Meeting of Creditors.

Patea Mail, 9 July 1881, Page 3

Meeting of Creditors.

An adjourned first meeting of creditors in the assigned estate of William Williams, Patea, was held at the Court House on Thursday, at 12 noon. The attendance was again numerous. Mr Dale occupied the chair. Mr Duncan held proxies from native grantees of the Kaitangiwhenna block claiming £5627, also from Ngairo and others claiming £1866. Mr Farrah also held proxies signed at a later date by Ngairo and others claiming £ISOO, both claims being for the same thing but differing iri amount. Mr North, draper, was present representing £1247. Mr Grey, from the legal firm of Izard and Bell, Wellington, held proxies for one or two small amounts, but was practically watching the interests of T. North,. Williams Brothers were the next largest creditors for £232.' The total proofs put in were £11,320 10s 2d, the chairman having received all that were sworn to, leaving their value, to be determined by the trustee at a future stage. The assets were stated at £4,701 2d, some being Maori assets of a doubtful sort. The debtor had assigned his estate, and offered 8s in the pound guaranteed, if the deed of assignment were agreed to. The last meeting had been adjourned to enable three investigators to report on the debtor’s ascertained position, particularly in reference to properties transferred to his sons. A fresh proof of debt was now put in on behalf of John Brown, of Maxwelltown, for 103 sheep delivered to Maoris £96 16s, and for good supplied £59 2s 3d. Mr Williams assured the meeting he knew nothing of this man or bis claim. Chairman ; I must receive all claims that parties choose to swear to. Mr D. Williams : That may be law, but I don’t think it is fair. Mr R. A. Adams : I don’t think it is law. If a man goes by his common sense, if he has any, he generally finds that is law. Mr Hamerton, solicitor for the debtor, explained that after the last meeting, Messrs Tennent, Cowern, and Eyton were appointed investigators to go into the debtor’s affairs and report what they considered a fair valuation of the estate. After three evenings’ discussion, they decided that unless Mr Duncan would agree in advance to be bound by what they might arrive at, their investigation wonld be useless. Mr Duncan would not l|e bound, and the investigation was not proceeded with. A lump sum waste be offered as the value of the estate, to be divided among all claims that might be proved in due course, and Mr Williams was to fight Mr Duncan’s claim if he thought proper. A deed to that effect, securing 8s in the pound, was prepared, but Mr Grey for Mr North would net agree to it. Affairs were now in the same position as before. Mr Cotrern, one of the investigators, explained that they could not arrive at the value of the assets without also examining liabilities to ascertain what per-centage one would bear to the other. As Mr Duncan’s claim was the largest, it was necessary to determine its value to see what wonld remain for the creditors if that claim had to rank against the estate. Mr Dnncan refused to be bound by the investigation, and there seemed therefore no use in going on. Mr Duncan said he understood that the investigators were to report what assets would be available for distribution, but they were not to determine the value of any creditor’s claim. Mr Hamerton: They could have found out what the value of the estate was. Mr Grey: Mr Williams proposed arbitration between himself and the natives as to their claims. Mr Hamerton: If the £IBOO claim against the natives is a good asset, and the five thousand pound claim is struck out, there will be 25s in the pound for other creditors. Chairman : The meeting was adjourned, and there seems to have been nothing done. A resolution was under discussion that the debtor’s offer of 8s in the pound be accepted. I am open to receive any amendment. Mr Duncan : I am willing to accept _ whatever dividend is available so far as I; could substantiate my claim before a Coart. As the meeting is practically in my hands, I shall leave the other creditors to move. I hold proxies to the amount of seven thousand pounds. Mr R. A. Adams ; Mr Duncan does not claim from Mr Williams, but wants to claim out of any money that may be paid into the bank by guarantors for dividend among creditors Mr Taplin; Out of our money—the money of the estate. Mr Adams: Yes, the real creditors have to fight a lot of sham creditors;

j Mr Farrah : I move the adjournment of the meeting till the 21st July, to I ascertain the true value of the estate. Mr D. Williams seconded. Mr Grey ; I should oppose that on the ground of delay. If the creditors choose to let this matter pass so easily, I can say little for their common sense. Mr Adams : Perhaps Mr Grey does not look at it as we do. I should have got paid my account in full, but there is a sham claim coming into the estate that dips into my pocket at the rate of 12s or 15s in the pound. Amendment for adjournment put, and carried on the voices but negatived by value. Mr Farrah; I must point out that Mr Duncan’s proxy for the five thousand was sworn on a Sunday, and is therefore of no value. Mr Hamerton : An affidavit sworn on a Sunday is worth nothing. Mr Duncan : This is not an affidavit: it is a declaration. (Laughter.) Mr Hamerton: An affidavit and a declaration are the same thing under bankruptcy. Mr Williams: I don’t mind taking a bet that that document is not genuine—the whole lot of it. Mr Duncan : Whom do you accuse ? Mr Lett: The Chairman has not studied, any of these documents, and you have allowed bogus voters to come to upset this meeting. You are no more fit to be in that chair than Chairman: I appeal to the lawyers to say whether it is my duty as Chairman to examine into the value of proofs sworn (o. Mr Taplin : I maintain the Chairman has every power. Chairman : Yon may think so. Mr Taplin: Ik is not a matter of thinking ; it is a matter of law. Mr Lett; The Chairman has never read that claim of five thousand pounds. There is nctnaily a warrant on the other side for him to be hung here next week. (Laughter.) Chairman : I will not allow any more discussion on the value of the claims put in. Mr Adams: I want my dinner. I propose this meeting adjourn till two o’clock. The proposal was seconded and put. A majority in number were for it, but Mr Duncan and Mr North opposed it, and their large values defeated it. Mr Taplin called for a division. • Mr Adams : If we cannot have any dinner, we may as well amuse ourselves. Mr Taplin : We will have no bogus voting here. Chairman ; I must ask you to give me your names one at a time. Voice ; My name is Taplin (Laughter.) Mr Adams: lam going to propose every five minutes between now and coach-time. » Strangers were now ordered to withdraw, on attention being called to their presence. Adjournment was defeated on the value, in the division. Creditor; Cannot the case be adjourned till the new Bankruptcy Bill is passed ? Another creditor commenced a song. Voice: A psalm would be more appropriate. Voice : Yes, Dead March in “ Saul.” Pipes began to be lit, and creditors who could not dine decided to smoke. Debtor: Here, leave some of that tobacco. I want to light up. Auctioneer mounted a rostrum and proposed to soli something. Creditor: Here, sell my claim. It won’t fetch much now. Cricketers began throwing a ball over the heads of lawyers for one another to catch. Voice: I say, the County Mail might present a free copy to the creditors. We are not a genteel Club. (Laughter.) Mr Duncan; I cannot assent to the deed of assignment prepared, because it states no definite sum. I approximate the sum which might be put in at £3,500. Mr D. Williams: We will not guarantee more than £llOO. Mr Williams ; If you won’t take 8s in the pound, let the affair go to Hong Kong. ' The Chairman put to the vote the original motion for assenting to the assignment and 8s in the pound. Carried on the voices, but defeated on the value, Mr Duncan, Mr Grey, and Mr North representing more than threefourths in value. Discussion had been carried on in squabbling fashion till three o’clock (without dinner), when the meeting wafe dissolved, with a vote to the Chairman, seconded by Mr Lett as an amende honorable for the scolding. PETITION IN BANKRUPTCY. Mr North’s petition for declaring Mr Williams a bankrupt is to come before the District Court this day.

Mr Williams, after the moo ling, agreed to offer 10s in the pound, and upon that a petition was circulated for signature by creditors praying the Judge not to grant the application in bankruptcy, as the result- would be ruinous to creditors. Mr North refused to sign it. Mr Duncan had left for Wanganui. The matter remains for the Judge to settle to-day.