IN BANKRUPTCY.

Taranaki Daily News, Volume LIII, Issue 296, 9 May 1911, Page 7

IN BANKRUPTCY.

J WOOD AND ZEMBA. | The adjourned meeting in the bank- ' rupt state cf Wood and Zemba, bootmakers, was held yesterday in the office of the D.0.A., Mr. J. S. S. Medley. The D.O.A. presided, and the following creditors were present: Messrs. (J. Ramson (manager Sargood, Son and Ewen), AY. C. Weston, H. Goodacre (Egjnont Boot Factory), .T. D. Sole (manager Arch. Clark and Sons), A. L. Humphries (representing Hunter and Co., of Sydney), Hammell (Murray and Co., Auckland), Y'agger and Co., Christchurch, and J. C. Nicholson, representing George and Doughty, Hoare and Co!, and N. H. Nash, all of Wellington. Bankrupts were also present, with their solicitor, Mr. A. R. Standish. ,

Some discussion took place over Mr. Goodacre's accoiuit of £44 for valuing the Hawcra stock in connection with the fire. The D.O.A. pointed out that Mr. Goodacre had since withdrawn the claim for nine days in Wellington, Wanganui, and Auckland, at £1 per day, £9. Mr. Hammell asked Mr. Wood, one ol the bankrupts, if these trips had been authorised by them. I Mr. Wood stated that he thought so.

Mr. Hammell pointed out that the notes of the appointment were very vague, and it appeared from them as it nothing was authorised beyond Hawera. Mr: Goodacre asked if exception was taken to his receiving out-of-pocket expenses. He was not merely tripping about. He had put in weeks in the creditors' interests. He was not authorised fo go to Auckland, but he had gone, as he was gathering up afl particulars in regard to the insurance. Mr. Ramson objected to the charge, which he considered exorbitant. When warehouses took charge of an estate like this, never more than actual out-of-pocket expenses were charged. He had never heard of fees or clerical assistance being charged for. It was usual to keep down expenses, so that the dividend might be as large as possible.

Another account bv Mr. Goodacre for valuing stock in New Plymouth was also queried, viz., £22 17s, at 5 per cen,t. on the first £IOO, and 222y 2 per cent, on the balance,

In answer to questions, it was pointed out that this stock had been taken since the bankruptcy. Mr. Goodacre had previously taken stock on behalf of the creditors for which no charge was made. Mr. Ramson considered the charges ridiculous. He considered £2 2s, or at theimost £4 4b>-sufficient payment.

Mi". Goodacre pointed out that he had handled five estates in the past eighteen months. In every case he had made similar charges, and been paid. In this case he had ha'd' fifty times the work. Moreover, he had had to employ four assistants.

Mr. Sole said he had valued twoiji .estates, and never received more thaii" £4 4s. Professional valuers never charged more than 2'/ 2 per cent, on the first £ 100, and one per cent, on the j balance. He considered the present > charges exorbitant. In, reply to a question, Mr. Zcn<ba| said the time occupied over the valua-i Jtion of the New Plymouth stock was j from 6 till 9.30 on, one evening, and ■ trom 8 till 12 the following morning. Four were engaged at it. Mr. Goodacre had promised to pay him. The matter then dropped. Tenders for the stock and fittings were accepted as follows: —Stock, W. A. Forder, Wanganui, lis fld in the £; fittings, 11. J. Gilbert, New Plymouth, £ls. Mr. Hammell then moved that a public accountant should lie appointed to examine all books and stock-sh#ets for six months previous to the bankruptcy, and submit a statement of receipts and expenditure, and also a return of all purchases and sales of stock for, cash. • Mr. Nicholson seconded. A creditor asked if this could be obtained from their books as submitted. Mr. Nicholson remarked that it would be a bad look-out for someone if it could not. Mr. Standish, for bankrupts, pointed ,uut that since the fire cash had been paid for everything purchased. The motion was carried. Tn reply to Mr. Nicholson. Mr. Zemba stated that he was in Wellington about Christmas, 1910. He could not remember informing either Mr. Hoare or Mr. Nash that the firm had assets of £OOO over liabilities. He was asked How they were doing, and replied that they were doing all right. The question of the insurance was ' dealt with in committee. The meeting then adjourned.