O’SHEAS BANKRUPTCY.

New Zealand Times, Volume XXXII, Issue 5079, 4 July 1877, Page 2

O’SHEAS BANKRUPTCY.

A meeting of the creditors of James.O’Shea was held at the Chamber of Commerce yesterday afternoon. There was a full attendance, and Mr. D. Anderson was voted to the chair. A question was raised as to whether the representatives of the Press should be allowed to remain, and after some conversation it was resolved to request them to withdraw, as the matters to be discussed were necessarily of a private character, because third parties were likely to be injuriously affected if the proceedings were made public. The reporters then withdrew, and the meetingproceeded to business. We believe that after reporters were excluded a statement was read by Mr; W. H. Quick in reference to certain transactions between debt<v v and the Bank of New Zealand and M Schultze. Practically the statement amoun' to this, that sometime ago—in 1876—the B' and Mr. Schultze had obtained possess!-' certain goods belonging to debtor, and h fused to hand them over without getting upon them in the shape of bonded cer*’ In course of time and business thr were exchanged for others, but the the lien remained unchanged. Nr been discovered to show any ir" ceedlngs. The next matter bf notice was O’Malley’s contract, that debtor had become a co-guarar due fulfilment of O’Malley’s reclama tract, on the terms that he should rect eighth per cent, on the reclamatioL total sum of the contract was £57,( which some .£30,000 had been paid, leav balance to come of £27,000. The questio. the creditors was,would they takeoverO’Slu liability aud prospect of profit or loss in tl transaction. A good deal was said to show that the speculation, not to put the matter too broadly, might be a better one, and Mr. O’Malley made a statement which confirmed this view of the matter. However, in answer to a quest*ra. of what should be done, one gentleman said he knew someone who would take over the responsibility. The enquiring creditor remarked that matters could not be very bad if a gentleman was already prepared to assume the responsibility, and he should m»»ve that the venture be offered to public tender. Subsequently a resolution was moved to the effect that the trustee be empowered to transfer the liability to any person who would take it on terms laid down. This was agreed to, and the meeting shortly afterwards adjourned.