CREDITORS MEET.

Dominion, Volume 5, Issue 1348, 27 January 1912, Page 15

CREDITORS MEET.

9 — THE ESTATE OF AN AGENT. The Official Assignee (Mr! A. Simpson) prosioed yesterday at a largely attended meeting of the creditors of Tasman .lohn Chnmboi'liiin Uttrr, carrying on business m Wellington, as-J. A. Smyth and Co., manufacturers' agents. The amount owing unsecured creditors was set down as .CM2B lis. Sd. ( scoured creditors • •L-SO SsMd.j bills payable IK 8(1. s total-debts '5C3729 (is. 4d. Book >,tock-iii-iradp,.,Dtc., wore estimated to pvoducb -B1B51)-. ss.- 7(1.; estimated deficiency «CS7O Os. 9d.

In a sworn statement the debtor said that he commented business in Wellington oil January 1, 1910, in partnership i*i. l i i i : ' le had no cash at that date, but was owing about .£SOO for pnyate accounts and moneys owing the ■National bank through guaranteeing overdralt of T. J. C. Gurr, Ltd., in Wanganin. lie had been a member of this company, and guaranteed the account until certain moneys arrived from England lor certain members, but it never came. Ihc bank was paid in full by Up, to December 31, 1010, (lie profit i■ J e \>™ !!| ston ' business was £200, which, with eitiinated : eoiiimissions, might become - JMOO. Owing- "to defective eyesight ho was unable to inspect tho books or to read correspondence. His confidential accountant was Mr. J. Dalrvmple until lebniary, 191], and afterwards Mr. Uldnian. Gurr said he was not aware the business was short ' of cash until June,lJli, whon ho understood from tho ac03imtant that there wa-s a shortage oivinfj to accounts not coming in and commissions not coining to hand, 110 repaid Da rymple .£(i00 owing to him, partly in cash and partly by bills. On each occasion when the bills fell due he was .lHiOfined that they could be conveniently met. Ihe Atlas Biscuit Company had trouble in supplying him with stocks for about two months in the early part of IJJ.I. J. he consequent shortage resulted in his commissions from tho company bcm>f reduced by at least .£SO a month. Ihc layntg-up of smaller steamers during nsi. spring (ono of the Ijest seasons for his bu.sine.ss) seriously interfered with the volume of-business, the loss beinq; about X 250. He did' not- know until about December-- 23,- 1911, that - the business was in. a straitened -position,' but it re. ouired about v£soo. A' week after this Ills 'accountant said .£Boo'was reeuircd. A further statement showed a deficit of about .GIGOO. Although he thought this above the marl;, he had no alternative but to file.

After bankrupt had been" submitted to a lengthy -examination, it was decided to dispose of tho stock by tender, ami to employ an accountant "to investigate tho accounts.

Another meeting will be called at an early date.