MEETINGS OF CREDITORS.

Temuka Leader, Issue 1994, 14 January 1890, Page 4

MEETINGS OF CREDITORS.

A meeting of the creditors of Drummond and Glasson, drapers, etc. was held in Timaru on Friday. Drummond's private debts total £267 16s lid, and Glasson's £69 16s. The unsecured debts of the firm are £15,650 17s 7d, and secured £3474 13s 6d. The principal creditors are Stewart and Macdonald, Glasgow, £11,560; Ross and Glendining, Dunedin, £450 19s 9d ; Sargood, Son, and JSwen, Dunedin, £398 12s 2d ; Kaiapoi Woollen Company, £569 7s 7d ; D. Clarksou and. "Co., Christchurch, £361 13s lOd; Butterworth Bros., Dunedin, £lB4 3s 6d. In their examination the debtors stated that when commencing business Drummond paid in £IOOO in cash, and Glasson £6OO. They obtained an advance from Mr •i<is. L. Coy of £ISOO, and bought Coy's interest in the book debts of the firm of Coy and Dummond for £ISOO, giving a bill of sale over their present and future book debts. The book debts realised £3OO. W. G. Drum mond said the £IOOO put into the business was really his brother's, Charles Drummond, who had in all advanced £ISOO, and for this amount the firm bad given him a second mortgage over the book deb(s. Eesolutions were carried appointing Mr Gunn (representing Stewart °and Mcdonald), and Mr Wilson (Dunedin) supervisors; affirming that the costs and debts incurred by the late trustees be treated as Assignee's liabilities ; authorising the Assignee to employ assistance as he might require; and allowing the debtors respectively their furniture, valued in each case at £7O. M r Raymond appealed to the meeting for some further assistance to the debtors, but this was refused.

The same day a meeting of the creditors of Michael Buckley, of Orari general dealer, was held. The statement showed-unsecured creditors, £lll 13s 6d ; book debts, £2O; furniture and wearing apparel, £2O • deficiency, £9l 13a 6d. The debtor was represented by Mr Hay, and two creditors were present. He said that he commenced business a few years ago with one Vince, and that his reason for filing was that the old creditors of the firm of Buckley and Vince pressed him for payment. Had been lately making a fair living as a general dealer. Sold some property 12 months ago, and had sold a horse and harness lately to Hullen for £2O. Had also sold a horse for which he (Buckhy) paid £IG to his brother-in-law (Fifield) who gave £l2 for it, the difference in price arising through the animal being damaged. Had no property now. Mr Dunlop thought there was something wrong about the way the horses and cattle had been disposed of. Mr Coulter was not satisfied with the way some live stock had been got rid of. The debtor said that he had two cows. One belonged to his wife the other to the creditors. HaJiaJ-**-changed the cows for some pigs, and the money got for the latter he bad paid away to certain creditors. The examination was adjourned so that the debtor could produce his books and all his accounts.