MR WARD'S BANKRUPTCY.

Waikato Argus, Volume III, Issue 157, 15 July 1897, Page 2

MR WARD'S BANKRUPTCY.

A jiketino of Mr J. G. Ward's creditors took place at Invercargill on Tuesday. His statement shows (omitting shillings and pence) : Unsecured creditors, £31,565; secured, £86,926 (less estimated value of securities, £45,510), deficit, £41,416 ; total debts, £7'2,651. Assets : Cash in hand, £7O ; furniture, £2OO ; total assets, £270 ; deficiency, £72,411. The principal unsecured creditors are the J. 0. Ward Farmers' Association (liquidation calls on shares), £80,400 ; Oliver Samuel, solicitor, New Plymouth, £350 ; Ward Farmers' Association, £207 ; A. Lee-Smith, Duuedin, £l2O ; J. B. Reid, Christchnrch, £IOO.

Mr Ward's secured creditors are : Bank of New Zealand, £7211, secured by sundries of thit value ; Bank of New Zealand, £17,000, secured by the face value of Nelson's shares, £16,000 ; Bank of New Zealand, £55,150, secured by equities £3OOO, and the surrender value of a life policy, £3OO ; Scottish aud New Zealand Investment Company, £3500, secured by a mortgage over land and building in Dee-street, Invercargill, valued at the same amount ; Mansell's executors, Duuedin, £I2OO ; secured by mortgage over land and buildings ; Deestreet, valued at £I2OO ; Maitland's trustees, Duuedin, £2065, secured by mortgage over laud and buildings in the Crescent, Invercargill, valued at a like amount ; Bank of New South Wales, £7OO, seemed by the Invercargill Tramway Company's stables, etc., valued at the same sum.

After the Assignee had read the statement, Mr Howe, representing the liquidators, moved that the debtor be requested to prepare and deliver to the Assignee before the 3rd of August, or within such reasonable time as may be fixed by the Assignee, full, true, and particular accounts and balance-sheets, showing the particulars of receipts and expenditure of his stock-takings, ami of bis nrotits and losses during the period of three years before the commencement of bankruptcy, and that the Assignee be requested to give the necessary notice, and to take the necessary steps for carrying out the resolution, and that the meeting be adjourned to the 6th August to enable the Assignee and creditors to examine ami consider the statements. After discussion, the motion was carried by value, two voting for it (the liquidators of the association and of the Colonial Bank), and cine against.

There is a possibility that the examination of the Hon. J. G. Ward and the directors and otliecra of the Ward Farmers' Association may not be open to the press. The usual practice under the Companies Act is not to allow notes to be taken, and eveu counsel engaged in the case are supposed to destroy any notes they take in Court. It is understood that unless a strong case is made out for the examination being public, Judge Williams will take it in camera, sitting only in Court for the convenience of counsel, instead of in his own room.