SAMMILLER'S INSOLVENCY.

Taranaki Daily News, Volume LIII, Issue 316, 1 June 1911, Page 7

SAMMILLER'S INSOLVENCY.

AX URENI'I VENTURE. A meeting of creditors in the estate of Frank Sayer, of Ureuui, sawmiller, was held in the office of the D.0.A., Mr. J, S. S. Medley, yesterday afternoon. The creditors present were: Messrs. G. Penrce, E. Beekbessinger, A. George, Henry Brown, Parkin, and C. R. Stead (representing J. Coleman). The bankrupt was present, with his solicitor, Mr. J. C. Nicholson. The estimated assets and liabilities in the estate were read by the D.O.A. a» follows:—Liabilities: Secured creditors, £100; value of security, £140; unsecured creditors, £IOO. Assets: Balance of security, £4O; stock in trade, £45 108; furniture, £2O; other property, (trap, horse, etc.), £27; total, £132 10s; leaving an estimated deficiency ol £2B Bs. I

The bankrupt's statement was read as follows: "Prior to February, 1910, 1 was working as a laborer at roadwork, fencing, etc., and at that date I commenced work for Mr. J. Colesby, driving a team. At that time I was quite solvent. I then b'ought. from Mr. Colesby a team of four horses and a dray and harness. The purchase price for these was £IOO. I gave Mr. Colesby a billot sale for this amount, bearing interest at JO per cent. This bill of sale also covered a horse of my own. Three of the four horses bought from Mr. Colesby proved to be practically useless. Mr. Colesby took one of them back, and I bought another to replace this one. The substituted horse died after being forked for a week. I was unable to pay the instalments under the bill of sale, and Mr. Colesby on my default took possession of the horses and sold them. There was a deficiency on the sale of £lO. Altogether I consider that I lost approximately £ 100 on the purchase and subsequent loss of these horses. About May, 1910, I went into partnership with Rupert Syme, and the partnership took a lease from the Pukenann Sawmilling Co., Ltd., of certain saw- ] milling plant and commenced milling at Moerangi. After two or three months'l business Syme withdrew from the business, and I paid him £2O i» cash and £lO in timber as his share of the partnership assets. A severe handicap to the success of this sawmilling business was my lack of means for dragging the logs to the mill. I endeavored to purchase a bullock team of my own, but was unsuccessful. I employed Mr. J. Coleman for a time to haul in the logs. But the expense of employing a con-) tractor left very Tittle profit in the tim-1 ber for me. Up to the time of filing I have been endeavoring to carry on the business, but owing to the same diffi-1 culty in getting in the logs the business has not paid. Recently several of my creditors have been pressing me, Mr. .1. Coleman and Mr. J. H. Colesby both having sued and obtained judgment against me. I have therefore filed to ensure a fair division of the assets amongst my creditors. 1 The. bankrupt was sworn, and was questioned by some of the creditors, it being that he was) in debt when lie went into the sawmilling business. It was shown that he got little chance of handling much of his money, for creditors frequently "dropped on" his tiipber as soon as it was cut, taking it in lieu of payment. The bankrupt stated that the pony used by hjs children to carry them to and from school was included in the assets.

A resolution was passed to the effect that the bankrupt should prepare a statement of his receipts and expenditure since he started the milling business, and the realisation of the" whole of the available assets was left in the hands of the D.O.A.