IN BANKRUPTCY.

Horowhenua Chronicle, 30 May 1910, Page 3

IN BANKRUPTCY.

» A meeting of creditors in Uio estate of Guy H. Kingdon, Otaki, fauiner, was held a,t the D.O.A.'s office on Friday, Mr G. J. Scott presiding. There were only three creditors present, and the meeting terminated without passing any resolutions.

The following written statement was submitted by debtor:--! have been for some .time carrying on business a.t Otaki as a shoepfarmer on the property known sis Wainmnii. The Kingdon Trust, of which I am a trustee and ottlfc of which I am entitled to a third share thereof at the death of my mother, ■held certain moritgage securities. As these fell due my co-trustee and I purchased cc'i'tain city properties in Wellington, and for the purpose of raising sufficient money we borrowed part of the purchase money. The "Eagles," one of the properties, was it boarding house in t'ouronlay Place. upon which is a tirst mortgage of iCMOO, and a second mortgage of CIOOO. This lattc-r mortgage sisbsefpieutly became vested in Mr Acheson Gray, and we were unable either to redeem or renew iitupon maturity, the income of the e-'ate not being sufficient to keep dwn expenses. The first morlbgng. e sold under the conduct of the l'"gistrai\ and bought the property in. I was personally liable for the covenant to pay £100. and it is in rcpect to the non-payment of this s"n that 1 have been adjudioa-tod bankrupt. lam unable to give particulars with regard to the dealings in tin* Trust as .the business It hereof was conducted by my co-fru.-rhv. He is absent from Sr-w Zi'jhind. and I eaitii'nt find his ib.: :ks. I fear that without assist-

; ;;v I lie ether properties |>ure.li-;i.st>;l I'.v the Trust may fall into the hinds (.•( the nior.tu;at;ot\v. I would i' >v lie solvent luit for li-iivinu; made luvseJl' pi 1 rw ; 111 :i 11 y liable on the < r/oiiiiii'ts ill tli!' nn:rt<j;:i<fc'.s in rc--•p -;it of the Trust properties, ooupli'l with tin* tact that it is now very difficult to roali.se. op-n town properties. dalu'ety and Co. held a niortifMjri' over my stock, and al {'if on I ol .lar.uary last they seized / 'Mid advertised it for sale. My wil'o pu r."hascd the .stcck I'rmn Messrs and Co.. and her solicitors tailed upon mo !o execute a lea.-'o in her favour. The farmiiwj- jv n, IU - carried on by I:, r. aixl the furniture- is also hers. There were no creditors presciiif .the niectiim oallt'd in the estate ol ('. .X. Carler. and it lapsed. D.'-htor .submitted the following .' tatenu'iit: 111 l!)ll<i my wife was laid up for on.', year and six months w oil rlieumaiiic lever, and I n.fc tJie

same time wa.s laid up with a broken c 'lark .tie. Shortly after my boy of twelve years of age was laid up d'.-r M-'veu, mouths. In 11)07 I -•=!'ii'!_"^. ta. U-v ; u. J<~,r the benefit of n.y info's he-iirn. but e >u!d in it get miclf work. 1 was unemployed. Tor ■t.' 1 ••■ most of the winter when my wife' was ill. When f got nolle'.' f'i leave the house I wa.s living in 1 got work at a sawmill, and took mv family i<horo. In two months' time the mill stopped for want of water._ Ik fore I got smarted again 1.1 e mill was burnt down. 1 then <:• t a \'.:w months' work at six sh.illoigs a day in line weather, out of w'lieh was deducte.'l a rental of 7s per week. Had borrowed Co to bring my family back to Shannon, ii'id got work a month .after my rctiini a.r driving an engine in. a llavmill. but had to board there. ■y ! ke:',p my family at Shannon. A n:- ■ i i'li or nvo ago I went homo on a- cunt -ii' an attack of pleurisy. A fortnight ay.-i T got notice to leave it'' l :' linns" I was living in. I have had lo shift to Palmeiston. and am ■) man of sixty years of with l'"-ee children and a wife to keep, a. I am unable tr- e.'inipe.te with v linger men.