Meeting of W. Waring Taylor's Creditors

Feilding Star, Volume VI, Issue 16, 17 July 1884, Page 3

Meeting of W. Waring Taylor's Creditors

The adjourned meeting of the creditors in the estate of W. Waring Taylor, merchant, was held at Wellington on Tuesday. The' official Assignee reported as follows : — Owing to the very unsatisfactory manner in whieu the bankrupt's books have beea kept, it has been found impossible to draw up any detailed and reliable statement of accounts, tho books not having been properly balanced since the 30th June, 1873, many of the ledaer accounts, not having even been added up for years. The balance taken in June, 1873,, sligws the position of the bankrupt to have then been as follows: Indebtedness to ordinary creditors, £27,850 ; sundry trust accounts, £21,221 ; total, £49,071. ■" Against which' he had stock to the valuation of £9150 ; cash in hand £874 ; book debts, £16,513 ; landed property (in his own aainej valued at £32.500 ; total, £59,037 ; baring him a nominal capital to the good of £9966. Since then Jfirge sums have been received by the bankrupt in trusfrfor various estates/ all r>f which have been passed .through the bank occount fo his 0511 credit, and operated upon as if they had been his own moneys. Amongst bankrupt's papers 1 have discovered the copy of a statement supplied by him to the National Bank of New Zealand, on March Ist, 1884, which purports to be a true . statement of his affairs at that date. This statement shows to his credit an amount 0f£26.574, but with the exception of the sum of £5050, he altogether omits to include in his liabilities any trust money whatever in his hands, although he must have known that he owed an additional sum of £43,355, viz., to May's estate, Rhode's estate, and several others. So far as prevent inspection has gone, it shows that out of £44,642 owing by the bankrupt, no less than L 38.881 is due on trust moneys, which should have been invested by the bankrupt, and for which no security Whatever exists. I find that a Bumof LIOOO was paid'him on the 15th May by the South British Insurance Company, being an amount reinsured in that company on St. John's Church, recently burned. Of this sum LIOO was paid back to the South British Insurance Company in settlement of a .counter claim, and the balance of L9OO was paid to the creditx)f the bankrupt in, the National Bank, without a single entry in his books to explain the transaction. I have also received the report on the stock list, prepared by Messrs Duthie and lorns, at the request of the creditors, which shows that they value, the same at L 16.180, being a reduction of L 13,460 on theamontas shown in the bankrupt's statement. It may interest the creditors to know that the bankrupt's drawings for house and personal expenses during the past three and a half years has averaged overLl6oo per annum. The bankrupt said at the present time he had not a conviction of having done wrong. It might be an amount of moral turpitude inconceivable to the meeting, but so it vai. ( He could show assets worth 17s 6d in the pound. His whole life has been a denial of the charge of fraud preferred against him, and they knew it. Ultimately two supervisors were appointed, and the meeting adjourned.