In Bankruptcy

Feilding Star, Volume VII, Issue 128, 8 April 1886, Page 3

In Bankruptcy

~~ sfmeeting of the creditors of Frederick Haward Peterkia was held at the court house yesterday afternoon. There were present Messrs Hannett, Crabb, Thompkins, and Easmua Nel«on. The bankrupt was in attendance. The Official Assignee, Mr Gh J. Scott, presided. The statement of assets «ad liabilities, already published in our columns, and a sworn statement of the banbotpt was read. Mr Peterkiu was cross-examined at great length by the creditors, but all the replies were very unsatisfactory. The Official Assignee said he would require a statement of partnership (in vie fellmongery business) between bankrupt and Mr Crabb. The latter > gentleman readily promised to make out the requisite documents. A statement would have to be supplied during the current week of the business transactions between the bankrupt and Mr A. Bell, of Halcombe. In noticing the household expenditure of the bankrupt the Official Assignee said that he appeared to have expended £13 a month, which was lavish extravagance. With reference to the prevaricating replies given to questions, he considered the bankrupt either very thick-skinned or thickheaded. He had shown such rashness and extravagance that he (the assignee) would see that the bankrupt was publicly examined before the Judge at the next sittings of the Bankruptcy Court at Palmerston. Severe comments were made on the fact that the bankrupt had kept nojjooks. His reason for seeking the "protection of the court was that Mr Hannet had pressed him for £4. It cost him £8 to employ a lawyer. Mj Hannet remarked that he thought the money would hare been better expended in paying his debts. The following is the

Evidence of F. H. Peterkin, taken before the Deputy Official Assignee, on the 7th April, 1886. About December, 1878, 1 contracted with Colley, Scott, and Wilkinson to supply hewn timber of large size— say 12 x 12, in 40ft. lengths, &c. Till about September, 1879, I tried to execute the contract; I finished the contract at that date. On reckoning up I found that I was deficient about £400. I had to borrow money to meet the most pressing engagements. I paidaU the wages. In 1880 1 bought a place from Jones and Filcher, at Halcombe, and went into the business of butchering. Gave it up two months afterwards owing to bad debts, with a net loss of £58. I borrowed the money to buy this business from Mrs Bracey. Mrs Bracey purchased and took the place. In 1879 I leased a section — No- 11, sub-di vision F (85£ acres) — from the Corporation, on a purchasing clause. In 1831 1 lost about £120 by fire burning sleepers, posts, blocks, &c., lying on said section. I transferred the loans to John W. Hurst, of Sandon, in 1881 in consideration of his paying a P.N. due to D. H. Macr arthur for £32 or £33, beiug amount r «f money borrowed from him to meet my pressing engagements up the coast. In August, 1881, I started as fellmonger for Mr A. Bell, on contract, and. during a period of three seasons I was enabled to pay off a number of my old debts. I was with Mr Bell until Mr liiddiford bought out Mr Bell, and withßiddif ord one season. Up to 1883 I paid off some of my debts, but in 1884 1 lost money, owing to the bad season, to borrow money, there being a scarcity of sheep and having to employ labor. I borrowed £50 from Mr Sandilands of Feiiding. In 1885 I paid this sum back again. About three years ago I bought back the section from Hirst for £350. The money I borrowed from Mr Boss of Marton. Early in 1 885 I again sold the section to W. Cowarcy for £510 or £6 per acre. The bulk of the money I paid sundary debts with — including Mr Sandilands £50, and the balance to different people for old standing accounts. About June, 1885, I went into partnership with Mr Crabb, Mr Crabb leasing Mr Kiddiford's fellmongery. We were to work the concern between us. Mr Crabb was to find a man as equivalent for bis own labor. There was a regular deed of patnership drawn up between us, and signed by both of us. The period was from July, 1885, to February, 1886. The partnership is therefore ended by effluvion of time. During the partnership we bought about 135 bales of skins and wool. Mr Crabb drew through Messrs Turnbull and Co. of Wellington, but to what amount lam not positive. I claim a half share on the proceeds of above of £1 a bale or £135. The most of the wool was bought by me for 5d to 6£d per lb. I contracted the following debts which appear in my schedule as follows : — Drummond and Alexander, £2 10s, in 1880 ; D. Murray, £2 5s Bd, in 1885 ; Hugh Crabb, stare account, £120, consists of an old balance of £12 and stores supplied to me during a period of eight months ; J. Tompkuis, £23, for goods contracted in 1882 and 1883, extending over a period of at least 12 months ; Tarrant, £8 3s Id, in 1885, for meat; E. Nelson, £6 Is, for meat, &c. in 1885, and services of horse ; C. Brown, £8 ss, in 1884 and 1885 ; A. Hannett, in 1885, for services of horse; Or. Q. Death, £17, for cash lent in 1883, and goods supplied: GK Death, £20, cash lent in 1879; Tho7. Wyett, £30, cash lent in 1882 to pay old. accounts, owing since 1879---80; A. S. Baker, £16 3s 9d, is the balance of a P.N. for £47, given to him for the balance of his account in transfer of property to Cowarcy. I gave Mr Baker a bill of sale over two horses and two cows about June, 1885, as security for the whole of the account cf £47. Th e promissory note for £47 was given about June, 1885; I have reduced this to £16 3s 9d. I gave Mr Baker a P.N. for the £16 3s 9d about five months ago, and this P.N. -vras renewed about two months ago, which will fall due on or about the 11th inst. Mr Baker has never had fc^osseseion of the two horses or cows.

The bill of sale was given at the same time as the P.N. for £47. My mother has a life interest in my father's estate. When she dies I will get one-fifth of the amount. I have kept no books of account. My reason for failing was that Mr Hannet pressed me and obtained a distress warrant. Mr Laird also pressed me, and I had threats from all my creditors. F. H. Peterkest.