A MAORI BANKRUPTCY.

Manawatu Herald, Volume XXXIX, Issue 1693, 31 March 1917, Page 3

A MAORI BANKRUPTCY.

CREDITORS EOT SATISFIED. PUBLIC EXAMINATION ASKED FOR. The lirst meeting of creditors in the estate of Tuna Roiri was held yesterday at Ihe office of Mr J. Cr. Scott, Palmerston N., Official Assignee. There were present : Messrs A. R. Osborne, Hetty, Baiiekham, G. If. Stiles, Scott, Dnrward, Meatyard. Mr R. Moore represented the bankrupt. Bankrupt stated hi.s failure -had been caused by talcing up unpayable llax contracts since 1913. At the end of that year he had a contract with Mr W. T. G. Scott. Just as this contract was beginning to pay, Hie mill (dosed down owing to the war breaking out. After this he was cutting firewood for a couple of months for Mr Nlmmo, but when the latter purchased a mill he took a flax contract in partnership with Kauri Pa tea. This cord raid also proved an unpayable proposition. Later he look up another flax contract with Mr Scull up the Main Trunk line, and again it proved unpayable. He Ihen arranged to cut llax for the Eoxton Cordage and Flaxmilling Company. Though ho had horses and a dray up the Main 'Trunk, he was unable to get them owing to a lien on these chattels, so he borrowed £BO from the Foxlon Cordage and Flaxmilling Company on seeurdy of mortgage and cleared the horses and dray. By this time his debts were aland £409. and he was being proceeded against by summonses and judgment summonses, and (hiding it impossible to pay everyone, lie decided to tile. For tills purpose he sold the horses, dray and harness to the Foxlon Cordage Company for £IOO. the Company paying Ihe balance of £2O and releasing the mortgage. Bankrupt slated he had no money available for paying his debts. He had a life interest in 03 acres at Himitangi. There was also a sum of £I,OOO owing lo him by the Maori Land Board, balance of purchase money for land sold. The following is (he list of unsecured creditors: —W.F. Dnrward, P.N., £44 15s 9d; Mrs Stephens, Awalmri, £25; Luke, Awahuri, £5; J. S. Watchorn, P.N., £00; Alex. Burnell, Foxlon, £32; Burgess, P. N., £<S 10s; W. I). Baiiekham, Foxlon, £SO; A. R. Osborne, Foxlon, £18: R. T. Betty, Foxlon, £2O; G. H. Stiles, Foxlon, £3O; R. Bryant, Foxlon, £ls; Ross and Signal, Foxton; £10; Mrs Hamer, Foxlon, £0; Butler, Olnjame, £3O; Tong Hing, Ohakune, £35; W. F. G. Scott, Foxton, £33; total, i’442 5s 9d. The assets in (he setate are: Interest in Maori land, £1,000; life interest in 03 acres. Block 11., Hindi angi, £315; cash in hand, £2O; total £1,335. The following resolution was passed, Mr Stiles dissenting: “Thai the D.A.D. is hereby authorised lo take advice as to the validity of the hill of sale given to the Foxton Cordage and Flaxmilling Company, Ltd., dated 20th January, 1917, and if found to he in favour of creditors to follow it up.”

The D.A.O. was also instructed to take such steps as he thought necessary to find out the position of the creditors in regard to Ikaroa* Mauri Land Board.

Bankrupt was questioned by several of the creditors, and in reply said when he received the £4OO he gave a portion to .several creditors and £ls to his son as a gift, “as it

was the Maori way when one had plenty to give to others.” His wife did not have any money in the post office savings bank. Before; answering this question bankrupt asked the creditor if he had seen bankrupt’s wife’s deposit book. Bankrupt thought the £IOO which the Cordage Co. paid for seven draught horses, dray and harness was little enough, but he took it because he was pushed for money. He also gave some of this money to his wife and son. Creditors considered bankrupt’s transactions with the Cordage Co. were unsatisfactory, and further explanation was necessary, and also that legal advice re same should be obtained.