IN BANKRUPTCY.

Taranaki Daily News, Volume LV, Issue 134, 24 October 1912, Page 7

IN BANKRUPTCY.

A meeting of creditors to enquire into the bankruptcy of Arthur J. Ingley, farm laborer of Bell Block, held on Tuesday afternoon, was attended by one creditor. Air. J. S. S. Medley, D.0.A., presided:— Bankrupt, in his written statement, said:—l came to Taranaki in September, 1909, from Dannevirke. I was then the registered proprietor of certain properties at the Lower Hutt . . . my equity therein being valued at £7.50 (the amount I had put in). In May, 1910,- I sold same to Edwin Pawson and his wife for £7OO, for which amount I took a mortgage. This I transferred to my brother, E. G. Ingley, in discharge of moneys then owing by me to him and of thetfurtlier sum of £l5O paid to Air. N, King by him on my account. By an order of' the Supreme Court made in Paluierston North at the instance of the Official Assignee in Edwin Pawson's estate, the oonveyance from me to the Paw-sons and mortgage back were declared void and the Lower. Ilutt properties now stand in my name as proprietor, ••jbject to mortgage of £2250 (to various. mortgagees) ami £ISOO to E. G. Ingley. The properties consist of five houses and a shop. Ilarcourt and Co., of Wellington, have been collecting the rents and paying interest. I have not Interfered; in any way since .the properties beoame revested in me. I hold that they belong to ' E. G. Ingley. If I am the proprietor' I am indebted to him. The debt to Barlow and Co., was for work done to these properties on Mrs. Pawson's instructions, and for judgment was given against one. Lately I have also been sued for '.lie r.mouht and judgment given against me. , They have issued execution causing me to ftle my petition. The amount due to Paterson, Mpssman and Co. is under a promissory note given by me in 1908 to my lather.- I believed the amount had : been paid until sued for.same this year. On coming to Taranaki I bought a farm at JJell Block from Air. 15. Nops, paying no cash. I stocked it through Mr. 1 N. King. The £l5O paid by E. G. Ingley was on. account of the stock. I sold at' £1 15s per acre increase, my profit £*oing to pay commission and sundry debts.,I took out of the transaction £2oicash and three cows. J then ,took a farmon lease from. G. Pitt, but finding-after twelve months I was not making he'ad- ■ way I surrendered the lease in February lart. I took no money out of the. transaction. Since February I: have been working for Air. Pitt under a,milking agreement on half shares. v .' ,

Examined by the D.0.A., baijicrupt said he became possessed of the properties at Lower Hutt through the exchange of a farm at Hawke's Bay. It was iij. February. 1912, he believed, that he, w.as adjudged, to be the owner of those .prop, erties, after selling them as lie. tliouirlife to Pawson and his wife.

He did not think there was any value in the equities of those properties. "With regard to the debt to Paterson. Moss-' man and Co. ho owed his father, the promissory note wits for £IOO, a;id was- really an accommodation for his father. He (bankrupt) was milking on half shares and expected to gqt- aTiou't £lO or £ll per month for miik. lie was a married man. He had tried Jj/rt'lo i»o bankrupt by paying to the Napier crcd'itor as much as possible, and since tho judgment had lived on about £2 ' a month. .- .-

The meeting was then .formally' ad j&unied.