IN BANKRUPTCY.

Taranaki Daily News, Volume L, Issue 60, 20 September 1907, Page 3

IN BANKRUPTCY.

A meeting of sreditors 01" John \\ ulhun Stewart was held at the ollico of |Mr J. S. Medley (D.0.A.) yesterday morning. There were nine creditors present. Mr Quiltiam. appeared on ucbalf of the bankrupt, and Mr C. a. Wuton represented the unsecured creditors. ItU! statement of the bankrupt showed assets: Stock in tr.ide at Koni, sola under execution, £45 (is ild; book |lebts estimated to produce £ls: pruperty ,tl'!i>: money in hands ot Koru Nawmiliing Co. attached for wages owing |i,v the bankrupt £200; total C3OO lis I'd. Liabilities: Vnsccuict! creditor* £)'•:!•) 8s lid: secured creditors ( U'JTj, less estimated value of 5c,-untie, £<".:!s) £4-111: other liabilities £300; total d"bts £107!) 8; 11,1. 'the un-c cured creditors were: W. Howe £llO H, Sd: Okey and Hollo £(i 13s Cd, Bash and Door Co. £!l Ills, 11. Chambers .€« 10s Id. M. Shivnan C3l IDs. \V Porrv £1 (Is lid, Boon ISro-. £5 ISs 11,1, llerrv and Co. f->!l. J. W. Wist £6l 17s (id, Fro«cr and Co. £-21. C. 11. Weston £ls. E. A. Ede £!), Dailey and Co. (Okato) £4(l Ms (id. liurraud and Abr-hnm (Danncvirke) £8 Is 4d. 11. Dcs Forges £25, W. Pnoll (Pan ncvirke) £ll 8s lid. Andcr-on and Pons; £l. C. Tilamhergh (Utiku) £l3 7- ( M. Anderson (Hawera) E.TV), A. LarScn (Hiku) t'2!!(t, J. P>. W«t (Oiiknri) £(10 12s 2d. P. Corkill C2 Is, F. Morris •C 22 2s (i'k S. Vickcrs (wagcsl £2!. - Cray (wages) £l2, total £IO3O Ss lid. Secured creditors: J. J. Paterson (solictor, Danncvirke), estimated value of security, £035, amount of debt £S' ; I Jensen Danncvirke), estimated value of security, nil. aanount of de,l>t, £l5O. The D.6.A. said the bankrupt seemed to have started business without cipii tal. A man ]>rescnted him with . horses and rlrays worth £4OO, and uf- [ tenvards took it bill of sale over them. r When lie came to Xew Plymouth, the . bankrupt Secured several contracts, but lost money on each of them. The lo>s [ of his money, he said, was occasioned { by the closing of the Koru mill for ;u I couple of months.

The bankrupt, examined, stated that he started contracting about three years ago. Ho had no capital. Gordon and' Co. supplied him with horses and dravs. About four or five years afterward* these were sold. About two monlhs later Lirsen bought for him £4OO worth of horses He. He p i,i lln thin« and was just, solvent at thai time. TTc started to pet into debt about two years ago. He was about .-041)0 in debt'when he came from Utiku to New Plymouth. The closing down of the Koru sawmill for two "months was the cause of his getting further into debt. He spent ■t'27 on putting up stables at the frm. The horses and drays were under bill of sale to Patterson and Co. for £ BO7 IDs. There was no other hill of sale over them. Under further examination ho said JonsOn had a further bill of sale for Cl5O. In answer to Mr Gilbert frcprosentinsr Mr W. Howe, the petitioning evediloi) bankrupt slated that Patterson's bill of sale was registered in .Tulv. Iflffr. He was insolvent, when he came to Xcw P'ymouih. He had a hill of sale on the teams before ho came here. li r had not kept correct books in >7ow Plymouth, lie kept no honks at .-•!' Mr Gilbert said that bankrupt Ird asured him that his teams nn3 ilravs wore unoncumhored. Bankrupt admitted that he niHit have said so. To Mr Morris: Mr Kde did not l;nn w 111.i- position when T eame to Xow Plymouth. It transpired that none of Ihe creditors know of (-lie bills of sale over the plant.

'l'lie D.O.A. said flint the hank-runt had evidenllv deeeived the eredHors.' .Bankrupt stated that with the (mnnev lie borrowed from Mr Tiunillc he nai<} oil' back- debt". The IVO.A. remarked that there was no doubt that bankrupt had vender",! himself liable under the Tt-Mikruptcyi Act. and it remained for tile creditor's to decide whether to take further proceedings. On the motion of Messrs Oilberf and Morris, the nicotine: was adjourned in a (late to he fixed by flic .Asslimpp.