Meeting of E. Young's Creditors

Feilding Star, Volume XI, Issue 49, 12 October 1889, Page 2

Meeting of E. Young's Creditors

A meeting of creditors in the estate of E. Young, a bankrupt, was held in the

Court-house on Thursday afternoon. Mr

G. J. Scott presided. The following creditors were present or represented : — - T. E. Chamberlain, £83 18s 7d (proxy W. A. Sandilands) ; P. and J, Bartholomew, £•43 18s 9d (proxy W. A, Sandilands) ; J. Laird, £1 19s 9d (proxy John Prior) ; G. Thomas and Co., £2 17s 9d (proxy W. G. Haybittle) ; James Skerrnan, £7 Is lOd ; . Kirton and Curtis, £2 17s 9d (proxy Geo Kirton) ; Leary and Co., £16 8s Id (proxy W. A. Sandilands) ; A. D. Willis, £2 18s

5d (proxy John Prior) ; F. C. Dunning, £4: (proxy John Prior) ; Dr D. Johnston, £3 12s 5d (proxy H. L. Sherwill) ; Thos.

Hirst, £4 13s lOd ; William Hogg, £20

19s 6d (proxy John Prior) ; J. Nathan and

Co., £17 3s 3d (proxy M. Cohen) ; Prior

and Cooke, £2 Is lOd (proxy John Prior) ; - Sanies Smith, £4 14s (proxy John Prior) j A. Hatrick and Co., .£9 13s 2d (proxy T, E. Chamberlain) ; H. Eutherford, £9 10* Id; C. Matthews, £1 11s 6d, The following statement was made by the bankrupt : — I built the shop for a> tenant about 9 years ago, but bad times coming I could not let it, and Mrs Young, started in business selling vegetables and lollie * until W. Cole gave up his trade as fruiterer and -fishmonger after losing .£l5O in 12 months ; Mrs Young added fruit to* the btisiness ; I was at work at Bartholomew's timber yard until 1883 when I was discharged, and being out of work assisted Mrs Young in the shop, and Mrs Young: had more time for her own trade of ostrich feather dyer and curler; I was doing a steady trade, but having no capital I was always in debt £200 j in January, 1888, typhoid fever broke out in our house and our eldest daughter died with it ; then my fourth son died ; the Borough " Council

gave us notice to disinfect the house, and we had to remove, causing expense janet loss of trade, and as we had not bedrooms^

enough for our growing family ,we builfr : the boarding-house, hoping it would brinjgf the trade back and help us, but it has been a loss and expense till now ; I attrib-

ute my. position to Shaving no capital; illness and death of children through an. infectious disease and loss of trade thereby, competition in business and pressure of creditors ; receipts from September*"' 1888,

to August, 1889, £1174 Is 7d ; expenses during same period, .£ll9l 6s 3d.

Mr Sandilands asked why he had Borrowed £400.

Mr Young: Had an overdraft from the Bank in March, 1888,; and Had -tb pay ;, that off ; the overdraft was £343 iTyhea the loan was obtained to enable him to bnild ; the building cost £2so;or ;^oo| ifc' was done by day work by dm*erent; carpenters; had kept no cash book except a rough one (very rough indeed) ; " menced to get timber for the' boarding-: house last April ; did not pay Bartholo-;" mew because they offered him 3 months^! credit ; if he gave a bill he coitld have 4: months ; made it a rule in businessnot to accept bills ; did not consider ii his duty * to pay for the timber first ; the besfc he could as he went along ; his caslt book was only entered up week by week in Jump sums; his statement? contains all his • ssets ; his: wife ha^ ; some cows (2), which she bought with ■._:. her feather money — £1, and the other was natural increase ; Mrs Young purchased " it herself; could not say if it was paid for, out of the business ; Mrs Young ;liasßom£r money in the Savings Bank ; one or two , of the children have small amounts there also — George and John have a little ; could not say whether Epsey had any. ; did not know where they got their money to put in the bank ; they started some ; years ago to pay in ; thought their mother gave them the money ; • had no idea ijwhafc her income was ; she always receiyedfthe; feather money and spent it as^fie^liked ':•' sometimes he bought His wife's clothes ' and sometimes she bought heir own ; the life of the eldest daughter was insured for £20 and the boy for .£9 ; the doctor's bills : and funeral expenses were: paid^out of ■ the 7 money ; the doctor's account was part paid in stores; paid Mr Pope, theithdertaker, £13 2s 6d in all ; had bnly" k'epib records of cash receipts since thei year 1888 ; previous to that had only kept odd , books ; Mrs Young has a horse and "cart ;- : bought it in her name ; the horse she bought from Mrs Buff for £& 10s cash ; it had been used to take any goods but or :to bring goods from the station,; the horse and cart was got by Mrs Young to go out on Sundays for a drive ; bought the harness, but as it was old left it out of the list of assets ; forgd!; all about it; itwai'nitworth much and it slipped his memory ; . Mrs Young paid £22 for the: trap^ihcash^ and £2 6s 3d in sores, which was the amount of the interest he had in theltrap; -\ was present when Mrs Youiig paid £7 ; did not know wh-jther she had brought the money froni the Savings Bank or not^was not present when the £12 13s 9d was paid; supposed Mr Belk gave receipts; entered the memo in his bobk«j me e^y to : show the transaction was finished ;. Mrs ' Young kept no books and kept her own receipts; the name E. Young, fruiterer,, of Feilding, was painted on the trap as- a ; sort of an advertisement ; the notice board was now oft the trap ; could not say when it was taken oft; the cart is now on the back of the section ; the sections are in his own name ; balanced his '■'-, books about 3 years ago ; was £101 6s 3d" to the bad not taking into account the property which was worth £300 ; began. Chamberlain's debt when he commenced business ; had paid him £40 during thej; last year ; did not begin to show the cash ~£ takings until the year 1838. ' .

By Mr Cohen : Had sent him a list of creditors, agreeing to accept 5s on certain conditions ; had sent a letter to a creditor in Wellington offering, him ss, an Sythe; same mail, or nearly ao; and order taamerchant in the same town for goods; '" v By Mr Haybittle: Would " ofier^ 'thai creditors 5s in the '£.■' •":■ ■"■'" y ".'■ vr; v-

By Mr Scott : Had gone to Wellington: since the bankruptcy ; his brother-in-law had lent him the m.'ney to pay expenses. By Mr Sandilands : Did not reinembertelling Mr Chamberlain, about 15 months : ago, that his (E. Young's) property was ' not mortgaged; -should contradict Mr Chamberlain if he said so ; had a general conversation with Mr Parr about the purchase of a cow ; did not ask Mr Parr to say he got cash for the cow.

By Mr Prior : 17 or 18 months ago had no mortgage on his section; got the, money on 29th of April, 4397 15s; the> cheques for 420 and 49 for life insurance had been paid into his credit with the bank. The Official Assignee said he would insist on Young making out a statement giving particulars of his receipts and ex- " penditure in detail. Mr Prior said Young would offer 5s in ,the 4 " " I Mr Cohen did not consider the statement satisfactory ; he thought the oredi!tors> should take a stand, and he wouldnot consent to accept 5s in the 4. ' '' Mr Prior said when Mr Young was in Wellington he had arranged to raise 4100 to pay the 5s in the 4. ' - ' Mr Young in reply to Mr Haybittlesaid when the . property " was offered in Wellington a. reserve of 4700 was put on the property. Mr Haybittle asked from whonrhe was ■§!?* 1I L t0 o get « the £100 > and was . Mr W. S. Staite had promised to get a gentleman to advance the sum of 4100 from a loan society. In reply to the'A'ssignee, he said he had ' J

received no definite, promise ; was sure he could, make' tip '-' the ■'" amount among his friends, and also raise some in Wellington. Ultimately it: was; 1 : -. -.' ,• ■-. ■

Proposed by. Mr Hogg, seconded by Mr Smith (by Mr "Prior their proxy), That a composition of 5s in the £ be accepted, payable in one month from the sitting of the Bankruptcy Court*.

For — 10, value £56 4s sd; against — 6, value, £175 15s Bd, The proposition was therefore lost. , :

After a lot of talk on all sides Mr Young's solicitor, Mr Prior, offered 5s •cash and 2s 6d in-approved endorsed acceptances, at' 6 and. 9 months, which ofter was accepted. The meeting 'closed with a vote of thanks to the chairman.