Stuast Suttan & co.

Manawatu Herald, Volume III, Issue III, 11 April 1890, Page 3

Stuast Suttan & co.

<-■ The" partners'' in the above firm of 'hemp nr'Keis, being Messrs Stoavfj, • Sutton, France, M'les and Lyons, " lwJdjtt,iH« i eting of their creditors nt Mr' McMillan's old 'score, yesterday afternoon. T|ie creditors present were Messrs v A. S. Eastou, Clime, McMillan, Honore, (3athbert»nn,> Barber, , Funstdn, Spelrtmn, I:hyrine, nnd • Bert.- ■'' , "■ ■' " ,■' . ... . . : ' ■■ Mr TJonoro was vot r d to tlie cliaiv ' f Thenieetfng 'was practice l y an J&djouuied one, from tbe first, held in Piiimers'on »»t -which Mr Short, re* * ■? presenting Joseph Nathan & Co. wns * : bhaiirraan, Bnsines^ of. iraportanee ; preireiftca . llv ."-bovt: boing -able to 1 i'tPlld. . -.' ... - •»': • #■• ' It was PHpUime'V that tbo creditors expected a distinct statement of th" ! nffairsijOf th« company at this nVeet* x>iagi with also all books- and jjuJJtrs. It l appeared b6weyf>r ' iliftf."' ' *}O ri pattner bad "brbugUfc tjio books « r ( ,*,prVpi»od a statement. Tbo following list ot 'debts \rere ] complied at the meeting, and 'were • considered by tbe company to be ■-. pwtfcjFHeattheiPho^eof'tTietn. ' -• LrtEi^triES, ' £$ 14s ) : t!luneV'4B 18s sd; McMil ; lab!RbQ<!cß &Go £115 8s Id ; Thor : % "Batt,£3ißß>, Cnthertson &CoV£Bs » - l£*-»d; A.-B Eißton, £108 Gb 1U ; Honore, JB7I lfs ; B, •• -lii'r -B: "M." ; 'Siore: about £200; Spiers, £&1 ; Booth M^Poftald 4 Co. £91 ; ftl ßtit, iIOO j itowe & boas, Funaton, £4 Ss 4d; gpelmta, " it 10s-; Stoke?, £60 ; Fair & Burns, £89; Fawoett; £10. Other, items LSO ; Btddltfl L?.' L10487f1. Assets. Mill .plant' at Taikorea 21 bales of flax, 2 drays and 2 hosea ,«ndhawitßt. >i ' r ■// V Front th'o statements made by. tbe d^B^ront partners, in answer to quee- ', Udbfl. it. would appeftr that three of them put in LIOO each, and two of • themLl2s aria labour and goodwill of site w^ich wan accepted 89 an egyWalent.. They tbevefore looked ' uppoUie^capitAl as being Lsoo c»«b, wbtceas it would ba L 425, , Spm« niontbs ago the mill was supposed to bf^m^a flguriibirg position and ]^lt)d wist^ei aside as a dividend, out of whict £40 was taken by France, L2oby Mi'es and L2O by Button, tbe other two partners leaving their ■' ' v share in the company. The Fclipse ; mill^bioh the firm worked for seyen • montiut r turned out a serious loss, - Tariotii 1 %«traiatfl» v wete giren as to bo* jrraob^ kit It waibelietf-d to h*vab«©n between L6OO 6cdL7oo. About Xmas time, one partner, |inyate peW>ns, a# well as for company octo, made over, 'for «' !ove- and affection J | the property v •owned' by him, td 'hw wife, brit his { earnest in his explanation tnat It was not. done in anyway tp hamper hin creditors. The only on*

of the partners who had any" offer except the nsaignmet of the mill plaut, to make, was Mr Sutton who offered in addition to arrange with certain flax cutter. , whose . amounts totaled to LIOO, and also to provide L 75 cash. ..-,.' Mr guCfori appeared most anxious to find his share, but was emphatic in being unable to do more than he had stated. It came out, however, that he had at one time, parted with half his fifth, share, to a Mr Tv ley,. for which he had received U OO, bWibe desired the creditors io look, upon this purchaser as being only h partner of his own, and not the holder Of a teath share in the mill, as he was only to 3hare in the profits. I Mr Sutton acknowledged that he had paid to Mr Turley LlO of the L2O d? vide'n'd he had dra^h ; The feejingpf.the creditors preset, -who represented > a .ma.pviby m p number anAyalue, was againsfcen^ertaining L any : iUch proposal as -had bien mad«, and tecommancM: % c debtors. 4;o-fllei :" -■ ■ ! ■■' ,