Meeting of Creditors.

Taranaki Daily News, Volume XLVII, Issue 7843, 8 June 1905, Page 2

Meeting of Creditors.

Re J. McCULLI'M. A meeting of creditors in the bankrupt estate of James McCullum, carrier, of Okato, was held at the office of the Deputy Official Assigned (Mr J. S. Medloy) on Wednesday afternoon, The 8.0.A. presided, and among; the creditors present were : Morris, Montcath, Berry,, Ransom, Shiiw, Jones, Wells, Wilson (for Kyau and Co.),' Morrow, Fox, Anibury, Rothery, Roberts, Whitaker, Rowe, Okey, and Weston, senr., (on behalf of A. Chapman). Mr J. B. Roy appeared for the bankrupt. Tho statement of alTairs showed : —Secured creditors £3Bl 12s, .unsecured creditors £836 13s 6d. Tho total value of securities was £1250,, made up as follows :—House and halt acre of land at Okato, £.'130 ; stable half aore at'Okato, i £250 ; wagl?ons, harness, etc., £650. The surplus from securities in the lrnnds} of secured creditors was £8(v8 8s ; book debts, £,306 9s 4d„ were estimated to produce £316 9s 4d,i and the furniture was valued at £3O ; total £1214 17s Id. Hie bankrupt, in a written statemeot, set out that lie had been in IbJisincss as a carrier for nearly 24 years. Business had been bad for tho last two years, and he had also lost £334 through mortality among) the horses, and a further £l4O in a .bankruptcy estate. Ho had sustained' a loss of £253 in connection with a motor waggon venture. Expenses in connection with two auction sales had amounted to £7O. fn connection: with a bush section he ran into a further loss of £2BB- 10s, through being unable to graze the same, owing to the high price' of cattle at'the time. Bankrupt attrijblited his position to general loss in business l'or rix "years', bad luck in his ventures, carrying gitods at a low rate oJ freight., and Waving to pay highi prices for feed.

FurU\er examined by the creditors, l:(ankrupt, attained that he hml sold 'the |Mi»lv section to Mr Hell at £SUO, and Mr Newton King now held tho deposit of £125. Mr Govett had a mortgage for £36j9 over all the property with the otfqeption or. the bush section.- Witness had no oiler tq make othor than ussignling all the property. Me waa the 'lVusinoss and the properly, without Win house, would fetch abjoul XTC*) if carried on to the spring time. After gWieifel. it : was jdecided, on the motion of Mr Wells, to call tenders for the business, and ire the event of no sale that it be car-* ried on till tho spring time. Mr Horry was appointed supervisor lir. conjunction with' the afrfgnce, thd price of the property to iI)C left in their hands. It wan agreed on the motion of Mr Roberts, seconded by Mr Morris., that tho bankrupt conduct the business, uniler supervision, at a salary not exceeding £3 per week.