F. P. CORKILL'S ESTATE.

Taranaki Daily News, 25 July 1916, Page 7

F. P. CORKILL'S ESTATE.

- Meeting of creditors, bankrupt examined, A meeting of creditors in the estate of Francis Peacock Corkill was held at the office of the D.O.A. (Mr. J. S. S. Medley) yesterday afternoon, (here being a very large attendance. Bankrupt, who was not represented by a solicitor, was present and submitted'a statement made on oath. The D.O.A. read his report, also bankrupt sworn statement as follows: ' I arrived in i\ T ew Zealand towards the end of 18S0 and came .to this town early in 1881, shortly afterwards commencing In business as commission agent; When the Bankruptcy Act, 188:1," came into force I was appointed Deputy Official Assignee for the Taranaki Provincial District and held that position for five or six years, when I resigned because of the unsatisfactory conditions as to service and payment. In ISSS farmers' butter was practically unsaleable at 4d per lb. Nr. Newton King and myself, with the proceeds of a successful speculation, decided to attempt to open new markets for this staple, under tlie style of the Taranaki Butter Packing Co. We commenced tinning for foreign markets and blending and hogging for Australia, and soon established a fairly important industry which entirely relieved the local'market of the glut and afforded employment for a number of people. Most of our foreign ventures proved unremunerative but a long drought in South Australia and Victoria enabled us to enter into important contracts at payable, figures. Some of the farmers, not all, for whose dairies we, had contracted, found that tliev could do better elsewhere and left us in the lurch and we were forced to buy at higher prices from other sources in 'order to fulfil our engagements. Then upon the drought breaking the local supplies becomhig available the Australians, speedily began ; to. find fault with our quality and "refused, delivery, and we sustained heavy losses which led to my withdrawal from the business. Mr. King treated me with great consideration, and took over the venture which he subsequently developed on improved lines. In 1883 I bought the Fcrnd.ilc estate of some seven or acres freehold ; and also acquired the perpetually renew - ■ able lease of some three acres'of Kducation reserve adjacent, a good deal of which T still hold. .Although most of the sales of subdivisions cll'cetod during the intervening years have been at fair figures, the outlay on these unproductive properties in the form of interest. . i ground rents, rates and labor, have I proved a great burden to me and no prices now obtainable would anything like- repay the- expenditure which the . J residue represents. From 1881 to 1803 T had almost continuous illness in my home and the. expense entailed not only exhausted my own resources but compelled me to obtain advances of ~;nver CIOOO of my late father. It would | have bene prudent if at this time I had got rid of my properties at any sacri- ' | fice but r had much faith in (lie place ■and believed that better days were com--ling. I had made the great mistake of | allowing myself to be persuaded to take la hand in local politics and the twelve years spent on (he Taranaki Hospital and Charitable Aid Board, a like term on the Borough Council, and six or seven .Ivenrs on thi. Tlavhor Board, represent sacrifices which, in justice to my family .and myself. 1 ought never to have made. |My time might have been far more profitably occupied otherwise. Prior to 1011 I was for many years secretary to the Board of School' Commissioners administering the education reserves of the province, and this appointment was one which went well with mv other business and was an appreciable loss when flic commissioners were abolished : About 1000 I paid a visit to Raglan and soon after established in a»»ncy there, introducing Taranaki and "other buyers-to (lie very cheap lands which were (hen available in that district. I was. instrumental in settling a good many farmers who have reason (o be satisfied with their change of location, and for some years the business was fairly -payable. Unfortunately matters occurred which ..involved .me in loss and -compelled a change of management. For two or three years before, war broke out (here was little doing, despite extensive advertising 0 r the' Raglan lands in southern newspapers, and when Mr. Pelham, who represented me at Raglan, expressed his wish to volunteer for military service, 1 decided that it would be best to close down altogether until his return. During the 20' months since lie went to Samoa (here have been a good many sales in that district and others have reaped where 1 have sown. I have no longer anv vropcrtv in the Raglan district. Shortly after war broke out I have been entirely without help in my office—my clerk had to leave and in view of restricted business I made up my mind to try and manage without one, though this has necessitated long hours and the closing of the office whenever I have been out or away.

From .September to December last T was very unwell, a seven- attack of influenza lieiiiß followed by ptomaine poisoning'. T filed my posilion owing to pressure by crodilors and now recognise Hut itwouU have been wiser to have done sii some time ago. I have no expectation* of any deseripiion nor anv nionev iluo to me out of Xew Zealand except a small debt owing by (Irrmaus .wlio T have reason (o believe are now insolvent. T consider thai, the properties sclicdiili-d are reasonably priced 'and are worlli my figures to anyone able to utilise (hem. They comprise (he choicest hom.-.-tead sites in the Borough anil nave been carefully laid out for that purpose. My home expenditure has alwavs been on. (be most modest lines and T have bad no personal extravagances. Between three and four years a fro. 1 lirou.-jli Die exertions of Mr. llolhain and at some expense. ] 'obtained grants of mining and. boring rights over some 20,0(10 acres of farming lands in (lie Italian county, in three groups of six to seven thousand acres each. These were on terms fiir alike to :rrantors and grailloe, a,-'' eluded all minerals as 'well as oil id ■ins. When war broke out I was i - treaty "with responsible people in ft'. the United States and Kngland to whe - f offered two of the three groups fi">■■ of any consideration except a royal* v of one per cent, on products, Tn cai. ease an expert was to be sent tn jSV Zealand to inspeel and report. Ix-f - Januarv 1. 11115 and plant was lob." (be "round and the work starts*"* dulv i of tlii- same year, f cousin"--':: that, if such an arrangement could', carnied out it would lead to the sysl; •■ tic development of a 'very po'iai ,> district, and T would stand fts iml . handsome profit on the liawS?in<r «'■ third group. 'The negotiations through when hostilities co:rmicn:"V the grants have lapsed because o' uon- fulfilment of the conditions. was anticipated, that one or Other .

parties negotiating would also deal for the interests of the Taranaki Oil and Freehold Co., of which I was chairman and which bad closed down through exhaustion of funds. Bankrupt' was then sworn, and in reply to DO.A. stated: He had disclosed all his assets and did not think anything had been overlooked. Had ito anticipation of receiving money from relatives. All his life insurance policies bad lapsed. He let then run on surrender value. Could not say when he first discovered himself to be in difficulties, but it was for three or four year s past, anyway. Considered his household furniture was worth .C4o(i if properly realised but not, probably, if forced to sale. lie thought it would realise more than the amount estimated by the D.O.A. There was a second mortgage on property on the Barrett Road, known as Oibb' s farm, of £SOO, and he had a proportion of interest in that. The distress warrant on bis furniture caused him to file, so that one creditor should not get in ahead of the others. The distress warrant was obtained by the Alliance Insurance Co. under a judgment. Mr. Billing inquired the details of the . claim of the Alliance Co. Mr. Corkill said he had no legal representative. He therefore declined to answer. After an explanation by Mr. Billing the D.O.A. put the question as to whether the judgment of the Alliance Co. was in respect to premiums. Bankrupt replied: Yes and no. He explained that he had acted as agent for tlic < Company for over 30 years, but not in a fiduciary position, the. agency being on the footing of an ordinary trading account. There had always been a debtor balance. Mr. Billing: When you confessed judgment you agreed (5o the company's statement showing £37 ISs lid as correct, and in three years the amount bad risen to over £220. Bankrupt: Yes. For the last three years'there had been personal friction ■ between himself and the manager, and had it not been for long association ke would have resigned sooner. He admitted that during the last three years he had got deeper into their debt. It had escaped him that a claim of £4 15s had not been paid. Until recent years ho was paid on a less liberal scale than b* believed was' given to any other chief • agent in Taranaki, and even in recent : years bis commission and allowances were not equal to those received by 1 certain other agents in New Plymouth representing first-class English companies. With regard to (he friction with the company's manager, one of the causes was connected with (he war rate on a shipment of tallow which was lost. : He had received instructions by telegram • from head office that the ovtra war i'isk ' was 7 per cent, and he acknowledged . same by letter, adding that he took it • that would be the rate on which he ' would do business, but when the loss oc ; curred he was told that the charge ! should have been 20 per cent, extra, and I he declined to adjust this in face of the ' instructions received in the first in- . stance. With regard to Mr. Asher's debt, the amount had been out on mortgage, and when the latter was paid of!' he (bankl rupl) had given Mr. Asher a note of hand that the money was held at seven per cent, interest, subject to two months' call. He had transacted business for Mr. Asher for a number of years. It ivas quite an ordinary transaction. Mr. Asher stated that it was under stood the money was to be reinvested on mortgage. Bankrupt admitted this, stating it bad been probably so lent in small sums. He added that it was unfortii ', nate matters had turned out badly. He • intended to devote all his energies to j paving oft" his creditors. The D.O.A. stated that there were only the equities to deal with, end I that unless the creditors guaranteed (!"• i interest, etc., it would be necessary to ' proceed to a sale by tender or auction, when if the amount* bid was not sufficient he could disclaim. If the creditors iso wished the proceeds of the sale of the furniture could be used to pay interest, etc. He asked for an expression of opinion. Mr. Billing stated that in the ease of the leaseholds the Commissioner of Crown Lands would re-enter if the rents were not paid within a few weeks. After some further discussion, Mr. Carter moved that the assets of the estate be left in the hands of the D.O.A. for disposal by auction in the first place. This was carried, it being subsequently understood (hat failing a sale, the larger creditors be consulted as to acquiring the property. A resolution was passed giving the D.O.A. authority, provided he could legally do so, to allow bankrupt to retain his books, as they contained confidential matters, on his. undertaking to allow the D.O.A. and creditors access thereto whenever required. Bankrupt staled that he had been stripped bv (he Bank from operating on his trust'account, and the D.O.A. explained that (his was quite in order, but on being satisfied that trust moneys were properly payable thereout lie would i certify the cheques. ! The meeting then terminated. I