MEETING OF CREDITORS.

Taranaki Daily News, Volume XLVII, Issue 7930, 20 September 1905, Page 2

MEETING OF CREDITORS.

EE WATT AND LENNON, | A meeting ol creditors in th® bankrupt estates ol Edgar Watt and Henry Arthur Lennon was held it 1 lie Council Chambers on Tuesday ailternoon. The Deputy Official Assignee (Mr J. >S. S. liiedioy) presidiiJ, and Uk tc v.eit albti present : Mcs|iL„ W. WhiUaker, I'. Liclluni;ci\ Hc(Arthur (bath awl Eocr Company), •Ewing (t,ir.art lircs.), T. Avciv, T. U. helse.y, F. IJ.1 J . t'oikill, 1-1. 1' v.Vllaghaa, W. Lang, R. Bayly, W. Humphries, Uovetl, Quilliam, F, E. Wilson, W. Kitzherbeit, Wells (t). Riddell), Halcombe (Bank of Australasia), Fagan, Brewer (Malone, McVcngh and Anderson), and C. H. Weston. Mr W. Kerr apprarrd on behalf

of the 1).0,A. The D.O.A. explained (hat. Mr Edgar Watt had telephoned up lo say that he would arrive by the 3.20 train' from Waitara. No statement had been filed by Mr Watt, but Mr Lennon had filed his own individual statement and one on behalf of the partnership. After these statements (which were published in Tuesday's issue) had been read, Mr Watt put in an appearance, | apologising for his late attendance.: He explained tliat he had only receiv- ! cd the summons to attend three hours previously at Waiiara. He raised an objection to the examination being proceeded with, as the Registrar (Ms Banks) had inlormed him, when he gave notice of appeal agaiflst the adjudication, that all proceedings would ,he stayed. He understood that after appeal there was a three weeks' stay of proceedings. In the circumstances, he considered lie was fully entitled to an adjournment. Mr Kerr replied that the adjudication and meeting of creditors had been duly advertised, and stated further that the Registrar denied that he had said a stay of proceedings would lollow. The examination would ill no .way prejudice the appeal. Mr Watt said that the statement , had been made ia the presence of witnesses, and he was prepared to prove H. He claimed that in all fairness he was entitled to a week's adjournment.

Air Lennon, on being questioned, said that for his part lie had no desire tor jui adjournment. The D.O.A. said it was a matter for the creditors to.decide. A motion, moved 'by 'Mr Humphries, and seconded by Mr QuiUiam, that the examination be proceeded Willi, was put to tile meeting and declared earnul, very lew creditors; voting on the question. Ueiore bciiia sworn, Mr furlhcf pressed ins injection. Mr Ktir pointed out that lite Wh-ile.-a was nitre to answer questions, and Ike cxainmaUoii should he conducted without furtiicr delay. Jt noui.i not iutu'k'ru with his sudsc'Jujil appeal. Mr to alt :11 1 through ail the loni'.s ol taiimupicy, wlut is tiie object of tilt appeal t" reply to the D.0.A., witness, sworn, said that lie entered into partnership witn ivir Lennon ou istpi. i IUU-1, and dissolved on June 1, 11)06.' ju engaging m partnership they each had oii.ee turuituie ai.d land ass^s

JcJuiid Uu-in, but not in the name o ihu joint partiiersliip. iu'iuj Ai'iltur Lumon, csaminevi b\ ill Ktir, i.-Juu he.haU a section Luiuuii btictt, and u bharc iu Wiitc b i-btau \\)u.u he started in pM.I Uivi.ship with Walt, put wneV'f 11 lf;e Slale - Ncitia' ,| iuu put any rcany monty into tlie Watt and Lennon partnership. 1 here was mi agreement h«tween tliein, drawn, up nj- Air likhmoiHt. lhe part ntrsiup earned x-u,, .11 commission. All the eusli witness ueeivtd out of the sum was some UG was lost through had debts,' and the l.alanee, £29j, went to pay Watts debts on orders, lhe U!>B in lirisemul ail tiie profit witness received out oi the partnership. Witness rtcvhtd, iu ail, an lor her services as secretary to the exhibition. He was promised, a bonus if vile exhibition proved' a liiiancial success, hut a deficit, resulted- if atmbuted his bankruptcy to "ovyi uiixiety to make money.' Instead oi limiting their business to 4 tliai of laiwl and commission agents, and brokers, they went in lw speculation. In entering into the AlaraJiau purchase they borrowed the lust deposit of i),%0 from a friend named Green. Meanwhile they competed the sale of the l J aengaroa block on .i-liich l they-made a profit of £1125. litis amount went towards the sccoui w-posit oi £i;yu on lUarahau, iticnti.?'. I 'r i"', the balaiicc - Witness n',! tl -' i transactions in,referto the sale of Marahau and purchase of Mere Mere. 1„ order to S«.t the deal completed they had to latsc a mortgage of £BOOO on Mere \v n, } n Iy'1 y ' Rlci unoaJ went to H Jliugton, but failed to arrange for the money. Watt had been in Wellington since April trying to obtain the money to sell, hut held no power of attorney. \Wme SS denied that these negotiations had altogcthor failt i'i if thc >; IVOU|II llaVe i-een able to sell Mere Mcr« if they had been able to get the title. As a matter of fact a profitable exchange proposed fell through because of the difficulty of i title and Richmond's failure to raise mi. i™?". 1 ! 5 ' }° t-on >l , lctc. Witness adRi i Il'li l)0t!l hc anii Watt offered Rithmoml their interest in order to Ull ' but 11, c was not accept id, ami Riolnnond filed. Witness explained what ltd up lo the asinKs !° i2 arli , nB a ' ll ' Hi. ■ f M t rahau and Merc Merc. He,Mr "" lUC f' t0 as ' s 's n lie saw lut if something was not; done Up transaction would fall Ihrougli and no asset would he shown in S' Tsat th- lim u ! XP , l ' cssoi llis OP'MO" not hold wnt . ' e a S rt -' emcl1 ' would i ot hold water, but was assured that U I , i'i" 0 er; p °P e Darlin* ?-nr,n f a fourUl mortgage of fern n,!" t c " a . nic of and Mu?! t- r k ' {hfifths of t]lis would CO oneti ' n'p' if l hs 10 witness, and ° at li h°i Rlc ' lmo " ,l ■ "c admitted he , wt asCt ' lla ined whether , Was cx ' eculc " °r f ,10( Po l )e ami Barling were

T . , "i* otlii r assets v'itin Prin'i i i '"in' " lc c< l ui, y of a farm Frost loastrl l,y Louis fiosl. lh t > lease had two vears tn run at a rental of £BB j| )s with wmpuisury ~U lc hase clause at £I7G4 ih ™ ww «£• ~VThe bank HI IV T SaK ° ° VCI ' tlle M ' MKC °f <<M ty also over a section in Lcnnon Sh et owned by wjtlk , ss (o C ™ l , Mn deli, rafK < WU " less * as i; ; :r -vsr;,,:: ■ Sft&rj* I lI.'UI ty t»uiM|" Wr {P ( SCS a »W"»HMI lo till valui' n I, l,ss *stlm«tod l it -tlx nun ii' 1 ' c:,lalt '> as improved, ..t tis.iion. |-i llS iiilcrcsl less an ailJMkUuent of t»BS witli s H. F CallaAt' ii t: '.' SCI cl01v ». at.JK3OIS. ! nli<iiir,",M Staßc " lc inji w a s « 10 a " flock on Fridav, Mr to,file his'statei " tlw next three days. * s

HEAtTJI HINTS FOR JiHEU- _. ifATICjS, riw.» IJ . a " '"'Uortant part in Jo and '' Sci nti«i- J'"mba- ' ™" d k »wlrcd complaints. Those C'l-efid f" ' 1 ! 1 lheS ° (lis,!as «' s 3h °«ld he ) e f °o ft 3 eiicjurnge the iSrft 5%s ' „. ii 1 ' and their attend-r?.-1 v i rst dose of miKiiMa 1, <; ! an:l Hs " t<3 lvill <l u fount > viij.it. a Complete cure. Your chemist rr sloeekeeper SP i| s j,. O s K( , ''-d B bottle. Give it t frUl. 6Cj°lnlc 0j a ' Keß ' pthoru ' PrOS 3