IN BANKRUPTCY.

Gisborne Times, Volume XIX, Issue 1499, 6 July 1905, Page 1

IN BANKRUPTCY.

HUMPHREYS AND SON

£>fc,.terutnts wero filed yesterday ajt® r iU> afternoon wish the Deputy Official Assigoee in the cs'.ate of ILumplirrys .and Son. . The assets are shown ns amounting to L 428 14s. including. Btoclfio-tiade at Gifahome Ll7B.’book debts (L 818) estimated t 0 produce LBO, cash in hand Llb4 J 4b. furn ! are nil. om buggy under >alo L3O, b<n d teuck L2. /Jhe liabilities (uu secured «r*dudi>) 'tUal 1.825, - leaving a deficiency ot’ L4ou ss. Unsecured creditors and amounts (pence omitted) are: -Adair Bios. L 23 14s, Tims. Adams L2 4s 2d, Aden and Jones Ll2, James Brown 17a 6d, B.own and Nelson 13 6d, Beaney and. Sons L 5 ss, A. T. Burt T. 4 Bs, Butler Bros. L2O 19s, Brace, IVindlo, Blyih and Co. L 5 3s, and Co. IjSS 18s, Clayton ana Co. L 4 ISs, Common, Shelton and Co. Ll 9, James Craig L 5 17s, Chambers and Son LOO 19s, David Dobbie L2- 9s, T. ood J. Dairy tuple L2 18s, James East L 7 Its, W. A. Friar L 25 10s, Gillespie and Son L 3 12s, Frank Grimley Lll ss, Grundy and Shennan L 5, F. Hall 15s, Herald Office Ll 3 11s, Gas Company Ll 7 10s, Euro and Ambridge L 6 11s, J. E. Whitby 16s, D. Nairn (Hastings) LlO, J. McKee L 3 12=, C. A. DeLautour LI lie, James. Rosie L 5 Bs, W. J. Cox 12s, Mercantile Gazette, Timaru, L2 2s, F. Joane L 3 9s, Jones and Gaudin L 6, Johannsen 18s, T. King -L5 10s, E. IV. Mills and Co,Wellington, L 159 19s, New Zealand Clothing Factory L 3 3s, W. A. O’Meara LlB 18s, Nivsn and Co, Napier, L 36 6d, J. H, Ormond L2 4s, Parnell and Co, L 6 19s,Pottio and Co, L 27 19s, Porter and Co, Auoklaod, LlO Is, J. Poesford L 7 10s, K. Bobinsen L 7 Is, J. Simpson LI 9r, I*. Smith 16?, A. Sawyer 3s, Johnson and Co L 3 o=, Stewart Timter Company (WoHiDgton) L 65 2s, Captain Tnoker L3l 18-, J. Thompson 2s, Wads and Gray sr, Dr. Williams 15s, Wingate and Co. (Auckland) L2l 10", CJ. Wade L2 3e, J. Wbiuray L 3 lie, E. D. Smith L 5 19s, T. Hood 11s, Okitu Factory LI 18s, Goorge Wildish 3s, New Zealand Loan aDd Mo>cantile Company L2 os, Bosabotbam and Searle L 7 10s, Dalgety and Co. Ss, Ted Harris ss, F. Loomb 15.', D. H. Caie. (wages) Ll 3. Bettors have made the following statement ■* Thu partnership, between .ourselves hag beeii in existence a little over fo,u;r ypars- Mr G„ JH. Humphreys- centritjutad towards tac capital the sum o£ £7OO. Ox _ this amount about £6OO was received flow the late firm p£ Humphreys an ' Davys, and ±llOO from tfio sale of some household property. Mr Kenneth Humphreys was admitted into the partnership without contributing further capital. It was thought, and. hd.Pfld that with the qualifications o£ the' latter the combiration would be successlul. The whole of the capital .was at- onco nut into buildinga and machinery, upon leasehold ground owned by Messrs Henry, Williams and .Son. oi Namer. For a time the partnership .apparently, was ma'King headway, although competition in the line was \ecy Keen, anjd prices, wore cut down, very considerably,, leaving very 1 ..h, margin of profit on dealings. Ml G 11'. Humphreys had the misfortune ' ‘to sustain a severe, accident, which ■practically for a time rendered turn blind, anjd he remained so a year- Duxi'ng tins time the busirapidly back, and extra wages had. to bo paid to competent men to replace Mr Humphreys' work. Mr Humphreys himself also had to. incur large expenses for medical assistance and travelling. We had to seek assistance from the banks, and in order ta~ obtain same had to mortgage certain assets to guaran tors. FinjUifig that the business wasi, going back, .wo determined to rclino.uisfc the wheelwright portion or it, and found a purchaser in Mr J* B. Leyden at £SUU B Unfortunately, disputes arpse in connection •with the Kuli-lea.se to Messrs Grundy and Shennan, and for quite a. month* the in. tier was hung up With every p respect of a Supjenc Court 1 awKiiic. However,, tbe parties, with their solicitors, managed to. arrau-g* a compromise .with a minimum loss and expense. The £SOO falter deductin'- £2OO to the secured guarantors, £IOO to Messrs Williams, •also secured, and about £SO Ou’tstan'd ng rent interest and rates, along with the cost of the cornpp.omis«) was paid to our solicitor, Mr E Ji. Chrisp, and he now, holds in his bands about £134 for payment tj yourself. The other assets comprise book debts and a buggy agreed b- f. sold to Mr. Kane. The book debts, wc think, will realise about £BO. We hail called a meeting of our creditors at Mr Chrisp’s office, wirTf the intention of making an ofter of 7s in tbe £ for the estate. A, large iiumtiec of the eraditors had privately a'greed to this, but two of th; creditors, representing about £IOO. would not consent, and we had therefore no alternative but to file. Wo still hope, however, if the creditors arc willing, to effect a compromise. Mr Kenneth Humphreys has no private assets, the house and furniture belonging to his wife, and some of the furniture being under security to tbe owner as vendor. The machinery and Plant remaining would probably noir realise anything if. - forced to sale, but wo would be able to give a fair price for it if a compromise were arranged. There are certain contingent liabilities! in the shape of bills under discojunt, but we have taken no account of these. as we think they will all be met at maturity.”-