MEETINGS OF CREDITORS

Dominion, Volume 8, Issue 2378, 6 February 1915, Page 9

MEETINGS OF CREDITORS

CANVASSING JEWELLER'S BUSINESS. The meeting of creditors called in connection with the Sling of Julius De Silva, canvassing jeweller, lapsed for want of a quorum. ,Mr.: S. Tansley (Acting-Official Assignee) adjourned the meeting sine die. In his written statement, bankrupt said he had been canvassing in Wellington for eighteen years. His business had been almost invariably to buy jewellery outright, generally for cash, and to canvass all over Npw Zealand. He had about £2500 capital. About eight years ago his capital commenced to decline, and he started buying jewellery on credit. • About October. 1913, he purchased about £700 worth of jewellery ■ from Mr. David Silk, Auckland, paying for the. same with bills. Mr. Silk subsequently sent about £150 worth more stock. Bankrupt had paid him £200 in part liquidation of his account. Shortly after., the purchase the wharf labourers' strike commenced, and owing to this there was practically no sale for jewellery. He was unable to recover from the effects of the strike when the present war broke out. He had a wife and-four children," the former having been in bad "health for years. He financial statement showed unsecured creditors to total £990, secured creditors £11, value of securities £50, leaving £30 ,to pay his unsecured creditors. The principal unsecured creditors were: David Silk, £675; Mr. Cimino, Wellington, £150; F. Pierard, Wellington, £90; Elizabeth Johnston, New Plymouth, £30: George. Magway, Eltham, £20; George Gow, Eltham, £10; Mr. Ransom, Wellington, £7 45.; Mr. Pentecost, £7; William Hart, £1 lis. 6d.

AN UNSUCCESSFUL VENTURE. The meeting of creditors in the assigned estate, of William Alfred Edwards, set down, for yesterday morning, lapsed owing to the smallness of the attendance of creditors. Mr. S. Tansley, Acting Official Assignee, presided. Mr. D. Jackson appeared for some domestic servants who were creditors in the estate, and one other creditor was present. An informal discussion took place, and the proceedings were than allowed to lapse. In a statement of his case, the bankrupt said that he was employed by tho firm of Veitch and Allan as a tailor at a wage of £4 per week. About December, 1913, he leased an eight-roomed house at a rental of £3 per week, and he and his wife took in hoarders. However, his wife' became ill, and the venture suffered for lack of her supervision. The result was that the takings of the house and hiß wages were insufficient to pay rent and trade accounts. Proceedings taken by some of his creditors, one of whom attempted, to attach "his salary, had compelled him to seek the protection of the Bankruptcy Court. ' The 'statement of the bankrupt's liabilities showed that to secured creditors he owed £111 55., and to unsecured creditors £74 7s. The value of the assets was not known.

A ROTQRUA CASE. (By Telegraph.—Press Association.) , ' Rotorua, February 5. At a meeting of . creditors of J. Dcbiaa, rc6taurant-keeper, bankrupt was sharply questioned as to a purchase of jewellery valued at £42 by his wife at tlift time lie owed £39, also as to a payment to the jeweller of £15 on tbat account at a time be know be was insolvent. Bankrupt declared that bis wife bad a private income, but he disclaimed knowledge of _ the amount or the- source. His wife in evidence made eu affirmation, said she had no private income. All she had was money saved for a rainy day from moneys occasionally sent to ber by her father in England. She had given bankrupt a gold watch valued at £22 as a wedding anniversary present, for which bankrupt paid all but £3. Tho meeting passed a resolution expressing dissatisfaction at the state or affaire. revealed,. and that the system of book-keeping was such aa to constitute a breach of the bankruptcy law 6, and requesting the Assignee to make further investigations.