MEETING OF CREDITORS.

Poverty Bay Standard, Volume I, Issue 243, 24 September 1884, Page 2

MEETING OF CREDITORS.

A meeting of the creditors in the estate of E. Cowen took place this morning at the Assignee’s office, when the debtor stated to Mr. Finn, for the Official Assignee. My property at Ormond was mortgaged to my brother some two years ago for £4O. I executed a second mortgage on it for £l6O about last February. My brother gave me that £l6O from time to time. At the time of this mortgage I owed very little money. My brother has got the deeds in reference to this property. I do not know where they are. I instructed the solicitor to prepare the mortgage. I am not certain as to whether my brother was with me at that time or not. He was in town. He suggested the mortgage himself. I have no authority to pick up that deed. I was forced to become bankrupt by my creditors pressing me. At the time of giving the mortgage I think I was only in debt for a very few shillings. I have not had constant employment since February last. Since then I have been working for Mr. Locke, the Ormond Road Board, and Mr. Kempthorne, from whom I received in all

£2O odd. I have sold a cow and calf for £4 on the loth of this month, also a mare and filly to my brother George for £5 on the same date. That is all the property I have sold. I have no stock at all. I have not laid claim to any cattle with my father’s brand on within the last month. I incurred these liabilities to complete my house, and in fencing. The marketable value of my property would be about £3OO. The principal portion of the £lOO was spent on the Ormond Waiapu Road on which I had a contract, but which I lost by. I have no books.

To Mr. Boylan—l took my deeds out of the Bank. I got my goods from you to complete the house on the property. Mr. Kempthorne did not pay me more than £7 4s. To the Assignee—lt cost me about 15s. a week for my food.

To Mr. Boylan—l owed Common & Co., an account, but my brother George settled it. I did not give him authority to do so, I owe them £l4 separate to what my brother has paid them. To Mr. Colebrook—l swear that I did not tell you that my bother owed me money, and that when he paid me I would pay you.

To the Assignee—l offered the creditors 12s. in the £, they to give 6 months to pay it in. I took the deeds out of the Bank last Monday week. I have no leasehold land, and only the freehold which is mortgaged to my brother. Common <fc Co., did not threaten to prosecute me for obtaining goods under false pretences, and that was not why my brother satisfied their claims. I owe my brother money for cash lent. During the last six months I incurred large liabilities, as I was for a long time out of work, and in improving and completing my house. Mr. Brassey drew the second deed of mortgage. I asked him if it was correct, and asked him for his advice in the matter, and he advised me to file. I gave Mr. Brassey up and went to Mr. McDougall, because the latter gentleman drew the first deed, and I thought it would be cheaper by going to him. I really cannot swear how long the deeds were in the Bank. I forget the date. I did not give a receipt to the Bank for the deeds. I told them I would bring some of them back, but have not yet done so.

A resolution was carried to the effect that the Official Assignee do all in his power to bring the matter before the Court, and to prosecute the debtor for having obtained goods under false pietences, by representing at the time of purchasing the goods that he owned certain property, but which was mortgaged to his brother.