MEETING OF JOHN G. SHARPE'S CREDITORS.

Wanganui Herald, Volume XIX, Issue 5495, 15 December 1884, Page 2

MEETING OF JOHN G. SHARPE'S CREDITORS.

A meeting of the above debtor's creditors was held at the office of the Deputy Official Assignee (Mr John Notman) this morning. There was a large attendance of local tradespeople and representatives for Wellington •and Nelson houses. After several proofs of ! debt had been handed in, the Assignee read the statement of accounts as filed, which has already appeared in our columns. In reply to Mr F. Richards, Mr Sharpe said the accounts between them were about balanced,

The debtor then made a statement »s to the reasons which led him to file, which was that on the 3rd of December, he found himself unable to meet his bills, and that on going into the whole of his affairs he found that his liabilities were far heavier than he had any idea they were, and he therefore Baw no other course than to file. Two years ago he was largely indebted to the. Bank of! New Zealand (£1000), but held several larjfe 'properties which had coat him a lot of money. When the bank called upon him to reduce his overdraft he tried to sell; his boob siock at a sacrifice, and made other arrangements by which he hoped to reduce the account. The debtor then accepted an offer from Mr P. J. Jones for the whole of hia business, and thought all he had to do was to call up hia outstanding accounts and pay off every shilling he owed, and still have £1500 or £2,000. He was greatly disappointed in this, as several accounts turned out bid, and the properties he had paid bo much for had to be sold at a great sacrifice; thia.led him to re-enter business in order to try and pull himaelf through. Ultimately here-purchased his old business from Mr P. J. .Jones, and wrote to Sclandera and Turnbull's, asking them if they were prepared to deal with him as formerly, but did not get as, favorable an answer as he expected. Mr Ashforth was about the enly one who advised him to stick to Wanganui and pull himself straight. He went back into business again against the. advice of his friends, and soon found they were right and he was wrong, as loss followed loss until the sum total of them brought him, to hia present position. During the time he was struggling against these these losses, he borrowed all he could on his different properties, and staved off the evil day as long as possible iri the hope " tha) things , would -get better, and no such result ensue has had unfortunately taken place. The reason he went to Auckland just 'before, his failure was that he felt^ill and required a few ,days rest from business ; he had not done or attempted to do any business whilst away.; he had no idea then that he was in the financial state he was, and only knew it the evening before he filed.' Mr W* F. Russell* Manager of- the Bank of New Zealand, asked him (the debtor) when he first told him he was unable to meet his engagements. Mr Sharge replied, " On the morning of the 4th " Mr Russell denied that the Bank had ever pushed the debtor; he had advanced Mr Sharpe for short dates on specific transactions, and of course the Bank expeoted Mr Sharpe to keep faith. " i>lr Sharpe in reply Btated he had never told Mr Russell or any one else ,that he was I in difficulties or insolvent until the 3rd of this month.. He did not know it himself, and did not think he should find himsetf in i the fix he had. The sales of hia properties | fell greatly short of the esfamated value, ,and tho lesser value realised had been duly paid to the bank as promisecl. . He, did not wish it to be understpodthat'theb^nkhadunduly pressed him at any time.; he had simply been called upon to repay the overdraft as he had been warned would be thecase if it was not wiped off as promised" l He'sold out to Mr Jones simply to pay every one every ] shilling he owed them, and have a little left for himself; the depreciation of property rind heavy losses had prevented those anticipations being realised. He had dishonored , several bills < f late, because he could not pay in enough to cover them ; he had however arranged for them afterwards. Mr Rxxssell stated that he knew nothing of Mr Sharpe's ' difficult ies and had never ; advised him to '* carry on '\ his business ; he had simply told him he would have to let his then account " run on," as he could not open a fresh operative account. The life policy deposited by Mr Sharpe was as collateral security on sums advanced to pay bills in excess of Mr Sharpe's cash | credit with the Bank, In reply, Mr Sharpe said he paid in during Nov £774 to cover £720 paid by Bank for him during that month. Mr Russell said there wero bills paid dur« ing the last days of October which should have been added to that list.

Mr Sharpe said the £1600, deficiency was made up of trade losses and depreciation of properties. He had been to Wellington on the invitation of his creditors there, and had made a personal explanation to them, einailar to 'that he had r just made. He had not made any suggestion to them of a proposition to carry on. He thought he could realise the stock to the greatest advantage, if he could get anyone to back him for what goods he would require to carry on for the first three monihs. He thought if the stock and book debts wef c put down at £1700, he would net 7s 6d in the £ on his liabilities. Mr Richards moved that the meeting adjourn for fourteen days, in order that Mr Sharpe may be enabled to make a guaranteed offer for the stock and book debts. This was carried, and the meeting adjourned until the 29th iuat.