IN BANKRUPTCY.

Timaru Herald, Volume XC, Issue 13275, 2 May 1907, Page 7

IN BANKRUPTCY.

ESTATE OF T. MURRAY. A meeting: of, the creditors of ..Thomas Murray, painter, Timaru, was held in the office cf the Deputy Official Assignee yesterday. Ihere r.-ere present bankrupt and his solicitor (Mr Conlan), and Messrs. A. lilbgall, F. W. But-ten, and G. Vogcler (Rri-st and lioldgate.) ' Bankrupt's Jlafi statement- rho-vreJ;. — Unsecured creditors, . £384 5s lid. Secured creditors, £365 ISs 6d. Estima'ed va]ue of securities, £400; surplus to centra, £34vls 6dv Stock-in-trade, nil; book debts, £l2; "cash in hand, £9 14s;. furniture, £2O; property, nil; surplus" from securities in' the hands cf secured creditors, £54 Is : 6d: Total d-ebts, £334 3slld: total assets, £75 15s 6d; deficiency, £538 8s sd. Tlie following are the unsecured creditor?. —Priest and Holdgate, £73 12s 5d ; - J. Jackson and Co., Ltd.. £l7 6s 6:1; J. Jackson, £47 18s. 9d; "Timaru Poet/' £9 Cs 6d; New Zealand Hardware,, Co., £5; J;unes Meehan, Makikihi.- £3. ,ios; Criddcck, Orr and Co., Christchurch, £29 9s .6:1; St'oullar 'and 'ChLsbolra, Dur.cdin, £7'l3s 9d; E. Waghorn, Dunedin\ £36; Canterbury Farmers' Co-operative Asfoeia-' tion, £33 10s; A. Lees, Bunedin, £23 ISs 2d: Itsece and Soro, • Christchurch,.. £l7 lis r lod;..Smith.and Smith, Bunedin, £1116s; Canterbury Farm Era' Co-operative Associa ifcn (auction account and cash) £7 3s ; R. S. May;r, £5 os ; R. Griffiths, £2 : R. E. Edwards, £2 10s; I\.Z. V T arnish and 'Paint Manufacturing Co., .Thames, £ls; J. McXab, £5; A. Gabites, £3 17s; W. Penrose, £3 lCs; -preferential" -claims' for waguv and-rent, £ll 13s. Secured creditors—J. Jackson and Co., debt £313 10s, estimated value of securiiy £400; Cliarie.; Bowker, debt £t;2 8s 6d. Ike property valued at £4OO consists of a half-acr-a section and house near ch-e Athletic Grounds. '•Bankrupt:' said te commenced business as a painter in 19D2 without any capital. He engaged" men arid tooii contracts fox* painting. As competition was keen he tendered at very low prices, and on some contracts he iosfc money. His net profit, not including his own wages, in 19054 was £BS, in 1903 £lO3 6s 2d, 1904: £BO 0s 9d, 1905 £92 9s 4d, 19C6 £3 0s lOd {up to August. He owned a section in Tearson street and built a housie.on it at a cowt of about.- £3lO. Air J. Jackson advanced £3OJ on tlilis security, and a second mortgage; of £SO was later obtained from Sir C. Bowker. At present he owed £ls tin -6d. for interest, £l3 of which was due to Mr Jackson and £2 Bif 6d to Mr liowksr. He did not think-there was- any margin for his creditors on this security. H.i.5 furniture lie valu-jd at about £2O, and thvre were book debts amounting to £l4 5s 9d, which would produce about £lO. M-iS-ii's Priest and Hcidgate had a sum of £3 14.5 in hand on account of bankrupt for stock sold to 'them. . This money was heldi n trust for the creditors. There weie r.o other assets, and bankrupt, being a married man and working for wages could make r.o olfer. In reply to Mr Yogeler, bankrupt said lis had had a section with a 4-roomc-ct lioul's thvi'con. on Ai'clier street in 1902, which he sold in 1905 for £390. £250 was advanced to build the liouf-e, by Air J. Jackkoj:. With the proceeds of the - cale h-3 paid £65 for the Pearson street section, and repaid Mr Jackson's loan, the balance b.ing jjaid to sundry creditors'. He lally tried to ascertain whether he had lost or gained on a contract. He first found cut lie was insolvent i;: 1905, but went on, hoping for better time:-. •Mr Vogsk-r said it appeared to him that bankrupt had been insolvent ever since he started business. He had . cut prices lower than his competitor?, and had taker, work from them, while iie was doing no good, for himsalf. As Uii creditors could do nothing in the matter, the meeting was - then adjourned, ba'nkrtipi' promising to do his: best to meet hk debts if it ovd- became possible for I.i:n to do so.