THE ESTATE OF WILLIAMS, CAMERON, AND CO.

New Zealand Times, Volume XXXIV, Issue 5616, 29 March 1879, Page 3

THE ESTATE OF WILLIAMS, CAMERON, AND CO.

An adjourned meeting of creditors in this estate was held yesterday at the office of Messrs. Moorhouse, Edwards, and Gotten. Mr. L. Levy was in the chair. Prior to the commencement of the proceedings Mr. Williams complained that the previous meeting was reported in a local paper as being that of a bankrupt estate. Now his firm were not bankrupt, and such a statement was calculated to injure their credit in the future. The Chairman trusted the gentlemen connected with the Press who were present would be guarded in their reports. Mr. Forwood (one of the committee appointed at th* last meeting to examine into the state of affairs) read a statement of the position of the estate. He said that Mr. Berry, Mr, Carroll, and himself had mot members of the firm, who expressed a desire to give the committee every assistance in their power. Mr. Forwood went into the state of the firm’s accounts with Messrs. Jacob Joseph and Co., and the gist of the matter seemed to bo that though the amounts stated In Messrs. Joseph’s bill would be found to be due on acceptances running, bank guarantee, &c., yet there was not perhaps on the day on which a man was put into possession by Messrs. Joseph any sum immediately demandable but the £250 just previously advanced by them to Williams, Cameron, and Co. The figures read showed carefully the exact. state of affairs as between the firms of Jacob Joseph and Williams, Cameron, and Co. The statement concluded by saying that upon payment of the £250 and interest it was doubtful whether Messrs. Joseph had any claim to the premises, &c., of which they had taken possession. Mr, W, G. Jackson said he understood that Mr. Joseph was prepared to meet the other creditors in a very honorable manner. Mr. Joseph would be prepared to pay 10s, in the £ by bills at three and six months. Mr. L. Levt dwelt emphatically on the delay and expense incident to the realisation of estates by assignees (whether official or other), or through the Bankruptcy Court. He would strongly advocate the acceptance of any composition which ijould be called a fair one. Mr. Shannon agreed with the chairman’s remarks. If the estate went into the Bankruptcy Court the expenses would bo considerable. He thought it would be wise to accept the composition. He would propose that the creditors accept 10s. at three months, instead of the offer made. He thought if they could get that without any further trouble it would be wise to accept it.

Mr. W. G. Jackson moved that tho offer of 10s. in the £ bo accepted. Mr. Burrett seconded tho motion. Mr. Joseph would agree to pay tho 10s. in three months. Mr. , Izard : Mr, Williams stated at the previous meeting that he believed the estate would pay 20s. Now afpropositiou was made that the creditors should receive 1 Os. in the £. The result would be that Messrs. Joseph would receive 20s. and the rest of the creditors 10s. That was the plain state of the case. If they had to submit, why they must ; but he for one saw no reason for it. Ho did not see that the fact of the bill of sale—a bill of sale which he considered he might call fraudulent, he did not mean personally fraudulent, but which he thought was legally fraudulent—he did not see that on the strength of this bill of sale Messrs. Joseph should be allowed to get 20s. and the other creditors only 10s. On behalf of the. creditors whom he represented he should oppose the acceptance of the 10s., and he would refer to his principals, who he believed would agree with his view. He thought the meeting should adjourn to admit of communication being had with absent creditors. Mr. Williams, in answer to some remarks made about the sum guaranteed to Joseph and Co. on his private estate, said that while ho was desirous to see the creditors get everything possible, still if the estate went into bankruptcy it might perhaps not pay more than ss. in the £. ■ Mr. Berrt suggested that Messrs. Joseph should give up all claim to the private estate, leaving that for the benefit of the unsecured creditors. lu reply to Mr. Evans, Mr. Forwood said that the estimate of the stock, &c., submitted by the debtors was a fair one. Mr. Berrt further explained that under the most favorable view (if the bill of sale were upset without a contest) the creditors might get 16s. in the £. If the creditors were beaten on the bill of sale, they would, he thought, get nothing like 10s. After some further discussion Mr. Jackson withdrew his motion, and it was agreed' to adjourn till Wednesday next, to admit; of creditors elsewhere being consulted, and to consider whether Messrs. Joseph’s offer of 10s. in the £ should be accepted.