MEETING OF CREDITORS.

Temuka Leader, Issue 2379, 7 July 1892, Page 4

MEETING OF CREDITORS.

An adjourned meeting of the creditors of James Streeter, of Temuka, was held on Monday. Present —Messrs Kinnerney (for Mr Border), Inglis (C.F.C.A.), J. Brown (Temuka), and Hay (for the bankrupt), and bankrupt. Mr J. Brown, sworn by the Deputy Assignee, produced bailment and bill of sale of dates 1887 and 1891. The bill of sale of March 3rd, 1887, included traction engine, combine, elevators, tarpaulins, tools, and fittings thereof. Early in 1887 Streeter asked him to purchase the engine for his (Streeter’s) use at £750. Paid £6 16s for fitting it up, besides the £750. Streeter also wanted a wire rope ; got him one at £2O. Streeter gave a bailment of same date, March 3rd, 1887, at £lO per month, which represented hire. There was no agreement that witness could remember that Streeter was to repurchase. If he had repaid the money and 10 per cent, might have handed the machines over to him. Could not recollect that any such arrangement was made. Witness considered the machines his own property, bailed to Streeter. As Streeter had not paid the £lO per month, charged him interest from Ist January, 1887 On 31st March, 1887, Streeter gave him a mortgage over his other threshing plant to secure £2OO and interest at 10 per cent. This £2OO was credited to Streeter on account of the traction engine and combine. Between January and July an arrangement was made to take 10 per cent, interest, but this was not to exclude witness’ right to claim the £lO per month should he desire to do so. The books showed that on 3rd March, 1887, Streeter’s current account was square. Produced statement of receipts from Streeter and of expenditure on account of bill of sale. The next security was a bailment of 14th October, 1887, over six horses and farm implements j rental 5s per week until determined by one week’s notice in writing. On that date, or a day or two before, witness purchased these stock and chattels for £6O, paid in cash to Streeter. Could not say if any sale note passed; there might have been one. They remained on the farm all the time. Produced account of this transaction. The next security was a bailment of 6th July, 1891, over stock purchased by Streeter from witness’ brother, Mr E. Brown, 12 cows, binder, chaffcutter, buggy, etc. The rent was £lO a year. Paid E. Brown for these, with costs, £IOO. Did not know under what security or conditions his brother held the property. Was not sure that he got any transfer receipt or assignment from his brother. Since the execution of the documents the property had been in the possession of Streeter, but witness took possession under the securities and removed the property. Streeter delivered the engine himself, and witness’ man fetched the rest at different times, before the private meeting. Had realised some of the property, some before and some since the private meeting, and produced the accounts —six cows to Mr Lee £24, four cows to Mr Stack £ll, about three weeks ago ; tip-dray, and two horses and harrows to Mr Lee, £2O; chaffcutter, about a week ago, to Mr Brogden, £4O. There was, he thought, no arrangement that Streeter should repurchase the pronerty comprised in the bailment of Oct. 4th; could not say definitely. There was a compulsory purchase clause, at £IOO, in the last bailment. Could not say whether there was a sale note of the property comprised in the bailment of 3rd March, 1887.