IN BANKRUPTCY.

Timaru Herald, Volume CI, Issue 15503, 13 November 1914, Page 5

IN BANKRUPTCY.

WILLIAM LESLIE HOSKIXG. COACHBUILDER, OF FAIRLIE. A meeting of creditors of William Leslie Hosking, Fairlie, was held in the office of the Deputy Official Assignee (Mr Alex. Montgomery), when there were present—Messrs Amyes for the Melville Downs Lands Settlements Association, Walton for the Otago Iron Rolling Mills, and C. E. Morris for Dalgety and Co., also the bankrupt and liis solicitor (Mr J. H. Inglis). ■ Bankrupt stated that about nine years ago he entered into partnership with James Riddle, each putting in £IOO cash as capital. They purchased for £75 the stock and plant of Fraser's coach-building business at Fairlie and did well in it, the trade expanding very ■ considerably. In 1907 he bought Mr Raddle's interest for £3OO. and to pay him borrowed £3-50 from Mr Wilson, to • whom he gave a securitv over his stock and book debts. The business continued to grow steadily until August, 1909, when his house and store- : room, with their contents, includinc a considerable quantitv of stock, were burnt down. The loss of buildings sf.nnlv furniture was nbr.nt, £3OO of which £2OO was made jmnd bv insurance. At tbnt time he had between and £T«V) on hi.? books. As hi!* books were burnt in the lire be was unable to recover a latere portion of th" ITP. T"nnbeet, lifa, oot 1' 1 with who pek-nfyn-WlTf"! tbat. owd him luinnv. Tn a* ninnv fn q c; nn+li?n<r. TTt l "«tiinr>+orl bis loss + l, ->'"ntrb ti'" fire, in ,+his wnv. .at to .-PS?nf). A tbp fin li-o mode n hard straggle to keep going. He bought the freehold of his premises from Mr_Fraser for £750. Of this he raised £SOO on first mortgage and Mr 1 raser took a second mortgage over the property for the balance." Mr Wilson pressed him and be naid him off i Borrowed £IOO from Mr Pilkino-ton and I him security over stock and plrnt. Want of capital and the burden of the debts owinsr before the fire proved too much for him. . Eventually the first mortgagee sold the premises, the second mortgagee, to save himself, buying it. This forced Mr Pilkington to take possession of the stock and plant. In 1911 bankrupt formed one of a. syndicate to purchase Melville' Downs under the Land Settlement Finance Act. Dalgety and Cos financed him in the purchase of Lot 3, finding all the money to pay the deposit and stock for tbe farm. Hi? i selection proved an unfortunate one as the-holding (208 acresVwasso badly in- : fested .with twitch tint ho oould not ' M-ork it prope'-lv and bis crops were a fa'hire. Notwithstanding- this. and Co. kept him going until the PuVie Trustee, acting for the Settlement Assccat'on, sued him for arrears of interest, Dalgety and Co. then had n 0 option but to sell him up. When this war; done he still owed them £540 aaainst which they had (seized under their sec- | urity) oats to the value of about £2OO The pin-chase price of the farm was £2332. and the deposit pa,id was more than counter-balanced by arrears of interest. His book debts might realise £3O and his assets'were fully pledged. ' He had nothing left and now had to Geek work at his trade. No one had : security over his book debts

Bankrupt's statement showed secured creditors am Hinting to £2896, (less estimated value of securities £2577); unsecured creditors £332 4s, leaving total debts amounting to £3228 4 1 :-. His stoek-in-trade amounted to £'255, book debts estimated at £3O, furniture £25. property £2322, surplus in hands of secured creditors. £l6, total assets £2048, leaving a deficiency of £SBO 4s The unsecured creditors were:—At Fairl^e—P. J. Benton £124, J. Caskey £9, G. Driver £3, T. F. Bussell £3 10s G. E. Brr.y £l6. J. H. Dovle £9 lOt?, John Sims £2 15s, E. MHpr £4. B O'Brien £2 10=;. CFC.A. £8 10s, J. D'-ck £9. G. O. Ma'-tiji "T : ma-u Co." £2 18s. "Tirnaru Post CW." £2 12s W- J. Li-ter £3 4-.. and C~>. Ins, Rp'd and.Grnvi £l6; Du^edin—Bros. £45 O+ireo Poll inn- M'.Vs £39. 1/aidlaw oti'l Gr-av £lO : T°.ihuka—T Buxton £l3, to*- 1 £3*9 14s.

The piTliincrtoi. N.M. firxl, 4'. Co.. n"d Dalgetv and Co. ( partially secured).