IN BANKRUPTCY.

Taranaki Herald, Volume LXVI, Issue 16240, 19 September 1918, Page 4

IN BANKRUPTCY.

A MARINER’S ESTATE. COMPLAINTS OF EXTRAVAGANCE A meeting of creditors in tho estate of James Watkins, mariner, New Plymouth, who was adjudged a bankrupt on September 18, 1918, was hold ou Wednesday afternoon at tho office of the Deputy-Official Assignee (Mr. J. S. S. Medley). Bankrupt was represented by Mr. A. Rewley. The following creditors were present; Messrs. A. Veale, J. W. Hayden, B. Wells, J. C. Morey, T. Coults. R. J. Deare, C. and W. T. Hookham. ? The liabilities were shown as £220 I4s 9d owing to unsecured creditors, and against this was £lO (value of furniture), leaving a deficit of £2lO 14s 9d (approixmately). Tho unsecured creditors numbered about 20, and included grocers, drapers, tailors, bakers, butchers. dentists, boot importers and others. The following written statement was made by bankrupt: “Before coming to New Plymouth, two years ago, I was not in good circumstances, tho cost of living, etc., making it necessary for me to borrow money to keep things going, and moving my family up to New Plymouth. Owing to having to pay off the money borrowed and back debts, and having no furniture of my own, and consequently having to rent furnished houses, I have found the cost of living very high, and, being hard pressed by my creditor's, I was forced to seek the protection of the court. I have been paying £2 per week rent for my present house. I have also been paying back debts. lam a married man with a family, and was trying to struggle along, hut on account of judgment summonses I had to file.” The D.O.A. said that the position seemed to he that bankrupt had certainly been living beyond his means, and had really no visible ,assets. Examined by the D.0.A., bankrupt sard that he could not tell exactly what he owed when ho came to New Plymouth two years ago. but it would he between £SO and £IOO. Answering a creditor who wanted exact information, bankrupt said that he had not kent his receipts. He had paid all his Wellington creditors and £2O which had been lent to him by the Harbour Board for the payment of expenses of moving. The debts in Wellington were for living expenses and rent. A creditor: It means that the creditors here have paid for the Wellington creditors. Mir. C. Bond: I thought you told me you had a section in Eltham? Bankrupt: No; I have never owned a section. I was trying to borrow some money from a man in Eltham. ‘ Bankrupt continued; that his average wages per week since he had been employed by the New Plymouth Harbour Board would be a bare £4 per week. They would not average £4 10s per week because some fortnights he had got only £6 odd, and tho most he had got was £8 18s at a time when there was a lot of overtime. He had a family of five, two of whom were entirely dependent. He had kept no books and -had never had a hanking account. His life had been insured until he was unable to keep the premiums up. . . ~ A creditor characterised bankrupt s statement as a rotten one. “You complain about the high cost of living, hut you don’t appear to have paid anybody in New Plymouth. That seems to me to b© a very cheap rate of living.” Mr. Morey gave particulars of drapery to the value of £2O purchased for a holiday, and continued;,, “I think it is tho most unsatisfactory thing' I have ever heard of—a man to come here take that position and live on the tradespeople. What has become of the money? There must ho money somewhere! Mr. Deare said it seemed to bo a case of extravagant living. “I don’t see why we business people should put up with it; it isn’t a fair thing. If a man earns £4 10s he should spend £4 and save tho rest.” Mr. Wells spoke of £o which he had lent to bankrupt for three days, but which had not yet been repaid, and bankrupt replied that at that time a judgment summons was issued against him unexpectedly. Asked if he was prepared to make an offer, bankrupt asked what could he do. He had only £2 a week to do anything with after paying rent for tho furnished house. Mr, Bewley said, regarding tho high rent, that his client would no doubt be able to obtain a house at 10s or los a week if he was able to find a way of getting the furniture. Asked what he had done in Wellington before coming here, bankrupt said that when he came back from the New Hebrides (where ho was in charge of a boat), because there was no school there, he could get no position in Wellington. He had to work on the wharves and before the mast. Ho had a captain’s certificate. A creditor: Isn’t that any good?— It is not worth the paper it is written on when you have not got ‘decent clothes to 'go about in or any friends to help you. _ . Answering a question bankrupt said he put his position down to high rent. Mr. Rowley, after consulting his client, said that the difficulty in tho way of making an offer was that while he was paying the present rent for the house he had leased-, it left him only £2 per week for living expenses, and tho creditors would recognise that that was a. small amount with which to provide necessaries. The best bo could offer as long as ho remained in that house was 10s a week. Tho D.O.A. said that tho lease would have to ho disclaimed. It was pointed out that the offer of 10s meant that the payments would extend over practically 10 years. Eventually bankrupt consented to amend the offer to 15s a. week, payments to commence on October 18, and an order to lie given for this amount on his wages from the Harbour Board. On the motion of Messrs. Hayden and Deare this offer was accepted, and the mooting concluded.