MEETING OF CREDITORS

Dominion, Volume 11, Issue 39, 9 November 1917, Page 6

MEETING OF CREDITORS

INSOLVENT ENGINEERS. A meeting of oreditora of John Jamle•_son and Reuben Hunt Johnston, trad- ■ ing as the Wellington Structural Engineering Company, was held yesterday morning. The Official Assignee (Mr. S. ; Taneley) presided. The bankrupts in their statement stated that they entered -into partnership in August, 1916, with a ■capital of ,£299 3s. 7d., of which Johnston contributed .£75 and E. N. Sutherland .£224 3s. 7d. Sutherland continued In the partnership for about one month and, then eovered his connection and took a mortgage over a part of the machin-ery-for On October 16, 1916, Wil-liam-O'Connor joined the partnership, ':. and the capital was increased by £340. -.. O'Connor left the partnership in March, 1917, and took. a mortgage • cf .£350 on the balance of the plant. This security was afterwards transferred to W. F. Eggers, The partpers drew wages at the rate of .£3 ss. per week each. War exigencies, put np prices of. material, and the shortage of the.shortage of shipping delayed returns. Jainieson and Johnston ran the business until August,-1917, but th 9 Teturns_ steadily fell off, and it was found impossible to draw ■ wages. Johnston went oat to work in ... order to earn wages, and Jamiesori continued the business until September 27, :i1917, when, seeing that the business was •' gradually slipping back and the secured . creditors were bringing pressure to bear, : • Jamieson deemed it necessary to wind np. ■'• Jfr.-'-H. .Van Staveren appeared for.the bankrupts. " ' - Tn : 'course of • examination the bankrupts stated that the plant cost ,£SOO, and Sutherland. got a part of this as security, and O'Connor the balaace.'' They irws unable to make any offer. The Official Assignee said that if he could realise the assets, which consisted of book debts, there would be about 15s, * in the £to meet the wages claims. The liabilities wore set down as follow:—Secured: E. N. Sutherland, .£225, value .£180; W. P. Esfers. .£330. va'ue VMS): TJrwuirod: J. Chambers and Co., .£"5: J). RoVHsor. and P<V., i.W.. Ml; .I.'Oiilla and Hamilton, .£4O: T. Branlff, £30; Wellington Gpi CnmTDanv, -£19) 5 Wart 'TTnrdwni'B Pn.. ~£10: J. Ni'vptV rr.uke'fi Foundry), -.£l3; A A. Benner, '£1°- ami smaller amounts. Assets: Book debts, W. '..,„. 7>J O r scr>liitinn irw T)ns?»o nv ttin . tors, and the meeting adi.mrr.ed sine die.