20; Newton King, £29 18s. 6d Geo. Sumpter (Onmaru), £53 13s. Id., Henry Connell (Oamaru), £31 9s. 7d.; F. McGuiro (Hawera), £31 10s. The secured creditor* were: — Z. W. Wells, £2030; J. C. Geoige, £250; Trustees of Hirst's estate, £468; W. K. Hulke, £1550; Trustees of Captain King's estate, £830; New Zealand Loan and Mercantile Agency, £2555. The stock in trade was valued at £2968; leaving an estimated balance of assets over liabilities of £789 2a. 7d. A discussion ensued as to whether or not the business ehould be wound up at once. The mortgagees finally agreed to accept a reduction of interest, as follows : — Mr. Hulke, to 6 per cent.; Loan and Mercantile Agenoy Co. and Mr. Wells, to , 4 per cent. So it was decided that the mills be kept going, and Messrs. H. Weston and J. C. George were appointed supervisors. They are empowered to make such purchases, and enter into such transactions as they may think best, and to have the estate wound up within six months. Mr. Webster explained the reason the Waireka was not included in tho assets. She was bought by money belonging to Mrs.P.and W.Webster Mrs. McKellar, and 0. Johnston, master mariner. Each had advanced £100, and the rest of the purchase money bad been raised by mortgage on the vessel. The Official Assignee stated that the furniture of Mr. F. Webster und Mr. McKellar was available as an asset, but that Mr. W. Webster's belonged to his wife. It was decided on Mr. Wells' proposal to present the furniture to the bankrupts. Mr. W.Websterexplained thathohuilthis j house and bought his furniture 18 years ago, when he bad £1500 cash to his credit. Not a penny of his creditors' money bad been expended in the house. On Mr. Richmond's proposal, it was decided that the Official Assignee facilitate the discharge. The Official Assignee said he had made enquiries as to the 1200 bushels of wheat belonging to Mr. Clemow in the mill, nnd also a quantity belonging to Mr. Rayner. He bad ascertained that it was there merely for storage, and he intended to return it to the owners. Small parcels left by farmers for grist would also be returned, and were not included in the estate. The meeting closed with an expression of pleasure at the very straightforward manner in which the debtors had submitted their estate, and sympathising with them in their unavoidable misfortune.