Bankruptcy of D. F. Donneny.

Feilding Star, Volume XVI, Issue 48, 22 August 1894, Page 2

Bankruptcy of D. F. Donneny.

A meeting of creditors in the estate of Mr J. Jb\ Donnelly, hairdresser, was held in the office of the 1>.6.A,; Palmerston, yesterday afternoon. ... Present — Messrs W, Dixon, J. J£, Montague and J. P. Brandon (proxy for the Colonial Bank.) The debtor, accompanied by bis solicitor, Mr Cooke, was present. la his written statement the debtor said he started business in Feilding in January, 1890, with a capital of £6. The business be took over was valued at about £190. Borrowed £100 from McArthur and Co., and shortly ; after, wards another £100 from Mr ' Prior. The interest on the last £100 was 10 per cent. Paid off £65 and at the end of twelve months sold out and paid the balance of the loan. Soon after this he purchased two sections for £90. Borrowed £75 to assist to pay for them. Soon after sold one section for £72. Had spent about £31 in fencing. Borrowed £250 at 8 per cent from Mr Sherwill with which to build a bouse on the section. Sold out his business for £400 and paid the whole of the proceeds to his creditors. After this he went to Ohingaiti and purchased a section for £33. Built a shop and billiard room and fitted up same at a cost of £275. Borrowed £160 from Mr Goodbehere. His Bon was soon after taken dangerously il|,_ and in order to pay expenses he had to sell his house in Feilding. Paid the amount to creditors. Sold bis furniture by auction for £35. Gave his wife £10, kept £4 and paid, the balance away. He then tiavelled about the country and tried to dispose of some stock. Lost money by the venture. Since arriving in Palmerston he had only made a bare living. Sold his horse, trap and harness for £42 and paid the amount to creditors. He attributed his bankruptcy to the fact that the Colonial Bank had taken steps to recover £25, the amount of an accommodation bill given to Mr Napthali shortly before his death. He had not i» fied the Bank to dishonor the bill, but immediately after Mr Napthali's death they had taken steps to collect i& from him. _.■-: . _ '^ ■',■ . '"::■ ■; Mr Cooke stated that Mr Goodbe? here, who held a mortgage . over the property at Obinpaiti, was willing to give £25 for the equity, ot redemption^ The Assignee said the- stock had been valued at £133 12s sd, but this amount included the tools of trade and fixings valued at £21. J The D.O A. was instructed to accept the offer of Mr Goodbehere ; and Messrs Brandon and Montague were appointed to act in conjunction with him in winding up the estate. - ? Mr Dixon proposed, and Mr Montague seconded that the debtor be re T commended for his immediate discharge.—Carried.—Standard.