IN BANKRUPTCY.

Wanganui Chronicle, Volume XXXVIII, Issue 11932, 17 February 1894, Page 2

IN BANKRUPTCY.

The first mooting of creditors in the estate of James 0. Dallas, saddler, of Wanganui, was liijlfj at the office of the Deputy Official Assi(*nje yesterday, there being prostint — Messrs J Notman, D.O.A. (iv tho clnit), and Messrs Blanchard (Butlor aud ' o.), J. W. McDuff, Callendar (0. D. r.i-^htbaud), aud W. York. Tlio debtor, having been sworn, said he had filed his petition in consequence of a distress warrant having been put in by one of his creditors. He put iv a writton statement explaining the causes of his bankruptcy, and ako produced his books i f a;: omit. His books consisted of a ledger ami a day book, bnt he did. not keep a cash boot, nor had he done bo for iho hi;t five years. He had been in tho habit at Ihe end of each year of making up a rough statement showing his position, tho last of which he had made about 12 months ago. At that timo, nft k unking allowance for bad and doubtful debts, his assets were sufficient to cnvw his liabilities, and the deficit as shewn in his statement represented the loss sustained by him during the past year. Iv August list, ho was compelled togiviup his shop in Eidgway-street, but did not then go into his position, and as far as he k new was solvent. Not being able to remove any of hi 3 stock he had an auction sale, tho account sales for which amounted to .£93. This money was distributed as under :— Butler Bros.. £42 153 3d ; Wiggins, £'ii 3s 9d , and Cooper ,£2O; these three at that timo being his chief creditors. Aft-r he left Ridgwaystreot and took over t o shop, he made sovoral purchases of st, <ak from Messrs Butler 8r03., tho small lot of clock he now had being the balance of those purchases. Ho did not go into his position until eaily in January, when Mr Blanchard, of Butler Bros., came up, and his statement then showed a deficiency, bnt he could not remeinbnr of how much; He had a private mooting of creditors in Wolling? ton, the bulk in value being represented, He offered his creditors 5s in the pound cash, two of his wife's friends having offered to find the money, which he calculated would amount to about -C7O. The offer was declined, but the creditors agreed to accopt 10s in the pound by bills on approved endorsements. He roturned to Wanganui, but failed to obtain the endorsements, and the bailiff was soon afterwards put in. He borrowed the tiling fee from his wife. In March, 1892, he rented about 35 acres from Mr Greig, paying £1 par acre. His wife bought two cow 3, paying for them out of money belonging to her before she was married. At the end of 12 months ho gave up the property, and his wife sold the ccw3. DehtAiftid the rent for the land. He had iioTrileeF, and the trotting horse that he had been in the habit of driving, belonged to a friend. Tho trap belonged to his wife, but she sold it some time back. She had given him the money to buy it, but ho did not pay all to Mr McDuff, leaving a balance of . 10s owing. He.was doing a fair business in Kidgway-street, employing three hands, but after he left there his trade fell away, his customers not knowing where to find him. By Mr Blanchard— The liabilities in the statement shown to the private mooting meeting nmcunted to .£284, but tho sum of £15, which he bad borrowed at different times from his wife, was not included, neither was the .£6 rent due to Mr Yofk. The amount of book debts, as shown in the Wellington statement was .£l6O, and the one now produced was not complete. At the end of Aupust, 1893, the only assets he had consisted of the proceeds of the isale and his book debts, while his liabilities totalled over £300, He had thought' to distribute the proceeds of tho sale among his creditors and thut then, by collecting book debts and the stable earnings, he hop'Rd to ' be able to carry on, His expectation of being able to pay Butler Bros., for' tho goods purchased' in September, October, and, Novombor, was Based on the Kopo that tilings would improve in tho stable business and also in the jobbing shop,, wh 1 en people found out where ho had'remoyed. ' By'Mr McDvft— He had no interest in the horses now in the stable. by Mr Callendar — He distributed the •BJJ3 realised by the salo as the (tills fojt duo, and did not n.ake' any particular choice. ' ; *''" - ' By Mr Bhinchard— AVhen he received cash in payment of ivn account ho posted if. diroot into tho ' ledger. Returns fqr cash ssles ho carried i'u liis pockot and bmikod whon of sufficient amount. This concluded Iho examination, and tho Deputy Assignee expressed himself ivr. dissatisfied with Iho dobtor's statement. His opinion was ondorsod by the mooting, and it was rosolvoil, " That in tho opinion of this meeting tho debtor should be publicly oxantiuod."

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