KUMARA BANKRUPTCY BUSINESS.

Kumara Times, Issue 409, 17 January 1878, Page 2

KUMARA BANKRUPTCY BUSINESS.

At the * Bankruptcy Court, Greymou.% on before. His Honor Judge "Weston, the following business relating to local bankrupcies, as reported in the Grey River Argus, was transacted:—

Re Lewis Moses.—Mr Warner ap-1 peared for, Messrs Buterworth Bros, and other Dunediu creditors ; aad Mr Guinness for the arranging debtor. The debtor was under examination by, Mr Warner from 11 a.m. till 5 p.m., and the following is the substance of the evidence given: '±- Left Invercargill, where he had been in business as a* draper, in May last. At that time he owed his brother £2OOO, and his sister £B2B 3s sd. Sent the balance of his Invevcargill goods, which remained unsold, to Kumara, where he proposed starting business as a draper. While in Duuediu, on his way to Kumara, gave orders for goods to the extent of £1539, which duly arrived there. On receiving the previous loans from his brother he had made an arrangement with him that, in the event of his not being able to pay the loans in cash, his brother should receive goods. The value .of the 'old stock he took from ! Invercargill was more than £3OO. He commenced business in Kumara on the. 15th June/. 1877, but on' the arrival of some of the goods from Dnnedin, on June 1, he allowed his brother to select from, them, ,to the .-amount of £1277,, and afterwards he got about ££oo .worth more.? ids brother got the goods at cost pi;ice, ,with 5 per cent added for, expenses* : Ho kept no regular books—only a rough book, and a ledgei'. He _ could not tell whether he was insblv'ehTor not when he Ciime to Kumara, as he never took stout. He posted 'his books about every two months, but sometimes he net strike a balance, merely entering the items. Oould-not-say the daily or weekly takings of the business in Invercargill or. Knmaia, as he merely par. down the amount of the contents of the, till every uight, but if>he paid a bill' during that day out of the tilt"it would not appear.-. Did not know where the. rough book wa.s. Paid for the Dunedin , goods by promisory notes, but could not tell which of them w«re paid or unpaid. Did not keep a bill book. His'bauk book showed that he had paid £BO3 into the bank since he commenced business in Kumara; £l5O of that "was a loan from his brother when he arrived, aud he had go't £SO at a subsequent period; When he took stock previous Jto calling a meeting of his creditors, in-October last, had estimated it at account for the proceeds of the balance, uuleas in necssary expenses. The debtor was examined at great length as to his previous transactions in Ohinemuri and Invercargill, but he could remember very few of the transactions, unless those with his brother, which were' posted ;in the ledger and the examination then proceeded—r Witness corroborated the evidence given by the arranging debtor as to the money ad- j vahced, arid the terras on which be was j to be supplied with goods in the eve tit j of his brother being unable to pay cash. He received goods from debtor to the amount of £1277 on the Ist of June at. Kumara before his brother commenced business there. Considered four per cent: sufficient to cover all expenses, freight, &c, on drapery. Selected the goods from his brother's stack Did not see his invoices, but took hi.? word as to the price. The £1277 included the 5 per cent. Bought some goods at Invercargill, about £2i,K) worth, from a commercial traveller, but did not know hisnmi'Vor the* firm's Dame. Should "have taken the goods from his brother, even if he had knowu that they had bought on credii. The goods bought from his brothers estate were partly sold, and partly ite store. Bought the Beehive Store as a" speculation. Have had goods from other people since the time lis brother

could not supply t them. Cannot tell what amount of goods have been sold since started in Kumara.

Mr Guinness desired to move a motion in'connection with the estate, but owing to the lateness of the hour his Honor requested him to hold it over till a future date.

Re G. B. Way, butcher, Dillmaa Town,—Mr Perkins applied for a certificate of discharge of the above'bankrupt. His Honor spoke severely of the system of men already in debt going to other places and gaining credit wittfoufc informing their creditors of the position they were in. He was determined to ** put it down if possible. He would hear the next case before giving feu*, decision.

Re Robert Howe, miner, Mr Perkins made a similar application. Hia Honor commented en. the fact of' the bankrupt having given a lien' over . his claim to the Bank of New Zealand* for £ls, while he had other creditors to * a larger amount who could less easily afford to lose their money. This money was spent not in bankrupt payiug his debts, but in training for a race. He would show his feeling of the conduct of both bankrupts by suspending their certificates for four calendar months. Mr Perkins applied for costs in both estates, and £ls was ordered tb'bepaid out of the assets in each case as expenses. -.-.-'■•