IN BANKRUPTCY.

Timaru Herald, Volume LXXIX, Issue 12172, 16 September 1903, Page 4

IN BANKRUPTCY.

RE CECIL W. WOOD. 1 " . The first' meeting of creditors of Cecil Walkden Wood, of Timaru, cycle manufacturer, was held in the Deputy Official Assignee's c-ffice, the 'Arcade, , yestejjlay morning. „ , ' Mr A. Montgomery, Deputy Assignee,, presided, and there weTe present; bankrupt and his -solicitor (Mr J. Hay), Messrs G. P. Wood, W. A. Scott, X. W. Pratt and his' solicitor (Mr RoUeston), Muinro ("Post"), J. Storrier, Tennent (Bank of New South Wales), Oates,. and Trayers (Rudge-Whitworth Co.). Mr Kinnerney was present to watch matters on behalf ofc Macintosh's estate. ' ; The -usual statements '^showed': —Dr.— Unsecured creditors, £llO7 17s 2d; secured creditors, £697; less estimated value of securities, £7OO. Cr.—Stock in trade, r £216; book debts, £180; furniture, £2O; cash in hand-, £5; surplus from seeuri- | ties, £3; total, £424 ; deficiency, £683 17s 2d.

Tbfc list of unsecured creditors was as follows Dunedin—Butler Bros:, £2O 55,; Walter A. Scott, £57 7s sd; Kempthorne, Prosser and Co., £3 10s; Stewart and Fenn, 15s. Timaru—Bank of New South Wales, £45; Oates, Lowry and Co., £22; Priest and Holdgate, £lB 2s 3d; J. Jackson, £4 lis 5d ; Gas Company, £23; G. P. Wood, 15s; T. W. Pratt, £7lO 14s;. J. Stonier, £4 18s ; F. Hatton, £3; "P., Palleson, ss. Christchurch.—Dunlop Tyre Company, £63 17s; Healing and Co., £l7; Pidgeon and Co., £1 10s; Chrystall,and Co., £3 15e Id; Adams' Star Cycle Co., £ll 6s sd. Wellington—H. M. Smith, £8 15s ji Reynolds and Co., £4O lis 2d. Auckland—V". Job an sen, £l3 19s. Secured creditors.-—No. 2 Building Soi ciety, debt £294, value of security £7OO, , secured by first mortgage over house and half-acre of land, at Beverley, Timaru; Mr S. G. Raymond, debt £3O, secured by second mortgage over house, etc.; Bank of I New South Wales, debt £373, secured'by. ■third mortgage over house, etc. Other liabilities —(1) To J. J. Grandi, to indemnify him against the debts of G. W. Wood and- Co.; (2) to same as guarantor | of debt of £45 to Bank of New South i Wales; (3) to Hole.and Annetts, | tors of debt to Bank'of New South Wales; I (4) to Official Assignee/of property of C. I N. Macintosh (a bankrupt), under guaranI tee of debt of £7lO 14s 9d to T. W. Pratt.

C. W. Wood, examined by the Assignee, stated that he commenced business in Timaru in 1895 as a cycle manufacturer. James Gibson and bankrupt -were in partnership for the first six months. Then C. N. Macintosh, J. J. Grandi, James Gibson and bankrupt formed a partnership. Gtandi and Macintosh found £SOO, Gibson's share and bankrupt's shore amounting to about £6O ill book debts and plant. Macintosh, was to find what other capital was required. Gibson . werit out about the end of, 1896, receiving nothing for his share. Macintosh next went out in 1898 or 1899; he did not receive anything in cash on retiring, but his share was estimated at a lump sum of £350 or £450, bankrupt could not remember which; and this was left in the business as a debt owing- to him, on which he charged interest at 20 per cent. He kept the books. Bankrupt's books did not show these transactions. Bankrupt attended to the mechanical part of the business, and Macintosh and Grandi.attended to the financial part. Macintosh kept the books up tor September, 1899; after that date Miss Grandi kept the books—the books of trading transactions. Grandi retired from the partnership on July 14th, 1903. He withdrew nothing from the business, but re-., tired losing £3lO, the balance of £SOO put in. He got 8 per cent.- interest on the original £SOO. Macintosh charged 20 psr cent, from the. first on any advances he made above the £SOO put in by Grandi, | and was paid £1 'per month for keeping | the books from the start. Bankrupt drew £2 10s per week from' the Business until he married, and then £2 15s per week. This was ■ all that was drawn from the business except interest, 'and- except for ab&ut £37 overdrawn by bankrupt during the eight -years. This was debited.. to him in the books. At last stocktaking, in 1900, they were about £SOO to the bad; this.included the debt to Grandi and Macintosh. There was then more than enough to pay 20s in the £ to all outside creditors. In some cases interest was paid Macintosh in cash; in others it was added to the debt, as they had 'Hot the money to pay it. At the close of the examination, On the motion of Mr Tennent, Mr Knub ley was appointed solicitor to the .estate,: and it was agreed that the bankrupt be allowed his furniture up to a value not' exceeding £SO. It was also resolved: that the bankrupt be .recommended for his discharge, that the Assignee, have the book debts' collected, and other effects sold by unction. The meeting then adjourned.