IN BANKRUPTCY.

Rangitikei Advocate and Manawatu Argus, Volume XXXIII, Issue 9127, 23 April 1908, Page 5

IN BANKRUPTCY.

A meeting of creditors in the estate of David Lawson, tailor, Marton, was held at the Courthouse yesterday before Mr .Rodwell, D.O.A. The statement of bankrupt is as lows :—Unsecured creditors £356 15:: Bd, secured creditors £I4BO, estimated value of ’securities £IBSO, surplus to contra £370. Assets: Furniture £SO, surplus from securities £370, apparent surplus £l6B 4s 4d. Debtor being sworn stated he was adjudicated a bankrupt on a creditor’s petition (West Coast Millers Association). His debt to the firm was for timber for a house at Levin. He exchanged the Levin property for one at Feilding and received about £l5O for the exchange. He kept no books. He carried on dairying business when at Levin and the business paid |Texpenses. Brandon & Co. lent him money *on a Wellington property. This was sold and resulted in a loss of £IBO above the mortgage. He went to Levin 3 years next June and had between £IOO and £2OO when starting there. He was 12 months at Levin and then went 'to Feilding. - He started at his trade as a tailor and was employed by Mr Williamson on piece work. He averaged about £2 10s a week. He did nothing with the Feilding property but lived In the dwelling about six months. The rental was not sufficient to pay interest on the mortgage. The interest paid was £6 10s per cent on £500; £6 on the £250 and £8 on the £SO. There was six months’ interest now due on the £SOO. The principal sum on the first mortgage was now overdue. He was arranging for a renewal of the mortgage but present proceedings prevented the matter being completed. He held a mortgage for improvements on Levin property, but this was mortgaged to Prior and Gillespie. He was now working at ■ his trade at Mr J. J. McDonald’s at Marton. His average earnings were between £3 and £3 a week. He was a married man with a family of seven children who were practically dependent [on him for their support. The|Marton property was sold by the mortgages about the time|of his bankruptcy and realised only"" sufficient to pay off the mortgages and charges. He could make no offer to his creditors. He had no interest in any other property or any expectations of any description. —The matter was left in the hands of the D.O.A. to try to realise on the Feilding property for the benefit of the creditors.