IN BANKRUPTCY.

Timaru Herald, Volume LXXVI, Issue 11670, 1 February 1902, Page 4

IN BANKRUPTCY.

A. TWEEDIE Am) CO. A first meeting of creditors of AH an Tweedie and Co. was convened by the Deputy Official Assignee, Mr Montgomery, for yesterday morning, but only one proved creditor represented, and three are required to form a quorum. There were present the bankrupt and his solicitor, Air Jas. Hay, Air Moore, solicitor, Dunedin, representing Kattray and Co., Mr H. Darand, "and Mr T. Barr. The bankrupt's filed statements were as follows: A—Dr —Unsecured creditors as per list K B," £932 16s 9d; secured creditors, as per list- " C " (£143 14s Bd, less estimated value of securities, £100), £4B 14s 8d ; other liabilities, as per listD," £3 17s 2d ; total debts, £935 Us 7d. Cr.—Stock-in-trade at shop, estimated at £700; book debts, £350; cash, £9B; furniture, £2O; property as per list " E," £l6l 18s 6d; total assets, £1330 3s 6d; surplus, £344 14s lid. B.—Unsecured creditors (Dunedin) :Laidlaw and Gray £l9 7s, W. Scoullar and Co. £2O 12s, J. Rattray and Son £IBB, Wilson, Balk and Co; £22 10s 9d, McLeod Bros. £42 9s 7d. Briscoe and Co. £7 16s 9d,

Otago Brush Co. £5 12s, Mrs Towler £5 10s, W. Wright and Co. £2 Is 7d, A. J. McFarlane £lO 0s 4d, Irvine and Stevenson £8 15s Bd, R. S. McVickar £ls 4s, WGregg and Go. £l6 7s sd, Phoenix Co. £33 6s Bd, Hudson and Co. £66 15s Bd, Ahlfieid and Co. £8 7s 6d. Xeill and Co. £49; (Christchurch) :Hayward Bros. £1715s lid, G. Bonnington £2 17s 9d, M- Harris and Co. £2l 6s lOd, J. Rattray and Son £6 5s lOd, Jamieson, Anderson and Co. £3 17s, Clarke and Co. £9 2s 7d, Chrystall and Co. £53 12s lid, H. G. Clarke £4 14s 4d, Trent Bros, £l2 12s 9d. H. Berry and Co. £1 16s, W. H. Sims and Sons £1 4s, Taylor and Oaklev £llos, Walker and Son £1 4s;

(Wellington): E. H. Crease and Co. £6 7s 6d, J. Myers and Co. £l2 16s 6d; (Timaru): Hour Millers' Association £3l 4s 7d, C.F.C.A. £3l 6s 9d, Priest and Holdgate £3 16s 7d, T. "Barr £lO3, E. G. Kerr £1 10s, Timaru " Post" £2 18§, Evans and Co. £1 ss, D. Owers £2, J. Howie £1; (Temuka) : Mrs D. McCallum £33 13s lid; (Nelson): S. Kirkpatrick and Co. £6 6s 9d; (Auckland): Corn Broom Co. £6 ss; (Akaroa): J. Vangioni £ll 10s ; (Oamaru): W. Bee £1 Is 4d; total, £932 16s 9d-

C.—Secured creditors: C. H. Statham, Trade Assignee, debt £l4B 14s Bd, security Clyde Navigation Bond £IOO. D.—Other liabilities : A liability to H. Durand under the covenants of lease of shop, for seven years, from 14th January, 1900, at 3. rent of £3 per week; rent paid to Januard 13th; rent owing at date of filing, £3 17s 2d. A liability to H. C. Hawley and Co., of Liverpool, glass and china merchants, on consignment of glassware, invoice price £122 6s 9d (including freight but not duty). Liability disputed owing to delay in supplying the goods. E.—otfier property: Horse, two delivery carts ana hairless, valued at £7B. shop and furniture, fittings and plant- £lB3 10s 6d; total £l6l 18s 6d.

The bankrupt stated that he had been carrying on business in Timaru as grocer since 14th January, 1901. Had £IOO capital starting in the shape of a Clyde navigation bond. Bought the business from Littlejohn, and paid for it in bills, giving the £IOO bond as security. His wife also held a similar bond and that too was deposited as security. Gave bills in all for £938, and of" that sum he had paid off £7lO- meeting the bills as they fell due. Purchased the stock at invoice prices, and on comparing these with the stock book found a discrepancy of about £BO in his favour, which is still in dispute. Had supplied Mr Statham with particulars, and he made an offer to credit him with £42. which offer he did not accept. Called a private meeting of creditors about a month ago, one of them the Phoenix Company, having issued a summons. Took stock prior to ' the meeting, and taking the stock at invoice and book debts at fair value, 'showed a surplus of £368. He therefore considered his year of business had been a profitable one, as the capital had improved from £ICO to £368. His difficulty was that- the business was too large' to cany on without more capital or more credit. At the private meeting a resolution was passed giving him time, on his undertaking to pay _ 20s in the £ spread over twelve months. Believed he could have managed that if all creditors had agreed. A number of them could not see their | way to agTee, and he was compelled to file, to ensure that all should be treated alike. A consignment of glassware is now in the colony ordered from Hawley and Co., Liverpool. Their agent here is Mr Derbyshire, of Auckland. Ordered these goods for the Christmas trade, and as they did cot arrive in time for Christmas, wrote to Mr Derbyshire declining to accept them. the order verbally to Mr Derbyshire, in Timaru, on the understanding that the goods would be delivered before Christmas, but when the order was put' in writing there was nothing said about that. (Mr Thos. Barr said he was a witness to the verbal arrangement and could give evidence that the goods were promised by September,) Mr Derbyshire holds him to the written order, which he wrote out himself and witness signed it.—(Mr Hay here read a letter from Mr_Derbvshire. stating that the goods were made and shipped to Mr Tweedie's special order, and were not promised for Christmas cor for any special time, .ts would be seen on reference to the copy of the order left with Mr Tweedie. He would hold Tweedie and Co. responsible for any loss on the goods, which would be sold at their risk.)— Bankrupt resuming said he thought- the estate if carefully realised would pay 20s in the £ and leave something ever. The Deputy Assignee read a letter from Mr Statham claiming certain property in the shop as belonging to the assigned esof F. M. Littlejohn, and Mr Tweedie

said tliat was correct- and this property \ras not included in his list of assets.

The Deputy Assignee then stated that the meeting—which really was not a meeting as only one proved creditor was -rereprenented—would be adjourned till 11 a.m. on Monday as Mr Newman, who holds proxies for about £4OO, and other creditors, could not attend the presentmeeting, but could attend on Monday, and the adjournment was agreed to by the bankrupt's solicitor. At the adjourned meeting the question what should be done with the estate, and also other questions would be considered.