BANKRUPT SAWIMLLER.

Taranaki Daily News, 2 December 1922, Page 5

BANKRUPT SAWIMLLER.

ESTATE OF J. H. ROBSON. •CAN MAKE NO OFFER." Owing to the illness of the bankrupt and the absence of a quorum the meeting of creditors, to have been held in New Plymouth yesterday in the estate of John Harrison Robson, sawmiller, of Stretford, lapsed. Besides the D.O.A. (Mr. J. S. S. Medley) there attended Mr. A. W. Webster (Bank of New Jsouth Wales), and Mr. A Coleman (Hawera), who appeared on behalf of the bankrupt. The finanbial statement showed debts owing to unsecured creditors £439 Is id, to secured creditors £2370 15s lOd (less estimated value of securities £1400) £970 15s lOd, a total indebtedness of £1409 10s lid. Against this the only asaets ghown were book debts estimated to pro duce £4O, leaving a deficiency of £1369 16s lid. Details of the debts owing to unsecured creditors were given as follows: V. Thoxnp son, Huiroa, £47 Ils 4d; P. Brooking. Stratford, £144 12s 3d; W. E. Benda!.’ and Co., New Plymouth, £2O 16s 9d; B. Harkness, Union Foundries, New Plymouth, £57 6s 9d; W. Curd, Stratfrtrd, £25; M. C. Aagaard, Stratford, £7 10s; Weston and Biffing, New Plymouth, £l6 7s 9d; J. F. Gillanders, Hawera, £6; A. E. Surrey, Inglewood, £5; McMillan and Fredfic, Stratford, £9; Taranaki Daily News, New Plymouth, £6 10s; J. B. McEwan, Ltd., New Plymouth, £2 17s 6d; Marshall, Doug las £l9; Halliwell, Spratt and Thomson, Hawera, £7l 8s 9d; a total of £439 Is Id. The only secured creditor is the Patea Farmers’ Freezing Company, Ltd., the amount of whose debt was shown as £2370 15s lOd, and the estimated value of the security £lOOO. This amount, it was explained, is due by the bankrupt to the Bank of New South Wales, but the Patea Company guaranteed the account and has mortgages over all the bankrupt’s property to secure the guarantee. WORKING ON A GUARANTEE. “I began business in Douglas as a sawmiller in 1919,” explained the bankrupt. “I had no capital and worked on a guarantee of £6OO by the Patea Freezing Company, Ltd., on the Bank of New South Wales, which was increased to £lOOO in February, 1920, and to £2OOO in August, 1920, i.e., £3OOO in all. I bought the. necessary plant at a cost of about £l5OO. The Patea Company, in consideration of its guarantee, had the right to require me to supply it. with 50,000 superficial feet of timber per month, and I was not to sell elsewhere without its consent. The company failed to purchase the timber. Meantime my wages and overhead expenses were running on, and I was forced to turn elsewhere for a market. A month or more elapsed, during which time nothing was earned, before I was able to arrange with the Egmont Box Company to take white pine from me. The money from the Box Company went into an account of mine at the National Bank, and the disbursements are shown there. The last two cheques frere cashed by my book-keeper and used to pay off all wages, etc., when the bush, at Huiroa was cut out. Unfortunately the timber at Douglas, which would have suited the Patea Company, was too smail for the Egmont Company. Thin small timber was a total loss, as it was not saleable elsewhere, and was left standing on the Douglas property. In June, 1921, I shifted i the mill to Huiroa to get. larger timber, and this meant heavy expense. About June, 1920, I obtained timber rights from Potroz Bros, over a property on the York Road. As no access by suitable road could be obtained to the property I was forced to buy from Waite and Christie approximately 100 acres adjoining, on which I had to pay down £4OO, the balance being accounted for by first and second mortgages of £2OO and £3OO respectively. With reference to the debit of £B5 7s 2d in my ledger against the Stratford County Council, this is more than wiped out by royalty due by me to the council. I also owe rent to Fulcher, but 1 am not certain how much is due. PROPERTY ALL MORTGAGED. “The immediate cause of my filing ffiy I petition was the issue of a warrant of committal at the instance of a firm of solicitors in New Plymouth. If the Patea Freezing Company had been able to carry out its engagements with me I should not now be a bankrupt. I can make no offer of payment. All my plant, timber rights, and the property bought from Waite and Christie are mortgaged to the Patea Comf pony in consideration of its guaranteeing my account to the Bank of New South Wales, and I understand the company, during my illness, took possession of the plant, etc., and is now operating therewith on its own account.” Mr. Coleman explained that Robson had recently suffered a nervous breakdown and had not sufficiently recovered to attend the meeting. It was only possible by much patience to glean from him the information necessary. If it was really necessary to examine bankrupt, Mr. Coleman suggested that this might be done at . a later stage when the D.O.A. had had time to go fully into the position. A doctor’s certificate had not been obtained owing to the expense. The D.O.A. said the position seemed to be that there were no assets except a small amount, of doubtful book debts. He thought, however, that Robson, when sufficiently well, should be examined. Thera would not need to be another meeting, as there being no quorum creditors .were evidently not interested, although a meeting could be called at the request of three creditors. His idea was to have bankrupt formally examined under oath, either at Stratford or New Plymouth. The proceedings were then adjourned sine die.