"MISFORTUNE ENTIRELY,"

Dominion, Volume 3, Issue 815, 12 May 1910, Page 3

"MISFORTUNE ENTIRELY,"

CREDITORS' MEETING. THE AFFAIRS OF AN ■ AUCTIONEER.

A meeting .of the creditors in tho bapJmipt est-ite of J. W. Braithwaite aiuhoiieer of Wellington, was .held beiore the Oflicial Assignee (Mr. A. Simpson yesterday mirrnag. There vere six creditors present. , Tin assignee said that, roughly speaking the amount owing to tho unsecured creditors was £300 2s. Bd., ind, to tho secured creditors, £781. The securities were estimated at £1150, so that thef ££ d sur P ius i" tho estate would I S £tock-iii-trade was set down ■at £32 3s. 6d.; cash in hand, £2 ss. lid.; furniture, £20.* Against those amounts was a liability of £22 for lent. The list of the secured creditors was as follows:—Johnsonville Building Society. ~£170; )). Chapman, .£203; .1 Ruseell, £105; total, £781. The real, estate consisted of '27 sections, comprising 5 acres 10 perches, at Johnsonville, upon which weekly payments of lCs. Sd., spread over a period of 11 years, had been made for 18 months back, against n iirst mortgage Jield by the B-iilding Society. iie.pnncipal unsecured srailitnrs m-'re-. H. M. Bertenshaw, £19 ]ss. 7d • Dominion Newspaper Co., £56 lfe 5d ■ .George 'Hall, £35; - Gillett, £40; .7. Rod, £23; - lVißjn £22; City Printing Co., £11 4s. ■

,If the property realises what tho bankrupt considers it will, there should be sufficient money available for him to meet his debts," remarked tho assignee. Mr. G. T. Hall asked whether rents collected should be treated as trust funds, and receive preference. The assigneo replied that so long as the books were properly kept nothing further was ■ required. The bankrupt, in reply to a question, said that he had no doubt in his mind that tho property would realise £1000. In the course of a statement, he said that he purchased the lease of a shop in Manners Street from Messrs. Sulcy, Meech, and Co., auctioneers, about six years ago, paying £55 for it. About ten months ago, he moved to tho premises of Messrs. Sidoy, Meech, and Co. Up till (hen he had been doing a very steady auctioneering business, and his rental was low—£2 ins. weekly. Since removing to new premises he had found it' very uphill work. the business improved, but fell away' again within the last six or eight months, during a period of acuto depression. The assignee said that thrs sooner they .realised the estate tho better. Kent of ,£5 10s.. weekly was at present being paid on tho bankrupt's business premiers. They could hold a clearing sale of tho stock, etc., and realise the property. The bankrupt's present difficulties, so far as he could see, were duo entirely to misfortune. Ho had not speculated, and had been invariably straight in his dealings. (Hear, hear.) AVitli tho consent of the creditors ha would proceed t> roiiliso the estite.

T>iis was niii'ui'J to, and the nenting ndjoMTticd sino . Am.