Bankruptcy Meetings.

Manawatu Standard, Volume IX, Issue 130, 7 May 1885, Page 2

Bankruptcy Meetings.

WEDNESDAY. ESTATE D.M. GEORGE. Present— the Official Assignee (deputy) and following creditors. By proxy of Mr Fothergill. Turnbull Smith and Co., L 287 7s 6d • W. Wawson, £62 7s 2d ; Woollen C!o., £425 15s 5d ; VV. McArthur and Co.. £170 19s 7d ; L. D. Nathan and Co., L3G4 4a Id. ' By proxy of Mr Honor*. Whittain, Micholson, & Co., L 202 6s sd. By proxy of Mr A. H. F. Johnßtone. Harcourt & Co., L 319 2s 9d, and G. F. Hawkins (present,), LSO 7s 4d. The Official Assignee read the debtor's statement of assets and liabilities, par- | ticulars as follows :— I Assets— Stock, L 120 0; book debts, ! L 587 ; cash m hand, L 25 ; bills receivable, L 214 17s, including two bills of Sinclair George each LB6 13s Bd, due 4th June and September. Property, one undivided moiety m sectiou of land L 36. The Assignee stated the bankrupt filed on 22ud April, and a few days after he received a statement of assets and liabilities; he immediately oame to Palmerston and placed an experienced draper (Mr W. McDowell) m charge of the business. An inventory of the stock had peen taken .with the following result : Stock at wholesale prices L103212«ld; household furniture at auction prices, L 37 6s (not including personal effects of debtor or family) ; book debts substantially correct (L4QO) m round figures, The* Assignee further read a statemeut of the debtor's relating to his business transactions since he started m Palmerstbn. EXAMINATION OF DEBTOR. By Official Assignee— The ledger shows all transactions with, S. M. George siuce starting m tue drapery busineso. I supplied to his order of the 22nd of February goods to the amount of L 225. Additional goods were also purchased by him. total amounting to L 464. 1 owed him L 290, and for the difference I received his promisory notes. The goods were delivered to his man on the 4th or sth of February. By Mr Fothergill— I had no late transactions with him. Mr Fothergill here asked dector if he remembered his calling on him at the latter end of February and' telling him (Mr Fothergill) that he was preparing to open up a branch m Woodville and anticipated it would be a great success, and if he was not theu preparing goods '< for Woodville and having them entered. The debtor flatly denied such an occurence having taken place. Paid two visits to Woodville. Do not remember to a day when the goods were sent there.

Never sent any goods excepting those entered iv the ledger. Checked the invoice before the goods went away and found it substantially correct. Mr Bothergill here pointed out that several of the ledger extentions were incorfect. Win. George, son of the debtor, sworn, deposed remembered Dudgeon at the shop and goods got up for Mr George at Woodville; Dudgeon selecting them. Prices charged were Wellington prices. Particulars posted from waste sheets, and nlßo a small book which he had. Could not say if father checked iuvoice goods purchased on 2nd of February. By Mr Fothergill--Entered up the goods alone, had no assistance. Prices were marked on them. Do uot know who marked them. The debtor by Mr Fothergill— First found himself m difficulties about 10th March, the cause of which was through Mr Beale withdrawing his support. A six-roomed house was erected and paid by my wife, who bought the section of land. My brother let the contract. Don't know the name of the contractor or the price paid. Deeds of the property alt mmy wife's name. (Subsequently the expenditure m connection with this building was found to be'L2sl 13s. Grammer's timber account (L 22) was settled by contra. Always joaid cash into bank, and paid debts contracted by cheque. Moneys received ffytn my wife to pay the building expenses I paid into my accout and theu gave ivy cheque. 1 The property my wife was possesses of she had since 1866. The rent of the) shop is LlO per mouth. \ By Mr Fothergill-- \ I do not remember telling you m( August last that the shop whs my own. \ 1 told you to ask my banker. Do not \ own any other land than that mentioned \ m schedule. Have no propel tyiuTaouui- \ street. ( By Mr John? tone — \ I made out th« first rough inToice for the vo t v\ , . The Assignee stated m reply to Mr Uothergill that it wns impossible' to eet any information as to account of cash

bales receipts as the bankrupt had not kept, a cash sales book. Debtor, re examined — Bought a piano from Neil and Co.; sold it to Mr F. Mowlcm for L 67, Ll7 cash and LSO bill which had been discounted at the bank. The debtor was instructed to prepare a statement by next meeting showing goods received during past six months, and how much and m what manner disposed of. Mr Fothergill proposed a transfer of the proceedings to the superior Court of Bankruptcy at Wellington, but subsequently altered it to the following: That the bankruptcy proceedings of this .meeting be adjourned to the 14th ot May. instant at 2 p.m., to be held m Wellington; seconded by Mr Jonustone, and carried. •