MEETING OF CREDITORS.

Wanganui Chronicle, Volume XXII, Issue 9189, 16 June 1880, Page 2

MEETING OF CREDITORS.

■A meeting of the creditors in the estate of W. D. Shaw was held at the Courthouse yesterday, at 2.30 p.m. There were present — Messrs Cross (in the chair), aud about twenty-six others. Mr Buruicoat read the deed of arrangement. Mr thaw explained to the meeting that at the time of his previous assignment, in November last, he had arranged for the purchase of his personal estate by bills at three, six, nine, and twelve months, with interest added. He had met his first engagement. " He had further arranged with his Welling ton creditors for partial accommodation on (heir claims, by which means he would have been enabled to luve met his second composition bills, had not a. cliiim from the Bank of New South Wales been proved upon his estate some few days prior to the due date of the seco.nd series of bills Mr Shaw further explained that, in liis opinion* the Birik of New South Wales were ■ully «ccvi r e.i. In the event of their proving a claim, he expected it would have been h Id over und after lie had met the second series ol" bi'is. ; Mr iC'iig, Manager of lh'.> Bank of Now Sou.ll Wales, said -K.r, Shuw had uivep. a colouring to the. action of the Bink which, was not w.ivra'iled. He cvnliiincl the au'ion the Bunk hud taken at the time of Mr Shaw's first assignment He had b 11s lor a considerable amount under discount, a large proportion of which, at maturity, vvere dishonoured, and o! iliis Mr Shaw had the usual notice. Consequently his po ition with regard tj these bills could not have been a matter of surprise to. him. . Prior to tho payment of Mr Shaw's first composition bi>l«, 'ill*' Bank gave him notice that it woul I require a proportionate payment to that made to the other creditors m respect of his linbili iea to the Bank at that date. Mr Shuw promised to make such payment. On the day on which he paid tho other composition bills, he informed Mr King lint he was unable tojarran^e .for • the Bank liability,' but jwoiild do "so on the following day. 1 his he failed to carry| put. He subsequently offered to p*y ihe Bank before his second composition, bills were paid. This proposal was •held in abeyance uhtilrthe visit of the Bank Inspector to Wanganui. At an interview with the Inspector, Mr Shaw declined to ratify this offer, leaving thej Bank no alternative but to take lawful! measures for its protection. j ;Mr Shaw replied that it was -not until a : fter the first composition bills w'erej due that the Bank had demanded 5s in' :the £ from him. He then made an* offer to the ' Manager of the Bank, which he would not or did not accept — viz., to 1 _pay the claim on or before the duo date of the second series of composition bills. After the listjof assets |'W(J liabilities; had been read, a copy of the minutes' taken by the Chairman of tho Welling-] ton meeting was laid before the creditors. 'I he Wellington meeting recom-; mended that the deed be assented to. ■ Mr King produced a newspaper paragraph which stated that Mr Shaw had paid the first composition bills, and had arranged for the second series, but hadi been compelled to re-assign. Mr Shaw replied, and stated that he had arranged with the Wellington] creditors to withdraw their claims for the present, and thus felt himself fully warranted in saying he had arranged for the due payment of the second composition bills, and referred the meeting to the fact that he had in his possession 1 bills for collection to cover the amount.' Mr King (who had not proved) offered the following suggestion— That a'copimittee be appointed to investigate the uositio.n of, the / estate. Mr iN'otuinn (Isallance and Notman) asked wkai would be ynined? Mr Kirn; — An exact knowledge of the position of affairs. Mr York (York and 00-ufoot) proposed, Tiiat a committee be appointed Id investigate the position of the estate, mid, that Messrs . Gutliridge, Duthie, Williamson, Drummond, Walt, and Cross be members of the committee. Report to be handed to an adjourned meeting this day week. ' ' Seconded by Mr Hill (Guthrie and Larnach), and carried Proposed by Mr. Watt,' seconded by Air Crawford, That this meeting stand adjourned to 22nd instant, at 2.30 p.m. ■Carried.