MEETING OF MR. McCREDIE’S CREDITORS.

New Zealand Times, Volume XXXIV, Issue 5662, 23 May 1879, Page 4

MEETING OF MR. McCREDIE’S CREDITORS.

A meeting of the creditors of Mr. McCredie, ironmonger, of Lambton-quay, was held yesterday afternoon in the offices of Messrs. Moorhouse, Edwards, and Cutten, Mr. McCredie submitted a statement of accounts, from which it appeared there were secured creditors to the amount of £19,778, the largest being Mr. E. W. Mills £13,886, Trust and Loan £3392, Mr. A. de B. Brandon £IOOO. The assets taken in security were as follows :—Old Club House, £9990 ; section of land on Lambton-quay, £2OOO ; section in Webb-street, £I3OO ; country sections, £75 ; rent due, £l4l ; stock, £7500 ; in all about £20,919 —thus showing a balance in favor of Mr, McCredie of about £ll4l. The unsecured liabilities were set down at about £BOO in round numbers, the assets available to meet these being £3500, thus leaving a balance to the good of about £2700, The statement of contingent liabilities and assets showed that the security given in respect of the liabilities exceeded the amount of possible claims by £2764. The debtor, therefore, showed that on the whole his assets exceeded bis liabilities by £6500 or £6600 in round numbers, and he attributed his difficulties to unexpected monetary pressure. . The meeting appointed Messrs. E. W. Mills, A. Greenfield, and T. K. Macdonald as trustees, to whom the estate should be assigned, and empowered them to take stock and report thereon to a future meeting of creditors. The meeting then adjourned for a fortnight.