Bankruptcy Business.

Thames Star, Volume XXX, Issue 9110, 2 July 1898, Page 2

Bankruptcy Business.

F. C. SHARLAND'S ESTATE.

AUCKLAHD, July 1. At the Official Assignee's office today Frederick Caddy Bharland, being sworn, said: I am a chemist. About 15 years ago my father gare up his old established business to my brother, a brother-in-law, and raysalf. My interest was one-third. We bought the business for £4,000. The amount was left in the business at 7 per cent. About 12 months afterwards the cons oeru was converted into a Limited Liability Co., composed of the three partners and four others, viz,, my wife, my brother-in-law's wife, a brother, and a cousin, making 7 altogether 11,000 shares were allotted to me and the same to the other two partners. One share eaoh was allotted to the others. Two or three years after this it was formed into a public company and the capital increased. My interest under these conditions was 11,000 shares of a total of 50,000. About 3 or 4 years ago I transferred one half of my shares to my wife; no consideration was given. I think two dividends of

8 per cent per annum have been paid. I From various causes the value «f the 1 shares depreciated from 12s 6d tap^U up) to a saleable value of 2d principally on account of a call^^H 6d per share. My wife sold h^^l about the prioe named some^^H about July, 1897. After I had f erred the shares to my wife Ibor^^H £500 from Mr Ledingham «^^H security of 1,100 shares in the fißu^^H Co., and £ interest in the Aq^^H Estate Life Insurance Co. J^^| on my life, £200. At the time i^H loan it was considered it was covered, the shares being then v^^H at 10s—£550-and the BonMl interest £100, and in addition tnlrel was the surrender valae of the Liftf Policy. Since then Mr Ledinghai* has had to pay a call of 7s 6d per share and his claim against me is now £1,015 16s 3d.

Under my father's will I inherited an eighth interest in properties in Priucess Street and OKorke Street, Auckland, and Devon Street, New Plymouth, to be realised after the death of his widow. My interest in these properties were transferred to my wife between two and three years ago. I cannot state the exact time- I think it mast have been after the securities to Mr Ledingham. Under the provisions of my father's will my brother William was^to have the use of the stook-iu trade in the Shortland Street shop, then valued at about £2,000, and on hid widows death 1 am entitled to an eighth of oae-halt of such value. *I cannot say whether or not my brother pays anything to the trustees by way of interest on the stock value.

The £4,000 referred as money owing to the trustees has been paid over about six months ago. My interest in this was £1,000. I made this over to Kenneth Brookfield about three months ago. I suppose the trustees were aware when the transfer was: made. I think it was transferred in consideration of money lent. I cannot say how much or when it was lent. I keep no books or records of my transactions. My memoiy is not good. With regard to the Bonichon pro* perty, I. should have added that, owing to the death of my brother, who died intestate, I am entitled to aa additional £th of an ith share. The foregoing and my schedule disclose everything I possess in the nature of assets.

My liabilities are: Unsecured £43*1 3s; secured £1,115 16s 9d, less value of uncertain securities. The only asset is £16 10s in a New Plymouth property. I am not in a position to offer anything by way of compromise. I am out of employment except in the way of a few commissions which during the last six months have not averaged 10s per week. I mainly depend on my friends for maintenance of my family.