Hunt's Insolvency.

Manawatu Standard, Volume 4, Issue 182, 9 July 1883, Page 2

Hunt's Insolvency.

MEE i IN G v V CREDITORS.

[Wanganui Herald.] The trustee having taken the chair, Mr Esam s;iid, as representing the debtor, J;e would like to make some remurks m reference to the land at Pa!--uterßtou and Balls, and what had been done with the £325 Hunt bad received from the Building Society. He then explained the matter at some length, to the apparent satisfaction of those prpsent, and stated that there was about £30 altogether m the hands of the Clerk of the Court. Mr Ferguson said he had to offer bis thanks to the debtor for his action, as he would have given him credit to ten i times the amount he had, if wished ; but he appeared there on behalf of others, and therefore he must give some account of himself. According to the statement of the debtor, it appeared to him that he (the debtor) was absolutely insolvent before he went to Palmerston, and he wished to ask him. whether he did not know that when he took m hand the Paloerstoo property ?" The debtor : That I was insolvent ? No I did not think that. Mr .Ferguson : From the statement now before us, it seems that £300 has been received from the Manawatu Building Society. What has been done with that money ? So far as I can see it seems to m •'. be was paying their debts to the exclusion of parties who had provided materials for this building. The debtor : I ju3t banked it the same as I did any other. Mr Ferguson : Yes ;by cheque, I presume ; paid it over to different accounts. ' The debtor : Yes. Mr Ferguson : - 1 that stage of the work you could not see any possibility ol paying the Palmerston people 1 Ihe debtor : Yes, I could. I thought ii I was to start down at Palmerston, there would be a good chancs of getting some money fur paying people. I thought the building 1 would cost £250. VI r Ferguson ; WouM the building Society advan- c you £400 wheu the building would cost you £250 % The debtor : Yes. Mr Ferguson : Which of your .creditors wns it pressed you ? The debtor : I wenc so far that when I thought I was m difficulties, I got bewildered and nervous ; and the build* ing cost more than I expected, and 1 could not see my way to get out of it at all. Mr Ferguson : When did you first find you were m difficulties, and not likely to pul! through. The debtor : About a week or forU night ago. Mr Ferguson : If you were satisfied that you could pull through, what caused yoa to change your mind at that time ? The debtor: Well, I just went through my books, and found thai I was greater m debt than I thought I waß. I could nob see any chance to get out of it, and it was the only thing I had to do. Mr Ferguson :Is it not a fact you had not the slightest thoughts of filing until you were induced to do so by seme other person. The debtor : I could not answer that question. Mi Ferguson : Why ? The debtor : Because I did not consider that I was insolvent before I started at Palmerston, as what I had at Bulls would cover everything I had m Palmerston. I Mr Ferguson : Did you look through your books. The debtor : I thought I had suffia cient. Mr Ferguson : Then you led us to suppose that you did not go through your books to find out your position ? The debtor : No.

Mr Fergu.-on That being so, then, Mr Chairman, I wish to know, if he did not #0 to the trouble, what caused him to think that by taking this place at Palmerston he would be able to re* cover his position ? The debtor : Because several friends of mine told me that Palmerston was going ahead, and if i went there I could do well. Mr Ferguson : Yes, but if you were perfectly solvent, whai^ position was there to recover ? The debtor : I thought I was solvent hefore I started at Palmerston. — In re« ply to the Chairman, the debtor stated that some people had advised him not to go to Palmerston. Mr G. King : I should like the debtor to explain why he informed the mana» *er of the bank of New Sooth Wales at Bulls, on the 23rd, that his position was perfectly light, alter he had been over to Martoa to m<tke arrangements tor filing. He (Mr King) had been alvisel by the manager there to that effeot. The debtor : I don't remember Mr Hogg saying anything to me about my position at Palmerston. One or two other questions having been answered, on the suggestion of the Chairman, the debtor then made a statement on oath. He made a nuno» ber of statements m reference to the money advanced by the Building Society, and also m reference to some goods procured trom Mr Venn on the day be» fore he filed. He admitted that none of his creditors had pressed or sued hiir, There being no further general questions, the debtor was asked if he had any' offer to make, to which he replied that he could sell his trees to advantage just now, but he hai no composition to offer. Mr Esam also stated that he had been thiough the books of the debtor, and cuuld say that there wa3 no possible chance of him paying a composition. It was resolved that all subsequent meetings m tho estate should be held at Palmerston.— Mr Laird expressed the hope that there would be no necessity for any further meetings, but that the estate would be wound up at once. In regard to the furniture, it was de« cided that if it was found not to be of ureatc revalue than was stated, that it be banded over to the debtor. The meeting then closed.