THE WARD FARMERS' ASSOCIATION.

Star (Christchurch), Issue 5829, 24 March 1897, Page 3

THE WARD FARMERS' ASSOCIATION.

fpKit Press Association.! " INVERCARG.t-L, March 24,

It is stated that the Hon J. G. Ward, managing director, and Mr John Fisher, late manager of the Ward Farmers' Association, have applied to be examined by the judge regarding the affairs of the company. i i —_. i

MEETINGS 0E CREDITORS.

JAMES STEVENSON.

A meeting of the creditors of James Stevenson, formerly of Woodend, hotelkeeper, was held at 11 a.m. to-day. Six creditors were present, and Mr Fisher appeared for Messrs J. Shand and Co., creditors.

No regular statement had been filed, but the bankrupt submitted a document showing liabilities J. 366 4s 7d and assets _8192 10s, leaving a deficiency of -8173 14s 7d. The principal liabilities were : — J. Davis .245 5s 9d, E. Feldwick £20, W. Forrest .625, J. Judson _612, Louisson and Co. £28, Fletcher, Humphreys and Co. _567 10s 4d, Lascelles and Glen _525, Wood, Shand and Co. £53, Bishop and Gardner _£28 10s, D.I.C. .614 ls 6d. The assets were :— Cash in hands of Acton- A dams and Kippenberger -8108 10s, book debts £84.: The bankrupt stated on oath that he had been injbusiness as a publican for a year and nine months, at the Royal Hotel, Woodend, until Jan. 8 last, when he sold to Mr Hansinann, for £196 for the furniture, J. 68 for the stock, _812 for license, _£6 6s lOd for insurance. Mr Hansmann also paid _525 to Fletcher, Humphreys and Co. for the goodwill of the lease. When bankrupt started in the hotel he had no capital of his own. He leased the hotel from Mr Thompkins's estate at _6150 a year, and took over the stock and furniture at a valuation— _B2s3. Mr Egan advanced bankrupt -6200, repayable on demand, at 8 per cent, on a bill of sale over the furniture, and also mado a beer covenant. Also borrowed _829 from Mr W. Forrest, labourer", of Kaiapoi, without security, at 8 per cent. Had. an overdraft at the Bank of New Zealand, guaranteed by Mr Dayis, up to -8500. Had kept books. On Dec. 8 last he borrowed _820 from Fletcher, Humphreys and Co. to pay the rent. Had begun to dishonour bills to Wood, Shand and Co. in May. Opened an account with Gardner and Bishop in September, and dishonoured a bill for _£15 6s to them on Nov. 28. Did not recollect being told by Wood, Shand and Co. that his account must not be increased before he went to Gardner and Bishop. In October last he could not meet a bill, and borrowed _Sls, to be repaid in two months, from Gardner and Bislftpp. Did not then tell Mr Gardner that he could not meet bills to Wood, Shand and Co. Told Mr Gardner he wanted the money for breaking up and cropping a piece of land. Broke up and sowed eight acres and a half, and sold the prospective crop for _810, which he used to pay part of a bill for -815 due to Mr Shand. Had allowed his wife 10s a week as wages for doing the cooking. Paid her bills also. He was now engaged in working in HadSeld and Co.'s brewery in Palmerston North, for 6s a day, which was all he was getting at present. Had put no money into the brewery. Had borrowed £'& to go north. A meeting of liis creditors, at which he was present, had been held in Mr Kippenberger's office on Jan. 8 last. Nine or ten creditors were present. They told him to file. He had not done so. His wife was now living at Kaiapoi. Accounted for his bankruptcy principally by his rent having been too high. Had not owned a racehorse called Rifleman. Had a hack, Duchess, which he had sold in October for -85. Had a gig; which he had sold for £8 about a year ago. Had a piano, •Avhich his wife sold about Feb. 5 for _820, with which she paid .817 owing on it. When he opened the account with Gardner and Bishop he might have said that he was in a better position than he had previously been, and that he had reduced his account to Mr Egan by _820 or .830. Might have said that he had a free house as far as wines and spirits went, and very small liabilities to other firms, and was prepared to deal exclusively with Gardner and Bishop until their loan was repaid. Had said that he was rather short of money to put in crops, but would be in plenty oi funds in two or three months. Might have said that he had a piano and other furniture free of the bill of sale to Mr Egan. Gave a letter to Gardner and Bishop as to the terms of the arrangement. On Dec. 9he had given Mr Rainbow's son a cheque for _£2 16s, which was dishonoured. The same day he got some goods from Mr Rainbow's son, which the latter practically forced upon him, but he kept them. Went to Fletcher, Humphreys and Co. in July and said Wood, Shand and Co. were pressing him for an account of _816. Diet not think he said that was the only other debt he owed, nor that he took _820 to .£22 a week, nor that he had put .8100 of his own into the business, nor that he was making .8200 to .8250 a year clear. Might have said his debts were very trifling. Mr Kippenberger said that the bankrupt, in stating that _6108 was in the hands of his firm, had not allowed for certain payments which had had to be made. The total amount available was only .828.

The creditors decided to request the Official Assignee to see if proceedings could be taken against the bankrupt.