BANKRUPTCY.

Gisborne Times, Volume XXIV, Issue 1921, 2 November 1906, Page 3

BANKRUPTCY.

A mooting of ovodllot's in tho oatato oi William Birch Matkio, contractor of Gis* homo, was hold yesterday in tho oflioo of tho Official Aasignoo, Mr John Oolomini. Thoro wero prosont : Moaara W. Clayton, J. Colloy, J Mnckroll, G. lv. Pasloy (Mi-mi's Comutun, Hnultoii and Co.), J. H. W. Tucker (Alpha S uvntilliug Company), a ;d ii. Lr-w's. Mr Blair u-ate'ani tho proooidinga on hi'half of ba: k -upt-.

R 'turns Were put in, showing : Assets : 1 Stuck .650, furniture .In?), ground (Vio 3 toaa T.nvnehg ) £392 15 i. Li ihil.ties : ’ S. cured credit.u« To 17 15a ( ecu; rd cn 1 ground, lo n ing Inline oo of .615), unsecured ■ a edit rs £5Ol 17s 7d. Ttie l.illovv.ng ii a J I'-s of una: run d oroditi rs : Olaytnn Bros. £B3 In 5.1, James Morrinsitn £lB, Alpha 8 .wunils 0". £l7 4s 2d. Wade and Gray Ti l lie 61, R L'lvts X‘s 7 19. 41, Cumtuott, Sh.-lton ml Co. £23. S. 8.-eiugtui XT 13, (Id, limb and O n AO 4; lid, rtfaekri II and Coll- v XTS9 19a 4 i, i\ E. 0 ding X I 18s 41, !<’ W. Shush A2 2a A n. Hr -, X 7, Cv shorin' TifVa.o Co. XTi) «, 6 i, v.'. H. Tu.kXT 59 9- 74. B udirtipt, sue.. ii, Kt it. i. ft.* .•<•;,! com • th" need bus-act,s 'en Tin 10 h F bruaty, , 19:5, vvithnu, capital ; he .<ta-t-.nl on J vnoi.i frniu Menus ObiiGon Brus-t and baekoi Siy C .f.ta’ir Tuc-U r ; he -s,a t d i

bu 1 ling coiC-gou lor M.-o latter ui .0154 a puce right through ; ho built 22 of lue 0 -rait.gos ail the same style ; tilt-re were no corm-acts uullei-hii'l ; the 0.-tuitit of bank* reutev’wns too bn-u price of tioihor and ii .- V J I) • kit- <V tbo ; 1 , -f tinnier tvh----i -u ,: -t- d ; 'vh.-m !n-----fn'.'itd ile- ceiitr .ei.-r tit- u.ul g t; ho

n - ■ it’d u i g wh"<- piui- ; he e-n d >tus oh aid Mtllio--nt whi,o pine a.id had to use kauri amt limit, for which ho paid a I: gm-r prieo ; be win gr-tt-tog a fa'- pi ice >■ t 111 t Wnti;. i.f a lie- ... OIV un VVUS bank--Up - - be-. ' ;;;e uudeia i.f April 'ait, hu: ot.-n.imud cavryi g on, as bo th-rnght ho could recover himself. Messrs Muckrell and Colley summoned biur, but did noo tako poise s.uon of any work. Tbo asaota shown in siatem nt wr-rn the whoio of his

assets. He had no other assess whatever; tho horso and oart wero shown with the stack and trade. He carried on business in Lowe street sinoe January last. Capt. Tuoker bought a lot of timber (wb ! t:pino b' ' and seooud class), aud as it was too ;o cars it to where ho was working, he asked Cap:. Tucker to lot him (bankrupt) have a section to put this timber on. Tois timber was for use on Oupi. Tucker’s cottages ; Gap l . Tucker bought this timber for bankrupt, aud ho (bankrupt) had to pay for same ns is wrs used, Cap!-, Tucker was supposed to havo backed a bill for this timber, but paid for it instead. Bankrupt w-is supposed to ?ay for tire timber as lie used it, in :act when he liked. Bankrupt took other ;ontracts besides cottages for Captain fucker; ho had no other timber in tho lard, hut what he obtained for Captain fucker ; bankrupt continued this arrangement right up to the date of bankruptcy, io had his own name on the offico from

the beginning of March ; as far as tho public know it was his timber; they (the public) did not know of any merit with Captain Tucker or that the latter had any claim on same. Tho first of the timber bought by Captain Tucker from Mr F. Hall came into the yard about January, and carting was continued until the lot was finished ; some of this timber was still in the yard; ho continued to receive timber up to tho time of his bankruptcy; he received some timber from Messrs Mackrell and Colley after bis bankruptcy; none of this was thero now; the meeting of creditors called by him took place in Mr Blair’s office on the 4th September; the principal creditors wero present, and ire explained his position and made an offer of 5s in the £ ; the two largest creditors refused to accept same.

Ale CiaytOD : Wo huk.d on Captain Tucker as a fa-in;t, and thought that be would settle claims. Bankrupt, continuing, ar.id if br (iobtor) had net rionyed the euum ins he woo'd nos have find; throe bad b?en tirubir brought into i- o yard rhroe t he date oftha msoiiiig iu Mr B a- i flic: ; hi h-.d uni red ii for C .plain Tuck r, having »'c!v: fii out .-it hi.: j i q si, ami Captain Tack r lad y-iif foi-n-aii- ; this t'm'n t was fin a Are-st.irey p!--ee iu Vmt ira township; lie did .-s,a ffi-va Sir o oon 5 "ict for; bis | turn-a. out wotkol oh tt for wages und.-r his fnher.

. By a creditor: Thc-t w=a » m n itga'< ; > oo hts he mi- *. < M-. -s- s W*dn and G ey fo.* £MO ; tn-i fi m fuund rxt n-ry t>p»y Mr iVlutrisari, G-.pti.in Tucker and tin madvo-t, and tuck 'he mortgage on sbe hoa<e; as far us bmkrnpj cmld mb -mber ho owed dl,/J to in f.-ink - £BO u> Mam* -.a, it-/ £l3 ) " j A:i -S"n W -rl I Hiu! G ny ; ibis wa i 12set April; ba knnv ba was bs&k-

•Up' l'.' tOG lilij -. Mi Cdo-y : It you knew sin. why tliJ yet, give Mes&ra Wade m:d Grey prefer-

Bsukrup*: Hv did naS know j be only bad sii ii,-.,. Taeet were- ibo ‘ivon larged C'ediSore, und lie tboughS he wtie doing gbi to square these cif; he did not knew us was bankcupS till aftar this metigaga was made; to ouisid.i ctediiora ho owed from £IOO to £2OO, Mr Colley : Aud since then you have obtained £360 credit, knowing all the time you wsro bankrupt ? Bankrupt: Yes; he had nothing in do with paying Evana and Niald at date of meotieg; ho had obtained other limbtr from Moasra Msckrell and OoDey and the Alpha Timber 00.,in each oa;o about £l5O, knowing he was bankrupt as she time. Mr Coi ’ey: It senna to mo it was ano.hcc’d businsaa while anything waa to bo made, but as soon as it waa going down is was Mr Markin's. Bank upt, continuing; There had been a loss of £lO to £io on each of threo cottages; he did not know how moo’a lota ho made on each of the others. Mr Clayton : If you know you were losicg when a-fug white pine, why did you start building w fca kauri and rimu ? Another oieditar; How much of eaoh timber did you buy ? Bankrupt: Ho bad bought about £BOO of kauri and rimu and £I6OO or £I7OO of white piae, about eight to nine thoosand feet of t mber. He paid Captain Tucker ihe same price for timber ai Captain

looker paid for il; Captain Tucker had stopped £SO out of each cottage for hia abare Mr Clayton: You knew you could not build tho cottages for the money; I told y: u so myself, B.rikfupt: Poole’s job pa'd me, aa I hi a mm to estimate it for mo beforehand. Mr Clayton; Did you oitimate it after i; WBB Gni-hed ? Bank up;: No. Mr Ciayto j : Teen y-.u couldn’t tail whether i- paid ynu or not. Mr Mackrcll: You cry the price for four oMarjoi was T6lO, aid that you r. a ivud £lO2. What became of the balance ? Mr Or,ley: I should like to boo tho orcein given to C *p'-ain Tucker, as well aa the BgTPKu-nt. (Hoar, hear.) B nknipi : Tnvrs wai no contract sign, d with C .pt h i Tucker ?i:'cc J u u u y. M c.k -.11: To t i- why I consider

C : tti’n Toe:: a> a p-.ttnnr. j 1; niiv.y t :■ i l hi: : O'i'T-d rn ways | (■: m C i ••••nco Fobnnvy 10m, !'.): ■'h i !I 1 1 oil.id ay i f tilc con C . -. io-- rTuck r on iv us. hi ■■ - : i lo Mr O.h oy, Vit k.-upl a»::l •• E.l k Hi.’ ho'iaa in-..-iti'-ued in a;ai -manta, h fold oniiinar bora" the day he fi cl to .tbtdn “filing” maD«y. lie did not buy •!*s horses from Mtssra William? and Kef le on June 9. Mr Coley: Messrs Williams and Kettle’s b-orki say you di ?. Bankrup; : I cannot help that. I only height th’-.-o young hoMes and a beck. : B. ill" vc :He bal AwtaJ his j o k nook D. eiLubO'’, 1805, IVcvioa-Iy ta.ro ii’d bsi-n a: proper account. lie h, ,d >t-rtC’l workiv g for his f-.thrr on tvrg-s immadiotcly airrr tho meeting oi C't d store.

Mr M-.ckrf 11: Ho v many eontcao’.B had yon ootsili Oiptaiu Tucker’s ? Bark-upt : Three—which paid mo. Ms Colity : I ?co Gap:aia Tucker ha? been charging 101 per foot for housebleak?.

The Aaugnec : It is a very fine pcint whether those hous-tblocks should ba ineuitd io tho estate or not. and I will havo to t >k ' advice and perhaps the direction of tho Court.

Mr Macknll to Assignee : Binbcupt has signed no contracts, an th'ro arc evidently no stamp?. He considered Captain Tucker should ba liable, Baakrapt, in reply to a question, said he bad given no Qrders since April, except

two, ouo to tho A'pba Sawmill Company for about jGB3 and tho other to Evans, Niold and Company for X 49 93. Those had boon doduotod by Captain Tucker. Captain Tnokor buokad a bill tn tho Alpha Sawmill Company about 2nd July for £l5O ; £46 of this had boon doduotod. Mr H. W. Tnokor (Alpha Sawmill) : Del you no give an ardor lu August ?

Bankrupt ; No. Mr Munition : Wo want to know how Cap min Tuoker comes in. It hi ciuh to mo that ho was tvnrltn g on tho iruelc system, whioh tho Gjveruuiuiit put a atop lu ioug ago. Air F.v li-y : I'lio point is I hat wo shr-uld find out whi'>n Captain Tuokur’a liability

bcg.liH and buds. B-inknip! said there woro oorinin ligrcu riiiuit-j and doouuioutj in poasoealun of Captain Tuakc. Ttta Assign-o said these would havo to bo produced. Aeoouiing 10 reo .-iit oases hi! nil HOC think tn-.iru was any oharga th i- could b‘< lu d ncr.uisr. Pankrtip’. B_v Mr lihiir: l!:inkni]il did not know imything about bunks; ho hud employed a bookkeeper to do Ins books. This was about, tin- middle of April, Tho bookkeeper told him lie was about .1/200 out at ihal time, Wlu-u the bookkeeper told him that the house oil Victoria. Beach had not been taken into consideration, beyond tho amount owing at that time to Captain Tucker on the Victoria Beach house. Me was able to borrow Blot), and lie had this amount against the 1/200, Ho gave tho j

security to Messrs Wa.de and Grey because Mr Wade asked him to do so. Mr ! Wade asked for this security about the j middle of April, lie Af r Wade) asked for j a second mortgage on the house in Viej toria -t ownship. This he (bankrupt I a--j fused, as he would rather pay Captain j Tucker out and give a first mortgage, j This transaction also cleared off Messrs I Wade aud Gray, and Mr Morrison, lie thought tho remaining contracts would pay tiro creditors. Me had at that time a, fair expectation of being able to pay them off; that lie would pay them alter ho built the remaining block. Ho was told i to use any stuff at till in these cottages, no matter how cheap. In reply to a question bankrupt said lio I was willing to offer 5s in the X*. Tiie Assignee said that apart from what Captain Tucker claimed tho estate would I pay loss than 2s in the X’,

Mr Mackrell urged that creditors shoal havo all papers held by Captain Tucke on tiie matter. Ale Uuiltiy did not think thoy sheuli aocept it. If thoy whitewashed ” bank rupi, others would expoot tho namo treat m»ut. Binkiupt otirna aud got a:u£ knowing fud w>-li ho wus insolvent. I they allowed this sort of thing otbotf would cornu aiung and expoot to be " whitewashed ” too. Mr Blair pointod out that any motion carried at the mooting accepting the offsr of bankrupt would have to bo ooutirmed at a subsequent meeting beforo it took effect. If anything further transpired it need not bo confirmed. Mr Clayton said if bankrupt’s offer was not acoepted tbe estate would not pay the Assiguoe's oxpenses. He formally moyod that debtor's offer bo accepted. Mr Pasley seconded the motion. The Assignee intimated that he would report at tho next meeting. Mr Colley said that bankrupt had made so many widely different statements that he (Mr (Jolley) thought Capt. Tucker's position should be made clear, aad tho matter should be tho subjeot of inquiry by tho Assignoc. Tho motion was carried, Mr Colley votiug against stuno. The meeting than adjourned,