MEETING OF CREDITORS.

Timaru Herald, Volume LXIV, Issue 3274, 29 May 1900, Page 4

MEETING OF CREDITORS.

A meeting of creditors of James Watt, farmer, Albury, was held m the Deputy Assignee's Office yesterday inoming. There were present the Deputy Assignee, Mr Montgomery; Mr J. W. Whitehinacviser; the bankrupt and Mr Knubloy his solicitor (acting for Mr J. Hay) ; Messrs J. P. Newman, J. Wilson and J. B. Watt. The bankrupt filed m November last, and the creditors arranged with him to harvest the crop, then growing on his Government lease section,for the benefit of the estate, retaining horses and reaper and binder for the purpose, the proceeds of the crop to bo consigned to the Assignee for disposal. The Assignee reported that the crop had been realised and netted £103 19a lid. After paying legal and other expenses he had £84 5a 2d m hand. The other assets were Wood reaper and binder, price £45, half paid for ; a horse, drill and harrows, valued at £25 103 ; and the interest m the leasehold section. The bankrupt stated that the Government valuation of the Improvements (the only value) was £80, and against this he had obtained an advance of £50 for which the section waa mortgaged. There was £25 17s 6d due now for rent, £12 18a 9d more falling due on Ist July, leaving no selling value m the section. In reply to a question, the Assignee said that a verbal offer had been made at the first meeting of £220 or £225 for the estate, but the bankrupt and others thought it would be better to accept the bankrupt's offer to keep and harvest the crop. The bankrupt said the crop looked very promising at that time, hut a spell uf dry weather, caterpillars, and Hessian fly reduced the value of the crop. He was very sorry that he had made the offer, but he did it for the best, The Assignee said the feeling of the creditors was that if the bankrupt could make anything out of the crop they would be glad to give him the chance, and the offer for the estate was not entertained. The proved debts were £205 0s 7d, and the amount m hand would pay a dividend of something like 8s m the £. There was however another claim for £20 for wages, just come m, which he doubted, whether he could accept. He had also omitted to reckon an account for £7 103 which he was compelled to incur for the hire of the reaper (to save its removal) as that might be otherwise arranged. The meeting agreed to admit the claim for wages, as it had been delayed by an oversight, but without "preference." Mr Wilson said the bankrupt had been very unfortunate, and he suggested that the amount of cash m hand be divided among the creditors and the rest of the assets be given to the debtor. He would even go further and give him £10 out of the money m hand. It was resolved on the motion of Messrs Newman and Wilson— "That £5, the leasehold, and other assets m the estate, exclusive of moneys m the hands of the Assignee, being m the opinion oi the Assignee of less value than £50, be given back to the bankrupt, snbject to the mortgage and rent due on the leasehold being paid by him." Mr White raised the question whether the estate was not liable for the rent due, as the Assignee had not disclaimed the lease. The latter said he could not have done that or he would have disclaimed the crop tpo. The bankrupt said he could not do anything with the section for want of means, and he must try to get a purchaser who would take it over with its liabilities.