MEETING OF CREDITORS.

Dominion, Volume 1, Issue 106, 28 January 1908, Page 3

MEETING OF CREDITORS.

i . ' A CARRIER'S ESTATE. About .twenty persons.attended. a meeting of creditors in the estate of Philip Henry Gosse, carrier, Lower 'Hutt, which' was held ••yesterday, the • Official. Assigned : (Mr.' James Ashcroft) prosiding. 0 Mr. Dimn appeared on behalf of bankrupt. Bankrupt's statement; showed -assets "(including surplus from securities in the hands of secured creditors, £2285 ss. 6d.) totalling £3109 2s. 10d., and liabilities (unsecured creditors) £1233. 15s. '2d., there being an apparent surplus of £1875 7s. Bd. Against i < ■o i 10 to setmrc< l creditors (£2594 145./ 6d.) wore securities . which bankrupt stated wero worth £488.0. ■•■ . . The principal unsecured creditors'were:— Marlborough Blenheim, £238: .freeman R. Jackson, ' Wanganui, £200; Harry Baldwin and Co., ' Wellington, £123 ■ /d. j John Dufchie and Co., Wellington, vl o'i 8, srd';5 r d ' ; Andrews, Wellington, £23 15s. 2d. ;-,John Mathicson, Lower Hutt, £22 3s 4d.; F. G. Roid, Pctone, £23 ss. 7d.; A. h. Jones, Lower Hutt, £21; H; Hill, Well'ington, £36 10s.; J, W. Wallaco and Co., Wellington, £27 ls. Bd.; W. Sinclair, Wellington, £27 10s.;Thos. Lunny, Petono, £20. There \vere fifty-nino .other creditors to whom amounts under £20 wore duo. -. • '. Following were the amounts due to secured creditors Government. Advances to Sett'ers' Office, £1560; David Andrews, £569 3s. 6d.; City and. Suburban Building Society, £199 lis.;-Alexander Dunn, £156; and F Pownall, £110. ' '

Bankrupt stated that ho commenced business as a carrior at tho Lower Hutt about nine years ago. Five years later ho started contracting. He did not admit that" he was really insolvent, as in his opinion his assets, at. fair and saleablo valuation, far exceeded his liabilities. . He ascribed his present financial position to tho following causes:— (1) Loss on contracts. About'eight months ago he lost about £100 on a. contract from tho Hutt River Board. for river protection wor k- (2) Loss in connection with tlie Belmont Graved Company. That company was, lie stated, a partnership between Messrs. 1 F G. Bolton -and John S. Swan and himself. Ihe special terms of the partnership wero very disadvantageous to him, tho rate at which lie had contracted to supply gravel leading to a'great loss, especially as the orders received wore only sufficient to keep liis men casually employed. Ho cominonced an action to terminate the partnership, but it had not eben possible to bring the action for trial yet. His . assets involved in tho speculation had therefore been locked up and unavail/k' e r.i s0 ' n 'ho price of horso feed. (4) Slackness of work. During the last year his business had decreased by about onehalf. (5) Pressure from creditors. Recently, a writ of sale was issued against him. Tlicro wore freo assets that could havo been levied on/but in the intorests-of. his other creditors ho had considered it his duty to file at onco. On ■ th.e motion of Mr. Nation, seconded by Mr. Leighton, it was resolved that Mr. Baldwin bo appointed supervisor, at a fee .of 20 guineas, to 'carry on with the Assignee tho business until the estate. has been realised. Bankrupt was allowed £3 per week whilst managing tho business,- and a claim by his wife to furniture valued at £43'lis. sd. was allowed. The meeting adjourned sino die. ■