Meeting of Creditors.

Taranaki Daily News, Volume XLVII, Issue 7934, 25 September 1905, Page 2

Meeting of Creditors.

RE. WAIT AiND LENNON. The adjourned meeting of creditors m the estates o[ Jidgar Watt ami 11. A- Uiirnin was held at the Council Chambers- on Friday afternoon. The , D.O.A. (Mr .1. H. S. Medley) presided, and there were also presenl, Messrs 'J. Gray ,(for A. J. Mcintosh, of Invereargill), w. r/itzhcrlwrt, H. Hutcbeii, J. S. Quilii-am, V. li. Fitzherbert (for E. Waft'), W. Kerr (solicitor for thu -D.O.A.')-, 0. IT. Weston, H. !•'. Citlla-ghan, P. W. Richmond, F. I*. Cork-iH, '!'. O. Kelsey, W. Humphries, 11. llaily, W. llewley, J. Avery, F. Watts, J. West, J. Whitaker, F. Woods, N. Kwing, 1). Laing, SI. Jones, lfalcombe, F. Uellrioger, J.

Mynott aii'd Morey. I The s-tatemenl put in by Edgar Watt showed unsecured creditors in his own -estate at £lslO 19s ; in the Walt, Lie-mum 'and Richmond partnership at. £K),-i5 10s ; and in the I Watt and Lerrnon partnership at £239 7s 2d, a total of £2Bll 10s iiil. The secured creditors were ow«i JCB:ißfl. on securities estima-Uil litWatt nt £12,.-. 10, a surplus on socured creditors of £1.160. The unsecured creditors in Watt's estate were set out as follows : Morey and Son £d-Is 9d, F. Fag-nil (auetione-er) £2ll, J. C. flcorg« £6;!3, Soreiisen (contraclor) £o2, Moody (cleaner) £2 10s, L. Marks

(tailor) £.-i ss, UkMell (butcher) £lO ■ los 10d, Humphries (merchant) £4 4s, Newton King £3 18s <M. Okey and Sou and Arnold £."> IBs <«i, Oray (dentist) £2, W. Kllerm (fanner) £o,"i, Joseph George (Waitnra, stable proprietor) £9 18s Oil, Doolcy (Waitara, -hotel keeper) £4 19s, \V. Fitzherbert (solicitor) £lB, J. AV. West (stable proprietor) £197, S. it. Wbito £2O 12s l&d, W. Weiss (accountant) £B2 1.2s fid, Putch ('brass founder) £lB, 0. Samuel £lO, A. S. Hiss (accountant) £lO, .1. S. QuiUiaui £2O, A Hainwh (AucHla-ml, solicitor.) £<>o, McGuiness (Frcnui, hotelkeeper) £2O ; total £lslO 19s Id. W'att. Ijemiun and RiehmotYd's- Vin-biiith-s were shown :—Clayton Green (Xortbland. • Welliirgjtoti, iaiimer) £.")O0, Corry am] Holdship (Wanganni. solicitors) £ll,"i, Thomas Oil (Wanganui. surveyor) £220, Baddeloy ami Furlong (Wangnmii, commission agents) i 1.2."», Lewis niKl Co. (commission U'lrt-nts —advei-tis-ing-)£so

valuation fee £lO 10s ; total £lO.V> JOs. Liabilities', Wntl and Le-imon : Bayly's trtislees £lOl ]Bs, A. A. I'ikett (builder) £4 {is (HI, F. C. Giifflths (plumber) £G 10s SHI, J. West (stable keeper) £29 1.7s (id, J. llellrlngcr £2l 17s (id, T. Avery £ll 10s r,d, Xews £1 10s, ;l-lernUl £1 10s Oil. J. Kemp (commission agenl) £."> l : total £239 7s 2d. Secured creditors in Watt's estate were set out :—Cecil Wright £00", Advances lo Settlers Olliee £IOO. and .T. Green-bank £50(1, all on a securi-l ly cstimali'd at £2000: 'V. (>. Kelsey. di'llt £3l."i, security t-s-1 hrinf od at'

X IDD : T.,0. Kelsey, 'ddl/t. £ooo, seeiirtl.v estimated at £10iiO; Christie llros. OVauganiii), debt £IOOO, securil.v cslin-.-iliil nt £iriin7"T. O. Kelsey. ih.-Irt £IOOO. s.'Ciirily estimated nt £IOOO : Weston amV Weston, ,'dobt £IOO, s-ccurlty estinmtorl at £IOO ; Travers. -Russell mid Campbell ' (WelHilgton, solicitors), debt £O,l, security estimated' at £."00 : Mere Mere mortgage, equit-a-ble interest £B2OO, est imwted value of interest, £<JOOO'; tola! debts £B- - securities £12,310. The rial estate was shown :—OO6 acres of,freehold, Al-asterton, amount of debt (mortgage) ('hereon £ lotto; . r )J acres freehold, Mvt-ueoa, •d.1,'1 £1000; .'{7 sections at Filzroy, .debt £101.") ; 880 acres Vrenin (equitable interest only), tlolit £100*) ; two-lifths share In it-700 acres Mwv Mere estate (equitable, interes-t only), equitable liability CM2OO.

If. A. Lennon put in » balancesheet in connection with the Venle estate,-ami nijreed to band in later a statement of receipts and expenditure rclat-iii'g' to his private estate. Kilgar Willi, sworn, said in reply to questions put by Mr Kerr, that when Ire went intc partnership with I.ennon on Seilem-ber 1. 1001, he jiut in luriiiturs valued about. £lO. 1..-IIUOII conlribut.'d a large, ilcsk and a typewriter. Witness looked or, the furniture as a partnership asset, but it was not nx'iiticncd in Ihe agreement. There wvre no other assets in the partnership, as each had his property assets separately. Witness nmlertook all the. outside work and i/'Hindi kept tire hooks, which were now in Hie possession of the li.O. \. .Asked as to profits witness asserted that tin; partnership made over £1)000 in about nine .months, or rather he did on behalf uf the partnership. Be received about a couple of huiwlred pounds—-be could not give the exact amount as he did not. keep the 'books—and 'the balance was represented by the Marahaii ami Mere Mere transactions. He went-in-to the question of this deal, and claimed that, he uml Lennon were legally entitled to two-fifths - of the prolits on Mere Mm', and Richmond to one-fifth. He denied that P.ieh-

mond's share was oncytlvinl. The agreement was a verbal one. and he trusted to Kiehmond's honour. The proporti'on lie mentioned 'had been nn understood thing' for months. Wiliiess objected to the assignment to Pope and Darling as illegal, for the reason that lie was never consulted', and had never sanctioned tiro signing away of his share. With regard to the statement of liabilities and assets put ; in. Mr Walt explained that with the short, time at his .'disposal, and Buffering l'lndifferent health, hi: 'had not been able to make out a complete statement, and that tiled required amendment, in several particulars. Mr P. 11. Fitzlverber! confirmed Mr Watt's protest that lie had been ass..r(il ,-,y the Kcgistrnr when the, nolire of apin-nl against the adjudication was lodged, thai there would In. a stay of pronvdiugs, and -that the documents wnuhl not be forwarded .to lb,- D.o.A. until the appeal was dealt -witli. Mr Wall had been too unwell to niaU'c out a full statement in the liny.

Mr Ki-rr said be did not dispute Mr Wall's illness. The statoincut had only been tiled I hat afternoon. Several creditors protested thut it was simply a waste ol lime Io continue the cxa'tuiuaWon until everything was .'in order. There should bo nn ailjoiiriHiu ul until a propel- statement was forthcoming. The 1i.0.A. pointed out. that tincreditors had vi,ted for the meeting being fixed for Ileal day. After desultory discussion Ilv.: meeting was formally adjourned to Friday, October (>. To suit Hie convenience of the .majority lbe meetina was lixed I'm- 7.:S(> p.m.