IN BANKRUPTCY.

Wairarapa Age, Volume XXXII, Issue 10074, 21 June 1910, Page 5

IN BANKRUPTCY.

MEETING OF W. H. L')NG AND CO/i CKKDITOXS.

A meeting of ctedilora in tie bankrupt estate of W. 5. Long and Co., butchers, was held beiore Mr W. B. Chennells, D.0.A., yesterday, in the Masterton v.o.irthouse. Mr C. A Pownall appeared fur bankrupts, at d lodptd.tue lolloping objection:-! ne oei.iurs appear at this meeting ana til.- Ineir bialtmti.ts under prrjtcbt, as ihtry li.aintaiii ti.ac they lave not i.gaiU' or on ai y proper or Fi.ffie;*.-;t petition been made bankrupt, and that they propose to move a Judge of the Supreme Court to review the orcter ot adjudication. Mr Chennells said that the present proceedings could go on with out prejudice to the appeal. Mr Chennells said that the or,J/ statement which had yet been filed was in cunnection with Long's private estate, which showed liabili r tie 3 £BB .23 3d, assets nil. The following are the creditors shown in the statement:—R. J. King£s 13?, H. Whitt and Co. £B, Inns and Goddard £4 10s, Wairarapa Age £9 13s 6d, C. Brewer, Maryborough, £1 10s, W. Burridge, Carterton, £1 Bs, Arlow and Co., Ounedin, £ll, Wellington Meat Export Company £25, Gresg and Co., Dunedin, £ls Bs, 9d, H. Berry and Co., Christchurch, £6, B. R. R.yner, cannot estimate amount as no accounts were rendered by Rayner. Mr Long made the following written statement:—l starta.J- b.uinesa over two years ago as a butcher in Masterton. I arranged with one Aronsten to manage the financial part uf the business on a percentage. I got nothing out of the business. Litigation ensued with Aronsten in which l was successful. I then started business in the Queen street premises with Mr Cork as "W. H. Long and Co." Borne of the old debts had to be paid and our capital got exhausted so that we hid to struggle to pet stock to kill. This and the price of stock caused pressure upon us and we were made bankrupt. The business is a good business and a profitable [one if capital enough were employed. 1 know nothing of figures or financing. I am only a worki g butcher. I have uniy drawn a living wage for my 4 work." Mr Pownall said that when Mr Cork arrived from Wellington by the midday train a statement in connection with the business of Long and Co. would be put in. It was subsequently decided to adjourn till 2 p.m. Un resuming. Mr G. G Cork pnt in the following statement:—"l entered into the business of W. H. Long on 3rd day of June, 1909. The business was and always In* been a good one, but amounts had continually to ba paid away for debts due in previous business to prevent pressure on Long, and we were always short of cash. Ihi3 and the high price of stock, msd* s it a grtat difficulty to procure i stock to carry on the business. Pressure was continually brought to bear, and we were eventually adjudicated bankrupt against our own wish, as in the face of the valuation of Mr Niccl and another, we were not in such a position that the business [could not have been brought round. At the first outset we had to run without much profit, if any, to establish a business that had depreciated considerably duriDg the previous management." In the course of examination, Mr Cork stated that the partnership commenced on June 3rd. Mr Long took over certain bbok'debts, which were collected, amounting to £llß 17s lOd. Witness was to put in an equal amount in the business as Long. They had no capital at all to start with. Witness advanced £6O to the partnership. The partners averaged about £3 a week each out of the business. The profit would not, be less than £2O per month. He could not make the creditors any offer.

By Mr P. H. Rollings: Witness looked after the financial part of the business, and Mr Long the selling portion. The profit averaged about £4O per month. The business was in a better position last November, and if they could get in all their took debts they would be solvent. There was considerable discussion as to what course the creditors should take, and eventually the following resolutions wre carried:—"That the Assignee be authorised to have the books properly investigated with a view to showiug (a) how the firm stood from time to time, and what credit they got from time to time; lb) what amount has been drawn by each partner; (c) what has been received on account of Long (old book debts;, and what was paid on his account by the partner; (2) that Mr Carr and Mrs 'Jarr be called upon to account for profits made between April 11th and June 10th." It was also resolved that the Deputy Assignee lake possession of the shop and call for tenders for the business, and engage Mr W. H. Long to carry on pending acceptance of tenders; tenders to close on Monday next; the creditors voting to indemnify the D.O. A. against all expenses in the meantime. The meeting then adjrinm<r'.