CREDITORS' MEETINGS.

Dominion, Volume 2, Issue 592, 21 August 1909, Page 15

CREDITORS' MEETINGS.

CUT-THROAT;TRADE..IN MILK. Two creditors': meetings< wero held at tlio Official Agsignte's office yesterday. The first concorn«d tho affair , ! of an insolvent milk-vendor, Georjfo Slorris, who attributed his difficulties to out-throat competition on the part of a co-opera-tive milk supply company. Tho other involved a minor estate, that of Sarah Tockcr, storekeeper, o£ Foathcrston, "Wairarapa. ESTATE OF GEORGE MORRIS The statement of affairs submitted to tho meeting df oreditors held in the bankrnptcy of Georgo Morris, milk-vendor, showed that tho bankrupt commenced business in April, 1907, wh«n ho bought a milk lonnd from aMr Cowan for Xlfl, of which sum .£"!> was advanced by bankrupt's father. A horse, cart, ami linrness wer , * purchased for JXb, from the Wellington Frteh Tood and Ice Co, Ltd , £S being pniil down, and tho bilance to be liquidated at the rate of XI per month. Business was good for a while, mitil the increase in theprict of milk called a drop m profits Ordm anly, the Prch Food and Ice Company allowed ten dajs' credit, but this was stooped, nnd he was unable to piy the amount nne, £SS It, for which tho company sued and obtained juilffm«nt. In consequence of this, the bankruptcy had occurred Bankrupt's <tatenent showed tfiat the estimated deficiency was ill 10s lid The liabilities (all to unsecmed creditors), totalled .£l3l 3s 3d , ngnin«t ivhich wire assets estimated to produce X 92 12s 10d -stock-in trade, phut, X 23 lls.; book dcbti, X4O; cash in hand, £15 Us 10d , turmture, .£l3 is The principal creditors w«rc« —Freeh Food and i Ice Co , Ltd , X'll lis , lldwin Morris. Pclone. M 0 2-> , Gilford nnd Levi, JSt & 2d , \V Iliitchings, Newtown, Zl; Thompson Bro«., Ltd, £6 Mr S Ten'loy presided, in tlio absenc* of tho Ofiiml Awignee Olr' A Simpson), and in optninr the proceedings, stated that tho plant had bs«n valued at JSO 13s Gd nn'l the furniture at X 22 8«. C<l There was a claim for i!(0 13s 6d, b> bnnkrupt'b wife, m respect of furnituro . The bankrupt (repie«ented bv Mr hcii) staled In evidence that, beforo the Hutt Tanners' iUlk Supplj Company stalled, he averaged about ■)<> Rallons dailv, which was retailed at from Nμ to Is 4d per Rallon Ho piid 8d pei callon foi his milk In March, the wh6ksulo price was 10d. per Rallon, and this at a time when the Tanners' Supply woro retailing at the same figure Mr Du riou, manager of the Trtsh rood «nl Ice Company (foi whom Mr Brandon, jtiiir, nppoai«d), g.ud that the retaileis sup plied by tho company had had a splendid Mimme-r, nnd they should have been in a portion to foefltr withitend tlie competition of tlio Hutt Tarmers , Association than some of thfin did The company later reduced its wholesale price, at a loss to itself, to those of its vendnH who lnd kept their contracts The cost to the company of the milk supplied to vendors was 9}d. per gallon The baukrupts father had offered to pity 25E. in tho £, but nnder conditions which tho compauy, on principle, could not accept. „ . - m. It was resolved thit fndets be called for the plant )n the estate, and the meeting then adjoarntd sine dio A STOREKEEPER'S EST4TE Mr W B Chennells, Deputv Officinl As si'iico for Mastortou, conducted tho investigation in the estate of Siiiah Tocker, storefce-cper, of Featlierston Thero was no quorum It v\.\s shown that the estimated deficicucy was £U 2s «d There wes oinng to unsecuitd creditoi' the sum of .£3l 2s , to secured creditors, £53T> 10s Bd. The scountiis wore estimated to produce JC2BS 10s 6d. On the ivj-ets side was a fum of £iB2 10s-stocLm trade. J|2so; book debts, £1 10s., furniture, X 25 The Urges, unsecured creditors nert—Ahlfeld Bros ana Co, Duncdin, Xl 9, Veiteh and Allen, Wellington, £i IBs ; Thorndon and Co, Welling ton, X 2 The secured creditors wero—Permanent Invcshnent Jind Loan Association of Wairaupa, ltd , jßlfe 10s Cd , Sargood, Son, and Ewen, WeUington, £U2; K Hannah and Co , Ltd , Xll7 The stock-in-trade is to be sold at auction in Wellington, and the freehold property at r«alhcr,ton owned by the binkrupt disposed of bv the dpputy-official assignee Efforts will also "be made to call m the book debts