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IN BANKRUPTCY.

HE <J. N. MACINTOSH. A meeting of creditors of Charles Nicholson Macintosh, financial ~ and commission agent, was hela yesterday in the office of Mr A. Montgomeij, deputy Assignee, in bankruptcy. There were present, solicitors representing creditors, Mr Kinnerney for R. Millar; Mr J. Hay for Morton Bros., and Macintosh Trustees, Mr J. W. White for ■• J. Venning; Mr J. H, Moore, for Messrs Smithson and Baymond; creditors present or represented l>y proxy: Dr Beid, J. H. Smith, B. Brookland, Mrs J. Harper (proxy A. Allan), H. Guilbert, C. E. Donaldson, VV. McCully, B. Millar (proxy J. A. Millar), H. Stapleton, W. Beckingham, L. B. James; Morton. The Deputy Assignee said that other creditors than those present had put in proofs of debt. He then read the following statement by Messrs Perry, Perry and Kinnerney. On April 2nd, 1903, judgment was obtained by Messrs Dntson, McClymont and Co., of St. Andrews, against the bankrupt for the sum of £27 17s 4d; and costs £ll 4s Bd, being the value of two bills (one for £l2:ls.Bd, given by Messrs Stephens and Paine to the plaintiffs, and the other for £ls 15s Bd, given by Mr John McVay to the plaintiffs), and paid to Macintosh by mistake, the; proceeds of which he retained. Macintosh was secretary to the No. 2 Terminating Building Society, ; and on April' 3rd last the Society, removed their books from; his office. On investigation of the Society's accounts defalcations were found amour-ting to £750, or there- i abouts. Macintosh about April 13th or.] 14th last removed two or three cartloads j of papers from his office, and-.subsequently removed his No. 2 ledger, which contained j important entries relating to the accounts j of clients. On the morning of April 4th last the Messrs Morton (Macintosh's uncles) I advanced £750 which was paid into the National Bank to the credit of the Building Society, and Messrs Morton took assecurity -therefor, and for subsequent advances for Macintosh, bills.to the value of £1585, and .a. general lien over' all equities and some second mortgages. They advanced £1250; were credited nth £323, sale of house to Mr Oddie. and when Macintosh was in Wellington, leaving- the colonv, thev made a further advance of £160" to Messrs Dalgety and Co., at Timarii, to cover, a debt owing by Macintosh to that firm. Among the securities of the Building Society was a receipt' for £-300,, purporting to have been given by Miss Annie Sibly, but there is good ground for believing that that lady's name to the receipt was forged. Macintosh originally owed Mr William Grant but this amount has been reduced to £3OO. As cover for this Mr Grant holds a bill of sale from Mr Grandi for £1875: a bill of sale from Gunnion and Co; for £B6O, of which £6O ias been paid; a promissory note from Thomas Jones for £1213, of which £9OO has been paid; a second mortgage from M. E. Wakefield for £270, of which £3O has been paid; a second mortgage from C. W. Saunders for £7O; and the equity in Smith and Co.'s Uacksmith's books, valued at about £25; also a first mortgage over a quarter-acre section for £IOO. Macintosh's trustees (C. N. Macintosh and the Bev. Wm. Gillies) hold some second mortgages and a general lien over equities for a ledger balance of £423. The securities to the Mortons and Macintosh's trustees really covered family liabilities, and the general liens given by Macintosh were apparently preferential ones. Messrs Smithson and Baymond hold a first mortgage, two second mortgages, and £468 worth of Pioneer Building Society scrip, which has been transferred to their names, and.about 340 shares in the Golden Biver Gold-Dredging Com-. pany. Macintosh was liable for a third share in a contingent liability of, £2OOO . on a guarantee with Messrs Smithson arid Raymond to the Bank of New South Wales, given to cover, the overdraft of C. and W. Graham; is also endorser of a. promissory note for £75 from Graham Bios, to Messrs and Raymond; and also connected with them in a shipping account, which -will Jut* to be investigated, the ledger showing this account's entries having disappeared previous to Macintosh leaving Timaru. Since Macintosh left, Gri-faam-Sros. have presented scrip for virions

shares in Macintosh's name. Mr Brookland holds a £450 promissory note as against a shipping account. The same remark applies to this matter as to Gra- ! ham's, re investigation. Furniture _and pian# were never dealt with in the business at all. No securities were ever given over them, and we <fo not know in whose name they are. There are about £SO worth, i including horse and trap, two typewriters, cyclostyle, two bicycles, and guns which have not been accounted for. Proceeds ings were instituted by Mr Walter Becking- ; Ham against the bankrupt,for moneys which: he had paid to Macintosh for calls, on-' certain gold dredging shares; the scrip,for; which Beckingham: had not received, and which moneys had not been accounted:-for by Macintosh, and on May_ 13th,; 1903/ judgment was given .against the bankrupt for £2B lls'od, the amount claimed, Viand £4.95, the costs of the action. On May 13th last; judgment. was also; obtained; by: Mr Robert Millar against the bankrupt in two separate actions, one for £25 and costs, £2 14s, and the other for £ll3 12s: 8d and;costs £6 Is 6'd. The actions were, for balance'sowing by Macintosh, to !Mh Millar in respect of the sale by the latter of bis coal dealer's business, to Macintosh, and for the return .of certain promissory notes obtained by. Macintosh from Mr Mil- , lax by fraudulent misrepresentation when tte latter was in a very bad state'of health, and quite unfit to transact business. Judgment having been obtained against Macintosh, Mr Millar issued, a distress warrant" for. the •recovery of the: v .said debts and costs, and on .the same day possession was taken by. the bailiff of the Magistrates's Court at Timai-Bl of Macintosh's .office :fur"Mturei'.:''books,, an 4, -P>Pperty. The said*'judgment, inoi;' being' satisfied ..within : five days'after[possession was' taken: the bailiff on:' May 22nd, 1903, levied the sum of £lB 7s 9d' by sale of the furniture, etc. i:'■', The>::bularice of the said debts and '■ costs hits not been levied .and paid into Court. - and the said warrant remains unsatisfied'ln" respect of it., ; Macintosh left Timaru .on: Wednesday, April-29th, 1903, for, the ostensible purpose of going to the " StniripS;-Pai'mi"' near Tenifika, for the shooting season, which opened on May Ist ilast, but it-has sintje been ascertained that he" travelled by the north express train that day; April 29th,: from Temuka to Lyttelton, i and 'it" iv believed that he left; Wellington •by the s.s. Karamea r ,on Friday, May Ist last, bound for England via South. America. No communication: has £ ee n received from him-since he left Timaru. : A warrant for 'big'arrest was, on May 4th last, issued by Mr Venning, charging him with fraudiin. respect' of: a/ property sale, but it was found that he had absconded,, and the police-were not able to ascertain his whereabouts:" - Macintosh's office was closed on I Saturday, "May loth last, and his books were seized after the execution and sale, [ and' were held'by the bailiff on behalf of the creditors pending bankruptcy proceedings bsing instituted. Proceedings, at the instance of Mr Robert Millar, whose claim remains unsatisfied as before mentioned, were instituted for the adjudication of Macintosh bankrupt, and on June 22nd last. Mr Macintosh was adjudged a banknipt. Vln order to enable a statement to be placed before the «reditors, an investigation of the books and assets of the bankrupt has been made by Mr Stapleton, formerly.the-.bankrupt',? clerk, the person ■■most I ?qualified .:'to make such investigation,' "and it will be: necessary to provide for expenses incurred in this! respect. Mr Stapleron. from his intimate knowledge of the affairs of the bankrupt, will be able to pive valuable assistance in.investigating , thf- estate, and- we would suggest that his Services be secured for that purpose. Very little of the assets of the estate are, we unders f .ind, nnencumbered, but there are apparently substantial equities to deal with. On the face of the statement, there is a large surplus, but it is hardly to.be expelled that anything like the amount ishfwn will be realised. The approximate statement showing bankrupt's position was as follows: 'Liabilities.—Unsecured creditors' as'per list "B," £1141; secured creditors as per list "C," .£2836; a total of £3977. ~ Assets.—Book debts, bills of sale, £2675; bills receivable (list "F"),'£2000; mortgages, £490 ; shares, £ll4l ; ledger balances,. £900; furniture in office (sold under d istress warrant).' furniture in private house, horse and trap, bicycles, typewriters, cyclostyle, etc., say £SO; property as per list »'.E,'' £1095; a grand total of £8351. ~ ' .

E«tim>*ed sm'plns of assets over liabilities,, £4374. List A.—Assets in ledgers —Bills receivable (list "F") (£2-tO/ say less off as bad £407), £2000; bills of sale, £3375; shares in three buildinsr societies, £824: mining -hares,. £37; "Mci->i-« Post" shares, £280; five second mmtjMfires £64o;sundrv small balances, £150; total. £7206. ,

Li^B.—Unsecured creditors—B. Milfyi illS; A. Harper,". £l7 19s 6d • . T ; Vei <me >J7S:'R; S. Eeid; £7>l 2s 6 1 •: .7 iV. Miles. £65; W. Beekingham, £9B ; 11 Hrr-ixklsnd. £450 (to be investigatEd. be hived to be.shown in No. 2 '■m\sev-.<r lerl rer) : Jnnns Moore (dishonoured ehenve) 318 10s: United Insurance Company, £l2; nHere-jient Order of Oddfellows; M.U., 324 15s Id (collection accounts and dislonoured cheque),, book balances, £250; N. McCully, say £SO; total,, £ll4l 7s Id. List C—Secured creditors-;—A>„Morton, GIKKT: rMacintosh Executors, £425; TV. 3rant, £3oo>*j§Mthson and B420; H. Bawstorn, £350 ; • Bamk ,of New; South Wales, £SO; Pioneer Terminating Building Buflding Society £123; "total, £2836.. List fi.—Contingent liabilities—One-third share of £2OOO guarantee; endorsements of bills for £7OO, £2OO, £2OO, and £75 respectively. List E. —Properties—Five houses, Waimataitai, £850; three quarter-acre sections at Waimataitai, £9O; two quarter-acre sections at Sandietown, £4O; one quarter-acre section at Maori Hill, £9O (the Bios. Morton and Rev. W. Gillies,' the latter as executor in the Macintosh estate, hold covpr over the above equities); and one quarteracre .section £2s; £2s; total, £1095. _. _■.'_,:.

List F is a list of bills receivable, total £2407 8s 7d.

Messrs Beckingham and McC.ußy moved, and it was carried, that Mr Kinnerney be appointed solicitor to the '■ creditors. Messrs Venning and Allan moved, and it was carried, that Mr Stapleton's services as clerk be retained, his- remuneration- to be left to the Assignee. The Assignee stated that he had had a valuation made by the bailiff of the household furniture, including the piano* at £43. —Mi- Beckingham moved and Mr Stapleton seconded, that the whole be handed to Mr-- Macintosh.

.The Assignee said there was a: little difficulty about this gift, as the Act says the furniture may be given to a bankrupt, but says nothing of giving anything to the bankrupt's wife.. After a little consultation it was suggested that the-'resorution be that the. property be given to the barkrupt on condition that the yriie be allowed to retain it for her own use and benefit. '.The motion was altered accordingly and' carried. . ~ ■ The As-ignee said he had been unable to obtain ;i valuation of' tlie horse and trap, bicycles, etc.. as he did hot- know where they are.' : ..-. --, '

It was resolved that, the bailiff's expenses for valuing, -awrifor taking charge of the books and, documents and producing them-when wanted. £2:25,. be paid, and also Mr Stapleton's charge for assistances in preparing statement. Mr Kinnerney sai'd the statements had been prepared as carefully as possible, but he did not suppose.the estate would return anything like the surplus therein indicated. The meeting was then adjourned sine die, the Assignee-to call another meeting when necessary.

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Bibliographic details

IN BANKRUPTCY., Timaru Herald, Volume LXXIX, Issue 12111, 4 July 1903

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1,947

IN BANKRUPTCY. Timaru Herald, Volume LXXIX, Issue 12111, 4 July 1903

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