MEETING OF CREDITORS.

Patea Mail, Volume IX, Issue 1127, 19 December 1883, Page 2

MEETING OF CREDITORS.

; A meeting of of Messrs T. and A. Haywood was held at the Court-house, Patea, at 2 30 p.m. yesterday. Mr E, C. Horner was voted to the chair, and there were present Messrs Potto, Deane, Taylor, Hogan, H Chadwick, J Paterson, W Howitt, H P Christie, R A Adams, J A. McKenna,'G H Norraafi, and others. Mr Barton appeared bn behalf of the Bank of New Zealand; and Mr Hamerton attended in the interests of the debtor's, who were present. ; i; , | Chairman read over statement of assets and liabilities (already published); Mr T. Haywood was subjected to a long examination by Mr Barton, phe immediate cause of the firm’s bankruptcy was the action takeh by Mr Christie. They had undertaken a responsibility bn behalf of : their father, and Mr Christie' had promised to hold over their bills, but afterwards declined to do so. There were, a lot of propositions made by Mr Christie, but eventually one was agreed to in Mr Barton’s office, whereby Mr Christie was to advance i £6OO. It .was late ; at night when we parted, and next morning Mr Christie informed us that he had had a telegram from the Inspector, and that he could not now advance more than £550. feeing that we parted at 11.30 the previous night, I could not seo ? how he could have a telegram at , a quarter-past ten next morning. Subsequently Mr Christie, acting for his brother, agreed to advance £6OO if we would accept a letter from Mr H. F. Christie, stating that his brother would not molest us for 12 months, if in his (Mr J. Christie’s) opinion there was no breach of the agreement. Our solicitor advised us to decline that, and we did so. I told Mr Christie that. we could not agree to his proposal until we had a reply from the Colonial Insurance Company, whether they would renew the mortgage for 12 months. We got a favourable reply, and then Mr Christie made another proposal. In answer to Mr Barton debtor went on to state that they had filed as a firm, and that was why their, clothing had not been put among the assets. The takings for the last few months averaged three, four and five pounds daily. Lately they had paid a good deal ip cash, which the bock

would-show. In the month of October I .laid before Mr Christie a statement of ■ bur affairs, to try and induce him <to hold over a promissory note. That . Statement', was supposed to represent the true state of the firm’s affairs as near-ls We, could get. Counsel pointed out that there was a difference in the October .statement and the present sworn statement' of £6OO which required explanation. Debtor Stated that wages and contra accounts" would make up part of the deficiency. In the sworn statement there is a claim from R. Haywood senr, £197, and one for R. Haywood junr, £4O. R. Haywood senr received £75. per year and the younger 52?. The wages of R. Haywood senr had been running on for about four years but ho had had cash from time to time particulars of which were shown, in the books. Young Haywood had been; with thorn about two years and had been treated the same waj’. These wages wore not put in the October statement because we did not expect to have to file and we knew we should not be pressed for the wages if let alone. I stated the furniture and stock to be worth about 1200?. We have incurred expenses .in endeavouring to pay Mr Christie: off, but I cannot say just now how much. I have receipts for the payment of wages to the Hay woods. But they do not show the balance due. Mr Christie’s bill for £350 fell due on October 10. The original liability was 600. It had been standing for 14 or 15 months, and was secured by promissory note. It has been renewed from time to time. On Oct 10 we were indebted to the bank about £SOO. Mr Christie did not suggest that we should call a meeting of our creditors. . Debtor here detailed a number of proposals made by Mr Christie and went on to say that on Friday, Nov 23, they were willing to execute the deed to J G F Christie, if there was an alteration in the letter in accordance with Mr Hamerton’s advice. At Mr Barton’s office it,was agreed that the deed should be altered, and that the bill of sale was not to bo exercised for .12 months. With regard to the packing cases at the back of onr premises, I could not say how many there were. Prior to the 26th I could swear that there were less than eleven, but not that there were less than ten, Erskine took away the cases to the railway station at the time Mrs Haywood went away. On Tuesday morning 1 sent no cases away belonging to the firm or rny brother. A foil night before, Williams took away two cases. They were addressed to Mrs Montgomery, Auckland, Mrs Hay wood’s sister. They wore sent by the Rowena. The cases that wentiwith Mrs Haywood were not those at the back of the premises. The ten cases I spoke of were the two cases which Williams took, Mr Hamerton then examined debtor at length, and elicited that the bill to Mr Christie was to cover the liabilities of debtor’s father. It was given in August last year, and at the time it was given, Mr Christie agreed to renew from time to time until it was off. , It was a six months? bill and I think £IOO were paid off then. It was renewed at four months and a further 50?. or 100?. were paid off. At the end of fourteen months we had paid 250?. with interest A fortnight before the bill became duo I saw Mr Christie, and he said he would not renew. Subsequently ho agreed to renew the bill if we gave the sections at Hawera and Otakeho. We signed the lien, and then he (Air Christie), would notr sign the bill. The writ was dated the 24tb; and was issued on Nov. 6. During the interval I frequently saw Mr Christie, and he said he would not press us. We gave a cheque to Mr Eyton for the insurance policy on Nov. 9, and heard no more about it until the 29th, when Mr Eyton informed us that it had not been paid. Mr Eyton told us that Mr Christie had said it wolud probably be all right, and had asked him not to mention it. They lifted the cheque. About ten days before Mis Haywood actually left, it had been arranged she should go, and the cases were sent, but she did riot leave at that time. When she went, she took nothing belonging to the firm. The “ cases” consisted of one decent sized case ; the rest were small packages, about 18 or 19 altogether. The land at Hawera and Otakeho were still held by the Bank. A number of other questions were askedj and answered satisfactorily. Mr Christie proposed Mr E. C, Horner as trustee. Seconded by Mr Howitt. Mr H. Chadwick proposed Messrs R. A. Adams and H. P. Christie. A vote was taken and the amendment lost.

Mr Gibbons proposed Messrs Christie and Deane. Seconded by Mr Govvland and carried.

Mr Adams proposed that the remuneration of trustees be 3 per cent. Mr Gowland seconded. As an amendment Mr Howitt proposed 6 per cent. This was seconded by Mr Christie, and a division being taken, was declared lost. It was then suggested that the remuneration should be 4 per cent, and a motion to this effect having been moved by Mr Norman, it was unanimously agreed to.

Mr R A Adams moved that the debtors be allowed their personal effects. Mr Potto seconded.

Mr Hamerton spoke in high terms of the debtors, and hoped that creditors would allow a sum of money besides.; Ultimately upon the motion of, Mr Norman it was agreed that the Trustees should make an examination and report to a meeting to be held on Thursday the 27th.

; The proceedings then terminated. In the evening the trustees examined, the Messrs Haywood again, atPd also some *of those employed about the house.