MEETING OF CREDITORS.

Taranaki Daily News, 25 June 1917, Page 6

MEETING OF CREDITORS.

• W. W. JACKSON'S ESTATE. A meeting of creditors in the estate of Walter ..William, Jackson, 'bus proprietor, New Plymouth, who wos adjudged bankrupt on June 13, was held at the office of the D.O.A. (Mr. J. S. Medley) on Friday afternoon. Mr. D. Hutchen represented bankrupt. Bankrupt's statement showed unsecured creditors to be £585 4s Id. as follows:—Spedding and Co., £'l3 ISs Id; W. Rowe and Co., £lO 14s; W. P. Nico'H and Co., £5 lis 3d; G. Gibson (taxicar proprietor), £l3; Johnston Bros, (grocers), £BO ISs 4d; F. Plumtree, £2 3s ; A. Smith (Criterion Motor Gorage), £4C Red Post Furnishing Co., £3 13s 6d; J. McNeill, £5 3s Gd; Maling and Co., Christchureh, £'l3; Vacuum Oil Co., Wellington, £8; Smart Bros, (plumbers) £IS 2s <Jd; W. 15. Dockrill (boot importer), £4 13s; E. Wooldridge (car proprietor), £25; R. Wooldridae (motorgarage proprietor), £-26 Os; Farmers' Co-operative Coy., llawera, %8; Newton King, £l)2 8s; 1,. A. Nolan, £24 15s k; F. Robertson and Co., £6; Daily News, £7 9s; Taranaki Herald, £8 10s 9d; R. Priske (engineer), £140; J. Nixon and Co. (engineers), £3 'l2a; New Plvmouth Sash and Door Company, £1 L7s 0d; J. Roberts (blacksmith), £5 ss; Cook and Lister, £0 12s fld; New Zealand Express Co., £2 lis Bd. "The secured creditors were stated as follows:—Mortgage, Loan, and Agency Co., New Plymouth, £lB5 16s 9d (estimated value of security, £280) ; Messrs Little and Atkinson, Sentry Hill, £142 5s Id (estimated value of security, £142 5s Id).

Outlining the reasons which led to his bankruptcy, bankrupt said he commenced business in New Plymouth as a livery stable-keeper five years ago. He had aJbout (£SO capital of his own; and' he borrowed £OO from Mr. R. Priske. At the expiration of his sub-lease, lie took a lease of the stables from Mr. Brown at a rent of £5 per week, and he bought the plant from Messrs Little and Atkinson, the then owners, at valuation, and gave them a bill of sale for the price. For the first yfcar after\takhig the lease from Mr. Brown he ran a four-horse coach to Inglewood. He then bought from Messrs ''Hatrick and Co. a motor 'bus for £450. He paid £l6O on account, £7O of which he'paid out of his own moneys and £BO from money borrowed from Mr. R. Priske. The balance of the purchase money was payable by monthly instalments of £2O each. Subsequently he bought from Messrs Hatrick and Co. an Overland motor tar on terms. Finding that his arrangement with Messrs Hatrick and Co. was not satisfactory, lie borrowed the sum of £3lO from the Mortgage, Loan and Agency Co., Ltd., in November, 1915, on the security of the 'bus and car, which enabled him to pay off Hatricks. In October, 1018, the amount due to the Mortgage Loan Company had been reduced to £163 IBs. He then bought a Buiek car for £433; to pay for which he borrowed from the company the further sum of £335. In the following month ho borrowed a further sum of £75 from the company. Recently he found that owing to 1 the heavy cx•penses the business was nob paying, and lie therefore arranged with the Mortgage Loan Company to have the Overland and Buick cars put up for sale, wjiich was accordingly done, the cars realising £444 3s 3d. A few days before filing his petition, his motor bus damaged by fire. This rendered it impossible for him to continue fyis business. He attributed his bankruptcy to the competition existing in tire motor-car business, and the heavy expenses of carrying it on. The (D.O.A. said he was afraid there would 1)o very little for the creditors. In answer to the D.O.A. bankrupt said the Mortgage Loan Company bad possession of the.'bus. The amount of insurance in connection with the damage to the 'bus by fire had been assessed at £l4O, so'iie'had heard. His indebtedness to the Mortgage Loan Company was £lB5 10s 9d. He was married and had six children. He formerly owned a racehorse, Festoon, which he sold last October for £35. a friend taking it in part payment for a loan. Mr. Wooldridge considered that for anyone wanting one the 'bus would be worth £l4O.

Bankrupt was questioned as to his sale of the liorse in October, when for several montlis afterwards he continued ordering the feeil for it. without notifying Mr. Micoll of the sale. Bankrupt's debt to Johnston Bros, was stated to be mainly for benzine. After some further discussion, Mr. Nicoll moved and' Mr.. Nolan seconded: That the D.O.A. ascertain tluilf the securities are in. order, and thift the rest of the assets be realised to tbe best advantage by the D.O.A. • The motion was carried and the meeting terminated.