MURITAI QUARRIES.

Dominion, Volume 5, Issue 1384, 9 March 1912, Page 15

MURITAI QUARRIES.

AND OTHER BUSINESS. [ CASH Ol' , JI'STIXJAX I'UWKU. TUo first meeting of crediturs in the estate of Justinian J. K. Powell, contractor, Wellington, was hold at the ollice of the Official Assignee yesterday. The Assignee (Mr. A. Simpson) presided, and the following creditors attended:— J/e-sis. W. i>. JJounett (tcprcsentiitg Dalgefy and Co.), Hutchens (Stewart and Co.), E. l-'ranUlin (Westport Coal Company), D. Koberlson (Robertson and Co., Ltd.'), R. A. Wright (Wrifht and Carman), E. Stoupe (Ualihvin and Co.), I". Townsend (Townsend and Paul), W. .1. Gaudiii (W. J. Gaudin ami Son), Whitehouso (To Aro Loan Co.), Miint (Jlunt, Cottorill and Co.), J. J. M'Grath (M. M'Grath), and D. M'Donald. Bankrupt -was present, and his interests were watched by Mr. Petherick. The Statement. In a statement made ond sworn to, bankrupt said that up till 1908 he had been doing fairly well, bitli with contracts and with retail business. In 1006 ho had gone into a speculation with Messrs. M'Carthy and Dawson for the quarry property at JUiritdi. In IMS, in consequence of the bad times, the bankrupt had called up his overdraft, and Mr. Jl'Carthy had pressed him for Dnwson's share and bankrupt's share in the Jluritai property, In April, 1809, he had given McCarthy a mortgage over his Taranaki Street property and a. steam wagon to secure his (bankrupt's) then indebtedness to M'Carthy. The bank had begun to press him, and ll'Carthy had arranged to pay off bankrupt's overdraft of about .£2(100, taking a mortgage, over bankrupt's Jl'Donnld Crescent, Thompson Street, and Island Bay properties, nnd a second mortgage over the. Taranaki Street property. The amount then due to Jt'Carthy had been about ,£3OOO, and the. total value of M'Carthy's securities (according to the Government and :Jlr. Lockie's valuations) ■about .£5500. Shortly after this mortgage had been fixed up, he had arranged n composition with his creditors, payable in instalments. • He had paid one instalment, but business having fallen off, he had closed down in July, 11111. About that timo M'Carthy had begun to Teccive the income from the properties comprised in his security, and to press bankrupt. Bankrupt had offered to transfer the properties to M'Carthy, but the latter had refused to accept, bankrupt was informed. under the impression that bankrupt had made away with his assets. lie was unable to pay M'Carthy's claim, and was made bankrupt on the petition of that creditor. Bankrupt had been unable to complete the payments under tho competition, and, so, the claims of all those creditors were included in the liabilities. Most of his losses had been occasioned by his guaranteeing the accounts of others when he was solvent, nnd his being forced to give securities over all his as-ets to st-avo off pressure. Since he had closed down last year ho had earned very little, having had no plant to work with. He had I'cen endeavouring on his son's account to obtain contracts for him from which bankrupt would have derived a salary, but so far no success had followed their olfori-s. He believed that all his other creditors, would have given him a further opportunity to get. on his feet, but Jl'Carthy had refuse:} to be satisfied with the properties comprised iii his security, nnd bankrupt could not get him to apportion tho mortgage over the various properties so as to enable bankrupt to deal'with them separately Bankrupt believed that he could have raised sufficient to pay M'C'arthy off had he been able, to deal with the separate properties. He had no assets no.v. The Figures of it. • Bankrupt set d,pwn ,Ins total debts at £2556. 15s. 3d., nnd his total assets :it £oli7;i-:lis.'--ld,ll:His-liability to unsecured creditors was- '.£12,721 osi'Bd., but against thejo were securities estimated as worth X 15.800, which would leave him a surplus there of .£3175 Us. Id. In addition, there were a steam wagon (secured to T. G. M'Carthy), valued at JJ100; three traction engine ivasons at Levin, ,£100; and book debts JJIOOI os. Id., estimated to produce .£3OO. His liability to unsecured creditors was stated to be ,t1333 3s. Id., and under "other liabilities" i11',123 12s. 2d. was written. The principal unsecured creditors were:—Laery and Co., Ltd., Welliiipton, X 155 12s. Sri.; Munt, Cottrell and Co., Wellington, ,£27 3s. lid.; Levin and Co., Blenheim, £29 3s. Gd.; Young and Tripe, Wellington, .£l7 Is. 5d.; W. J. Gaudin nnd Son, Wellington, .£IS Us. 4d.; Robertson and Co., Ltd., Wellington, .£32 -195.; Samuel Brown, Ltd., Wellington, J2IG ■17s; 8(1.; I' , . B.Fanunr and Co., Blenheim, ■£■17 4f. 3d.; Corry and Co., Blenheim, .'JEIIS 19.3.■•id.;-Allan Maguire, Wellington, ill Gs. lid.;-South British Insurance Co., Wellington, .£ll Is. -Id.; Thomns Eck"holtl. Wellington, -Cl'.'l; Dalgety and Co., Ltd., Wellington, .C 159 lls. lid.; Baldwin anil Co., Wellington. X7C os. Id.; and Paul, Wellington, M\ 95.; D. M'Callum and Co., Blenheim, XIS Ss. lid.; New Zealand State Coal, Wellington, .£2B 12s. 2d.; Thompson Bros., Wellington £92 9s. 9d.; Stafford and Treadwell, Wellington, .1:92 12s. od.; C. Smith, Ltd., Wellington, .£23 lls. Gd.; I. D. Cruickshank and Co.. Mnsterton, -£3-1 ISs. Bd.; and Price and Co., WcHingtou, .£l2 105. ■ The Proceedings. At the meeting the assignee said that he had not had the books long enough to look into matters. On that account ho suggested that the meeting should be adjourned for a fortnight. Mr Townsend objected to the delay, and said I hat Mr. Powell had had ample time to prepare a comprehensive stateMr' Petliertek (counsel for bankrupt) said 'that the 'utmost was being done, and there was nothing to hide, the books had had to come. from. To Kmti. which was the reason for their uot having been in Wellington in time. • . An adjournment till March 22 was decided upon..