MR SIDEY'S BANKRUPTCY.

Wairarapa Daily Times, Volume 2, Issue 577, 24 September 1880, Page 2

MR SIDEY'S BANKRUPTCY.

(From the N.Z. Times), - A. meeting of the creditors of Mr F. Sidey, auctioneer, was held at the Grand Jury Room, in the Supreme Court yesterday morning. Mr Allan appeared for the debtor, who was also present, and thirteen creditors attended. The liabilities were given at £10,587,5 a 7d, and the assets at £12,795 9s 2d. The principal creditors were stated to be secured for more than the amount of their debts. Amo'nc; the creditors of the estate are Mr-J. McKelvie,£Bßos 6s. 2d.; W. B. Rhodes,£666; Bank of New Zealand, £497; Mr.- Gary. £99; Taylor and Watt, £69 3s Id : Ladd and Nathan, £54 8s ; Turnbull & Co., £35. There are sixty others, the amounts varying from a few shillings to £3O.- : Mr Ladd ,was chairman of the.meeting. -Mr Laubere proposed Mr Ladd should be trustee. - Mr Gary proposed Mr Ladd and Mr W, Waters: should be joint trustees/ and this was carried.— Mr Sidey stated there was a general impression that : his bankruptcy was owing to;Mr;Cary-having obtained' a judgment against lrimJ but it was not eo. - . He had-been for a year or-

two under jvery heavy expenses, and although lie j had done a large business it was utterly impossible to, pay them, 'He found he was gradually going to the bad, and Mr [Gary's action brought matters to a crisis, If he (Mr Gary) had been allowed a preference the other creditors would have been done an injustice.' He could not allow thatj and he had therefote filed, ■' though he might hare been abl ejo 'on -a few--'monthsrlonger.: business had beea large his expenlM had > been over £2060 a 'year; and though. l he - had done his-, and made every, economy, things were bo. bad in town'thalT" the balance went .the. wrong way,i Whe-'-i; ther he filed nowor'six'monthg hence it would be the Bame thing." "Mr Gary had been rather sharp in 'removing his judg ment to'the Supreme Oourt^and'',he had,.. been allowed a preference other charges' w6,uld' : liave been "looming beforei-'himV" The estate;was real property>as put oh;one; : sidty : %hich would all go to the secared creditors. " The liabilities to the ; unsequred creditors ' 1 were;about LGSO, : and tome'et thit there (fas very little—merely the balance" of '■ - his stock in the Arcade, LIOO, about LSO " .worth of good debts, and about "Ii 6 0: worth of furniture, If all the debts'were got in, and the things sold for anything.'.: like cost price, the small creditors would get 10a in LI, but as that was : not possible, about 5s would be', all that.could.be : got, and expenses might reduce that to 45.; He (Mr Sidey) was placed in a most unenviable position, He had come t0,., the colony with a considerable amount of ~ mouey, which was all gone, and after he had got hia discharge he would be. left • penniless, with no house, and without a stick of furniture//; There had beemsome rather nasty remarks made about his business being carried on/by his son and his clerk, and it had even been asserted that it: was ali a , dodge, It/was 'not so. _ He only owed about L6OO and if the business was kept together—it was now a' '• good one; he had been years in building it up—he could pay everyone in full.within 12 mouths, when. he had got rjd of the heavy charges which had so pressed him. ; That was why he tried to keep the business; together. Confidence had not been •/ jost in him, for merchants had told him he might have whatever he wanted. If his business kept as good as it had been, everyone could be paid in full in a short time, and that was why the new firm had been put in.—Mr Allan aaid he had advised Mr Sidey that it was possible the judgment for Mr Gary might have been upset, but that would have inrolved time and expense, and lie therefore thought it . -best that Mr Sidey should file!— The, ' Chairman : No doubt it was.T-The meet: ing then terminated. ;