Meeting of Creditors.

Taranaki Daily News, Volume XLVII, Issue 7851, 17 June 1905, Page 2

Meeting of Creditors.

BE J. T. WHITE.

The first meeting! of creditors in the bankrupt estate of Josbpb. T. White, grocer, of New Plymouth, was held on Friday iiiorntogv. Tho Deputy ■ lOll.ciail Assignee (Mr J. S. S. Medley) presided, and there were also present : Messrs M. Fraser Fraser and Co.), W. Kerr, J. Handy, E. Dockrill, W. Amfoury, F. Watson (representing Newton King'), G. 11. Maunder, t<\ W. Ukey, Bain, and Oldham (Nathan and Co.), whiie Mr Govett appeared for the bankrupt. Tho statement bled by the bankrupt disclosed total unsecured liabilities to amount t" £1315 4s lOd, and .secured creditors £11(55 4s lid, ,lhe estimated value of their incur.-

ties being £1250. The assets were. jset down at £778 18s Bd, comprising stock-in-trade £243 5a 3d, book; dobts' £872 (estimated to produce £3oo)', cash in hand £(SO It's 4d, [furniture £7';), two shares in the lEfJiutable Building Society estimated to produce £ls, and surplus from

.secured creditors. This statement showed the deficiency at £436 (is 2d.

'l'he principal uns-.cured Creditors are Burgess, Fraser and Co. £566 16s 4cl, Newton King £122 14s, L. U. Nathan and Co. £26 Is, Miss Jones £BB 6s 4d, Bell Block Butter Factory £B7 16s 3d, Jlewle.V and Griftith's £l2 13s UJd, .1. Little and Co. (Sentry Hill) £22 8s 2d, NewZealand Flour .Millers.' Association £2O 13s sd, Mrs Copeland £2O, T. Brash £25, J. Handy £1 5, C. 11. Maunder £25, Uovett and Quiliiam £2-1 18s, Standish and Kerr £ll 10s. (id, 6. W. White £lO, S. F. White £8 2s 6d, It. T. White £ls.

Secured creditors are : V. Carving* ton (surveyor), mortgage £425 on section 1489, with interest £8 (is 3d £433 (js 3d, estimated value of security £475 ; Miss Morshoad, mortgage £B7 10s on sections 3, 5, 7, 9, and 11, Soieville,. with interest £4

3s 6d, £9l 13s (3d, valued at £125 ; Mrs E. Welty,toior%age £3OO on

secttoinsi ai„2s, 2J',| 29„ 31. 33, 35, 37| and 39, Fi'tzroy, with! interest £l3 9s 7d, £313 19s 7d, valued at £SOO ; T. O. Kclsey, mortgage £ll3 TOs', sections 50,, 51, 52, Moturoa, with interest £5 15s 9d, £123 5s 7d valued at £l-30 ; T. O. Kelaey, secone mortgage £2OO. sections 21, 25, 27., 29. 31, 33,. 35, 37, 39, Fitzroy West, £2OO, with interest £3, £203. All these properties in bankrupt's! name are mortgaged for £1165 4b lid. and the total estimated value of securities is £1250.

The D.O.A. said the stock had been sold to Miss Jones for £243 5s 3d, He did not think the book dtfjts would produce more than £250, and £4oi or £SO would .be nearer the mark for, the furnitrtr» if put up at, auction. Tho worst feature in thq estate was the number of sections of land in which the fljjankrupt had spec-

ulated. About £475 would be the value of He hoese and land in Courbenay Street mortgaged for I £425. Tho three blocks at Moturoa tmight be ttori.hi mnnt than the £l5O lestimated. The Fit.roy West suc-

.ions (ten) Here mortgaged to tin

;fjll value, £SOG. The bankrupt had a hulf-shar<j with his brother in live

'.doqks at Solevillc. valuing his intoi

jest at £125. In Vealo's estate ho had paid £32 17« on two Sections, the total price of which was £95. Unless payments were kept up the payments made would doubtless bo forfeited. The bankrupt held four leasehold sections at AVJiiteley Township at a nent of £l2 per annum.

Six months' rent was owing the Grey lnstitu'to, and the lease would not Je worth nnythjng unless the discovery of oil affected the value. Two contingent liabilities were a bill (dr £25 given by John Hawke. endorsed byG. Cliff, and discounted |l>y the Lnion Bank, and £IOO secured by mortgage given by G. Jtf, While, bankrupt's sony and guaranteed [by the debtor. The D.O.A. did not think; there would be any liability to meet on these matters. The bankrupt, sworn, aaid that he bought the house in July, 1902, and went into business' in September, 1902. Ho had bought the Flbro.v sections prior to- this dnt». .He bought the business' from Mlss Jones on the 3amo terms as she now took it over from him, viz., at Uw.invoioo' price of the stock. The money due to her was for rent. He had practically no money when he started business. Ho believed that aparf. from his land ti-imsactions his business had paid very well. He did not think it unfair to his creditors to |i:Viy all these sections, as ho thought at the time there was every prospect, of making a profit. Mr Kerr : By taking the monej* out of the business it prevented you from meeting your engagements. Bankrupt ndmatted this was the case, but said he acted in good faith. He had engagements to meet on property ho aenwired before entering into business. To Mr Fraser : Bankrupt admitted that on entering business he made a verbal statement to him. He did not remember saying, he had no liabilities beyond the house. The house belonged to his son, so it Was not likely he said this. Mr Fraser : Your memory 1b short, I am prepared to swear yoa satd y o u had no outside liabilities. Bankrupt said that os he had only paid a small deposit on tho property it was hardly worth mentioning at tho time. Mr Fraser: You were £1173 !n debt when you came to us to back your bills to Miss Jones. Did you come down with the intention or defrauding us, or did you f,orgel 7 BanKrupt : 1 had only paid n small deposit and thought I would s?ll at a profit, so that there would be no need to mention it. I had no intention of defrauding, and did not fonget. I don't remember being asked about property or whether I had capital.

Mr Frascr : It is not likoly the firm would have backed tho bills if we had known the liabilities on this property. What I Want to .j>ring under the notice of creditors is tho, fact that you got £2lB renewals on trade bills and with the ready o>sh speculated on l u nd. For two yoars you persistently concealed from us the fact that you hiru" land. Yoli told me on one occasion that you had £4OO worth of stock, about £4OO on tho books, and did not owo anything beyond a few trade debts. I admit that blut for this £2OO or £3OO thore would not bo much fault to find with the statement of affairs.

Bankrupt did not deny that he had cramped the business account to pay money away on land. He had paid £oO on the Fitzroy sections. £25 on Moturoa land, £35 on the Kouso, and about £3O on Soleville sections. Ho had paid no further deposits, tut interest and. taxes. The Whitclev lease had cost him £32 l6s. That certainly was not hidden, us- it was published in the papers. He estimated that he had spent about £350 or £4OO on his land transactions. He hud paid about £3O for repairs and drainage to the house about three months ago. Mr Dockrill said the oil find wp,uld improve the land market. Ho suggested that Messrs Fraaer and Newton King, as the two largest shareholders, be appointed supervisors with the D.0.A., to hold and dispose of the land to the Most Interest. Mr Oldham : It moans that wo would take the place of White in speculation. *

After discussion the suggestion was adopted, the two gentlemen named to act in an honorary capacity Debtor, further questioned, 'admitted borrowing £lO from Mr W. An'ibury when ho first went into business, and later on £ls from Mr J Handy, £25 from Mr T. Brash! (which ho used to pay Miss Jones'bill) £25 from Mr Maunder f our months ago, and £2O from Mrs kopeland. He gave pnomissm-v notes for all these amounts, and lmd only paid back £lO, £5 e a ek to Mr Arabury and Mrs Copeland. Mr Ambury moved, and Mr Okev seconded, that the furniture be, handed over to Mrs White.

The bankrupt, in reply to a question, said the piano belonged to hist son. Witness had not paid one penny on Ih'e piano. Thcro was an amount of £2O dupfor rent.to the same son, who'lived at Auckland. A wages

claim of £lB 2s VeH, duo to M» daughter, had been, set down at only £8 2s6d, and another son was £ls n arrears for wages. The son at j I ~ml was; wUlinigi to foregp his i ; .'lnim lev £2O runt, and also take 1 ivcr fl liability of £7', if the furnl-j , ure was hundud to Mrs White. i Several creditors thought tthe fami- i y claim for wagi'S Hhould also he withdrawn if the furniture was loft] infc ict. Mr Kerr remarked that the family could not expect more consideration that they showed tho creditor.*.

The bankrupt ga<d he would bo sorry to s c the wages kept l>ack, as nis chiliren were now out of work. ,Ho tho.uprhi nerh-.ips they would agree to lake half. On Ibis condition the motion was carried.

The i roccodinge then terminated.