MEETING OF CREDITORS.

Timaru Herald, Volume LV, Issue 5517, 20 September 1892, Page 4

MEETING OF CREDITORS.

. « A first- meeting of the creditors of Francis Drake, farmer, Temuka, was held yesterday, tbe Deputy Assignee, Mr A. Montgomery, presiding. There were present, the banktnpt and Mr Salmond his solicitor, and three creditors, I, Behu, H. Brosnaban, and T. MoLeod. Liabilities — Unsecured creditors, £283 15s lid ; scoured creditors, £22 13s ; estimated value of securities, £96; surplus to oredit, £73 17s. Assets— Surplus from securities £73 7s, ca»h m hand £12 17s sd, property £5 ; total £91 4s 6d. • I Deficiency, £162 11s 6d. Unsecured creditors -J. Brown, £44; D. Henry, £27 16s 8d ; E. W. Body, £25 ; Sir W. Blunden, £3 12j 6d ; L. Booke, £2 10s s W. Ruesell, £2 Is 8d ; J. Blyth, £2 ; E. Kennedy, £2 10s i B. Love, 12s ; Talbot and TysoD, £1 6s ; J. M. Twomey, £1 1b jG. Mason, 16a ; B. Edgar, 16s ; —Clark, £3 ; W. Boyd, £1 15s 3d s T- Hornbrook, 12s ; W. McLeod, £8 9s 6d ; A. Humphrey, £72 ; Harper and Co. (Ohristchurch), £4 4s ; and the following wages :—W, Lane, £3 2s 6d ; A. Wesley and J. Kahu, £16 |12s ; H. Brosnahan, £7 Is 7d ; F. Fowler, £2 Is 8d ; I. Behu, £6 17s ;M. O'Brien, £1 18s 6d ;H. Booke, £3 10s ; M. Kyne, £1 ; 3. Henwood, £7 10s. Total debts unsecured £253 15s lid. Secured creditors :— Harper and Co., Cbtiatohuroh, £96; debt. £22 12s ; security, I stock and implements seized under distress for rent. • ' ■ v Property :— 278 ska potatoes, shipped through Mr Bowker, estimated to return £5. Bankrupt Btated that he began farmine on his own account oa the Temuka-Kaiahu road the year before last, on SO aores, which he put m potatoes. This year had 45 aores from Harper and Co., at 10s an aore. Had 27 acres of tbis m wheat and oatß, the reat m gra^s. Also 36 acres m potatoes from Mr Humphrey ofSeadown. Also from last May , 83 acres from Mr Body at £30 a year ; rough riverbed m its natural state, for grazing. Had about £270 arid no dabts when he began two years ago. tJhippedpotatoeetoSydßey, Brisbane and Auckland. 1400 of 1670 sks shipped through Mr Bowker realised about £45 net ; 320 sks shipped through Aspinall netted £25. On one shipment there was a loss of between three and four pounds. Attributed his poaitjon to the loss on the potato crops, and the wheat also was a loss. It only realised £16 3s Si ; Bold it to J. Brown and it went towards a store account. The oats were used on tho place. 'i'o H. Broanahan s Had the £270 when he Btartad, but out of that he had to buy horses and implements, and on getting married had to furnieh the house. Had no stock of his own on Body's land, oblv some sheep from auctioneers and after killing some and losing others he had nothing to get for the graziDg. The horses, harness, dray, cowfl, and implements cost £126 10s. Valued them at £90 now. Put opa houeeon HarperVland at. a cost of about £30. Had a five years' lease with a purohasing clause, at 10a on, acre, to pay off £50 this year, £50 the third year, and the balance, £260, at the end of five years. Had paid nothing. (Mr Salmond said this property bad not beoo put m tbe Bchedule, as it was hard to say how to treat it whether as a liability or an asset.) Mr Brosnahan spoke very strongly about the debtor putting' off filing when he know two months ago he was m difficulties. Mr McLeod applied some hard words <o the debtor for deducting the " tuoker bill " from the wages of the men who dug the notatoeß, leaving him, the Bupplier of tbe tucker, to get nothing. If he had paid the men m full, or left them to put m their claims, ho would have got them to pay him. To Mr Salmond : The rent of the 36 acres of Humphrey's land was £2 an acre, £72 ; that had not been paid. The cost of putting m seed, manure, wages, and horse feed, etc., wus about £90 ; and digging and carting the crop about £70, of which about £30 bad been paid. The total net proceeds of the Bale of the ctop were about £60. To Mr Brosnahan : ;The manure was supplied by Aspinall, £24 7s 6s, and they ■wore paid out of the potatoes shipped. Had told creditors he was to get advances of 10s a ton on tho shipments, and he would pay the diggers and others out of the advances, but when the shipping began, Mr Bowker declined to make advances. He could not force him to make advance;. The debtor considered that there should be a sufficient surplus from tbe sale of the stock seized by Harper and Co. to pay tbe preferential claims. The meeting waa adjourned to that day month.