ADJOURNED MEETING OF CREDITORS.

Auckland Star, Volume II, Issue 505, 23 August 1871, Page 2

ADJOURNED MEETING OF CREDITORS.

• Messrs. Brewer and D^riq^ credftorsjfgaih met at the Rutland Hotel. on MondSy^.. fo receive the auditors'- report and 'statement of accounts; Mr, G. Beavenin the chair. The auditors being called upon for then- report, it was at once read, together with thej statement of accounts: of 'Messrs; Brejvor and Durie, comirienci._i frbfhit&o^GthiiOf February, tha. day of dissolution of Jackson and Co. Tne* report set forth that having ho books, receipts, or account sales, but only the bank pass - book, and j a petty cash - book • kopt by' the agent of the stcapicr, the undertaking of: bringing forth anything like- a correct' balance-sheet had Jbeen one of considerable labour to the auditors. The^tatapmts showed that at tho timd tho'-blisinoss was tflften Mer by.Brewer and Durie, the firm was§hopel#.sly insolvent, bcinjrover '"S&MfoO t^_fifbaff,l_M since that time there has been a further loss on the halfyear's transactions of £900, which,'-.together with a depreciation in the value lof boiling down plant of £500, showed, attejr allowing the assets at £1300 in tho general balancesheet, a net deficit of £4400, their liabilities having increased during the halftyear from £7000 to £8000, of which sum ££200 is to securedfj.ijedit'Srs, and £5800 ifflsfedured ; but #1$ <$&«£'!#*/ *.?**" was allowod as a preferential claim oii [the estate. Mr. Brewer, in answer to questions of creditors, said, "We did keep books ; we kept account of all stock bought and sold in a private memorandum book; the old*, tjebta of Jackson; and Co. wero paid by proceeds of stock, wool, and tallow. We expected to ride over our difficulties. We did not agree to pay tho bank £140 per month for the steamer ; wo agreed to pay them every fourth trip }> th* boat did not always make four: trips per month.—Mr. Watt said it appeared to him that tho bank had been the principal gainer in the flatter, by paying themselves at'the .c*-;' penso of other creditors, to which! statement the bank manager, Mr. Russell, gave a .flat denial, stating JthfcV• t tjie bank overdraft at the time Brewer amd Duri^ took over the bus'ness wis about £4000, and other creditors abe ut £3000,. which creditors were all paid off before the Banki/reqeijred any, £AyJ9ffilYl¥lt .!tk£ w on]y amount ajfloe wge" £& Sum of about £1000^ nearly tho Whole *ofvrij|c|i sum was for the use of the s.s. St. Elda.-j-The auditors, in reply to a question of !a. ci;editor^ endorsed tue Correctness of the figures iv Mr. Russell's statement. Much disoussion folio we'dT—A' proposition' was ■• then made by Messrs. Brewer and Durie to pay 3s 6d in the pound, payable in , tjhreo and inon,t>hfl. (by, and they, .were to ..be alio wed j-throe days to find a person willing to taker an jisslgry&ent of the estate anijf guarantee payjnep'.' Grelt [indignation wa^ shown ai7this proposal, most ,9((tjhosc presehj.refusinj^k) take, su.ch > .^u,offpr unless it > _w ( a3'a.jflf.sh payment* bht 'nothing better'being,..o^efed", it "was finally accepted. Messr^R.. g„, -^$uckt|Ufeht.: W.bHu a^if*tetts?f?? ? nd |fo^-' T-?__spCwei'e then nominated. pi*.'a,' .^oinipittea to.accent t such, guarantee,!.., ffiWtyffa if>J iM*%> .yf^t'7 and' iSftf^^tpypWsWiV^^uiSlsll tho eTent of thCjr^plutip.u.jPaes'eilJTjJif^w.llnding secu rity.^orp^.t^ht.g^thV'cwiipositicii not being .f^VJJfifti^V,^?!,^- E" phurton and H. S. ,[J;aylo),l,.actj.as tr^C^s 6i asMgnme it of estate 'fpr.thgi^npli^.,?,?.,sr^-ifops,* _ .pa rried. The iWP^W&'T??? .4u^^ioUH I.'jlt^911(lp f l and lasted ilwMu^'^Mi^}nh"'^^^B.'^i i Chronicle. j.•>;:.A7u77:7a777777.77"';:. 7/ i \