CREDITORS MEETING.

Patea Mail, Volume VIII, Issue 1040, 22 June 1883, Page 2

CREDITORS MEETING.

A meeting of creditors in the estate of James Hamilton, of Manutahi, to consider an offer made for the purchase of the estate, was held at the Courthouse this morning. There were present: Messrs Gibson,Nolan, (trustees), Ritchie, Norman, Nicholson, Regan, Hamerton (proxy for J Maxwell), Potto, Parsons, Patterson. Mr Ritchie was voted to the chair on the motion of Mr Gibson and read the notice calling the meeting. Mr Gibson stated that since the last meeting held in the estate the trustees had taken possession of what stock and property they had found in possession of the bankrupt. They had realised on some of these when they received the offer now to be submitted to the meeting. The Chairman read the offer 'which stated that Mr J. Maxwell would give £4OO for the estate with the exception of some freehold bush land. Mr Hamerton said lie was authorised to make a definite offer of £SOO for the estate including the two freehold sections mentioned in the letter. Mr Hamerton said this offer was made as a matter of conscience and not at his (Mr Hamerton’s) desire. Mr Gibson thought that taking all things into consideration it would not be wellto waste any more time in connection with the estate, and he thought they could not do better than accept the offer. Mr Nolan thought the estate would bring from 6s to 7s in the £. He presumed Mr Maxwell, would pay the legal expenses. Mr Gibson stated that one of the creditors had bought some hay, and he would like to know If Mr Maxwell would buy it. Mr Hamerton thought that in all probability Mr Maxwell would purchase it. Mr Hamerton then made an offer as follows : —“Mr J. Maxwell will give £SOO cash for the unrealised portion of Hamilton’s estate, both real and personal ; but the property taken possession of and held by the trustees, including the stacks on the farm. The furniture taken over, but not removed, to remain the property dT the trustees, to be removed in fourteen days herefrom, in order to close the estate absolutely on that day ; and everything remaining on the estate then to belong to Mr Maxwell. Mr Maxwell will pay all his own costs up to date, and the bush section to be entirely excluded from the offer for and against. ” After a short discussion it was proposed by Mr Patterson, and seconded by Mr Potto, “That the offer of Mr John Maxwell, as read, be accepted, to be completed within 14 days herefrom, and thereupon all proceedings on both sides to be stopped.” The motion was put and carried by 21, representing £1438 19s 9d, to 6, representing £175 4s 2d. The meeting then adjourned with a vote of thanks to the Chair.