BANKRUPTCY.

Taranaki Herald, Volume XLIV, Issue 10216, 23 January 1895, Page 2

BANKRUPTCY.

J. RUSSELL & SON : S ESTATE. E The first general meeting of creditors in ' ! the estate of Jeffrey Russell, & Son, stolieTrMadflS,, was held in the D.O.A.'s office at 2 o'clock tti, Tuesday. Present: Messrs R. G. Bauchopfc,- D.O.A. (chair- ■ man), D. Berry (Berry & Go, and J. £ Wilson & Co.), A. Shuttleworfifi,. A. Davidson, T. White, J. P. Miller, C. W, i , Govett, J. White & Son. i The bankrupt and son, who were also present ( -Wera represented by Mr Govett. The D.O.A. read the list of assets, and the following privates statement of the bankrupt: j Jeffrey Russell, being sffoffl, said:— l . arrived in Taranaki for the first time in December, 1876. I worked at my trade ss a stonemason. In about three years I found myself in difficulties, and I assigned my estate to Webster Bros., who, I believe ' paid my creditors 13s 6d in the £. I left Taranaki shortly af terwards, and went to Brunnerton. After working on a contract on day wages, I went into husitteaa as 4 » 1 stonemason and bricklayer anda yard for manufacturing bricks. I sold the bricKyard to a company for £400, but was only paid £50, when the company was wound up. tit Mrtrch, 188U, I became bankrupt at Brunnerton. J do flat think there was any dividend paid but 1 caflfitft say for certain. < I did not apply for my discfovf ge, and am - now an undischarged bankrupt un'cfer that < bankruptcy. In March, 1891, I joitted \ ] the Co-operative Coal Co at Mokau and remained there for nine months. I rectei+ed iv) payment in cash for my labor, only eitites to the value o£ about £25. This company was wotmd up and I had about £45 by i€. 1 came to New Plymouth in December, JBQt , and sued the company for the amount dae to mo and got judgment but no cash. I then began jobbing on my own account and my son joined me in February, '92, and on April 1, 1892, we started into partnership and traded as Russell & Son. "Wo had no capital. On 3rd September. 1893, 1 paid £20 in settlement of an old debt at Greymouth ; this is the only amount paid on account of old debt. I attribute our bankruptcy to losses on contracts, especially on the two Roman Catholic Cburchos and the cutting at Liardetstreet. 1 hand in a statement showing the losses, &o. t to the long illness and death of my wife, whJch entailed considerable expense.l Hie D\O.A.- said that ho vromi take instructions from the meeting to dispose of the stock in trtfde, etc. There tras a reasonable chance <A getting in a trifle under £45 o£ the boo'Jf debts, and in addition to this there was a sfftfl of £35 or £37 to get from Mr Brooking, The other assets in the firm's estate were nrffile up of a few articles. The D.O.A. thenread the list of liabilities as furnished by the bankrupts, which showed a total of £365 3s 7d. The Assignee said! that with regard to the son's furniture he had seen receipts which showed that the i urnittrro was bought by the son's wife before marriage. This was clear to him (Mr B.iuchope),for in addition to the receipts he had made enquiries which showed that the 1 f ilfnittire was actually purchased by Mrs" fiussell. MV Berry : Have yon a lift of the payments mrfde by bankrupts during the last three" moiitns-? » Mr Bauchope said there was a book, ■which had been made dp' ffortf a scrap book. Mr Berry thought that the scrap book should be produced, and Mr Russell, jun, left for it. ~s<ir Sliutfcleworth asked over what period the bank book went. Mr Bauchope ; From July 1893 to December last. Mr Shuttleworth said there were preferential claims against the assets Mr Bauchope said that there was a total of £38 for wages, and there was an additional £10 4s, which brought the preferential claims up to about £50. Mr Govett said that some of the claims might not be preferential as they were too long standing. Mr Banchope said the matter would be fully investigated by him before any payments w.ere made. Iv answer to Mr Berry bankrupt said that all his payments appeared in his bank book, which showed nothing under £1. He had settled some amounts over £1 by contra. For instance Mr Brooking's account for the funeral. Mr Shuttleworth : You received £75 j from the New Plymouth Catholic' Church ? Did you bank that? Bankrupt : Yes. Mr Shuttleworth : Did you bank that that money piecemeal, for the book shows no such payment ? Bankrupt said ho received the money ] in two instalments of £50 and £25, and ■ the latter amount was paid to Morrin & ' Co., ,of Auckland, for cement used at Stratford. . ! Mr Shuttleworthaskedwhathadbecome of the Stratford Church money. Mr Bauchope said that the bank book showed the payment of £55 in August, 1894. Mr Govett said that in April, 1894, £63 was paid in, which had been received over the New Plymouth Church contract. Mr Bauchope said that there were amounts shown in the book which would correspond with Hart's payment. Mr Berry went through a statement of losses, and asked how the bankrupt got at liis losses on contracts. The bankrupt said that he lost on the contracts. Mr Slmttloworth said that no man who was a tradesman should make such losses on contracts, as shown on the New Plymouth and Stratford Catholic churches. Mr Davidson remarked that a contractor should know better t than make such losses. Mr Berry said that the statement showed the bankrupt had lost £181 j on a £147 contract at New Plymouth Church. Mr Shuttleworth said that Mr Russell had got from £30 to £40 worth of cement from his firm, which had novor received a sixpence from Mr Russell. How could Mr Russell show a loss on the contract under such circumstances ? He was not prepared to take such a statement as the one under view as genuine. The fact was no books were kept, and these statements, not backed up by documentary evidence, wero prepared for the purpose. Mr Bauchope said that he could not understand the bankrupts' statement over the town Catholic Church contract, and he had queried certainitems as shown in the statement ! Mr Govett said that Mr Russell estimated that he would get extra on certain work on the Catholic Church contract, b"»t the architect would not certify such extras. He himself wrote to the authorities over the finishing of the contract, and offered to do work for £15 on behalf of Mr Russell, which offer was refused, and the work was afterwards carried out at a cost of £31. Mr Berry : That does not got over the statement that a loss of £181 was mado on a £147 contract, and yot the cement from Mr Shuttleworth had not been paid for. Was the carting paid for ? Mr W. J. Russell : I did the carting, and never got paid for it. Mr Berry went through certain wages paid on the Now Plymouth church contract. Mr Bauchope remarked that that was only one series of payment when bankrupt got the money from Hart ; other wages payments were mentioned in the book. Ho enquired of bankrupt, who paid them for the convent job ? Bankrupt said that Mr O'Hanlon paid him for that. Mr Banchopo : That is the £58 shown in the book ? Bankrupt : Yes. Mr Berry moved that the estate be realised sis soon as possible and the stock-in-trade bo sold by auction. Seconded by Mr Shuttleworth. Mr Davidson moved, That the stocic-in-tr.idp be sold by privato tender. Mr Berry said he did not mind which waj' it was sold. After an explanation by Mr Bauchope, Mr Davidson withdrew his amendment. Mr Berry's motion was then put and earned

AtMV B'erry's- request, the bankrupts' Cetfe put on oath,, and in reply to Mr Jerry^fhe elder bartkruptrJeffrey Russell, aid : — 1 b*ve not paid 1 any sums over £1 luring the feet three months (exclusive if labor accoutres),, except, which appear n tho bank book. I have not received ny moneys during the same period, ex--' ept which appears in the book given to. he Assignee. Mr Berry said that he asked the quesioos on account of certain rumours tovhicfe bo credence might be attached, but. itill he wished to ask the questions in the^ itrongest possib.e way. He wanted the son asked the same questions. Jeffrey G. M. Russell, sworn, said : I lave not paid away any sums over £1 luring the last three months (exclusive sf labor accounts) except what appears in the buik book. I have not received any moneys during the same period except what appears in the book given to the Assignee or cash handed to him. SEPARATE ESTATES. The meetings in the separate ecsßalfis. lapsed for want of a quorum.