MEETING OF CREDIT

Wairarapa Daily Times, Volume 5, Issue 1311, 23 February 1883, Page 2

MEETING OF CREDIT

! The first meeliDg of Mr J. Vile's B was held yesterday afternoon in the Mas- ' tsrton 0oprtl)0U3(). Mr Dakymple. a, j proxy for Mr G'H, Shute tfas'vtfUed'tp . 5 ihe pbnir on th,e motion of Mr Palmer flf Wellington, seconded by Mr Qaaplbefg. On the motion of Mr EenalJ: : jf?, ; , Hasell.of Wejlington was , Creditors' Trustee. Mr J. Vile, senior, I who v subsequently entered the room, , dissented strongly from a Wellington ! resident filling this office, .The cow [ mission of the' Trustee was fixediat five i percenton the gross proceeds J of the ■ estate. The Chairman read out the list of the ,-' : . ' debtors liabilities; amounting to £6084 ...j \ i 18s Bd, the principal creditors being Mr A,-, ,. '■■ , W. Renall £3067158 Id, and Mr J. Tile, ."■ i senior £953 4s 2d whu were secured/. The ■.,.' assets conßißted of properties at.Te Ore I Ore Masternm (£500), Taralahi Clareville (£SO), Gladstone, (175), Fitzrierbertown.' (£2s)j i (£sso),totalWSfsecnretfto'MrMa '. ' : for bis debt of J63067 15s Id. F^ithe 1 * i, assetsin the shape of book debts,.(tools . &oii valuedat £1470 were secured't< Mr i J. Vile, senior for his debt of £953. jThe. i balance" of "i.the .nsseia, whioh' were , unsecured consisted of bills, shares, &0., ; .', ■■ &nd were valued at £lB6, the.totat aaehi- ■ '"'' i. beiti(;.pat down-..»t.i£4iß4l;:X' . Mr Oarr pointed-out that the JBIBB ' might be aubieoted to a deduction oi j£5V

for bills beW by the bank, . Mr Haaell, said tho whole of the avail- . able estate had been locked up for the -past two yeava, and they wore now asked to acospt an assignment which virtually rneant sixpence in the pound. Ho doblared that tho debtor had been ruinously insolvent for two years, and unlesshe wero prepared to offer some reasonable explanation it would be necessary to put him on his oath, : Mr J. "Vile-said that in 1878 he was in business as a wrier and conducted a large trade. 1 which rotnrnedmono year as much as 1/15,000. At that time a good deal of paper was current m tho town, and he held a good deal of it, which was dishonored and debited to his account, When he commenced bußinoßS he had a capital of LBOO. Ho got into difficulties through having to pay other people's debts, and was advised to raise money to olear himself. Ho negotiated an advnnco through the Bank of New Zealand, for which Mr Reuull became guarantee. That did not suffice to clear him,'and ho subsequently borrowod a further sum, fur which his father became security, Pinoe then he had been heavily handicapped with interest and bad debts. When ho entered into arrangements which ho made with his father and Mr Renall he did not realise tho position in which he was in, nor had lie the slightest intention ; of prejudicing tho claims of any of his other creditors. Ho was very willing to give all the information in his power. MrHnsell, as trustee, expressed dissatisfaction with the explanation. Ho desired to know how the debtor's pro-pt-ty had been mado away with two years ago. It was arranged that Mr Sandilands should, on behalf of several creditors, examine the debtor. Job Vile, sworn, deposed thai he commenced business in Maiterton about the year 1876 or 77. In 1877 ho became possessor of the Tatieru estate of 800 acres, for which he paid £4OO. He did not use the till 1880 when lie put a few sheep on /'' sheep and 20 head of cattle running on it. In 1881 lie mortgagad this property to Mr Benall, but three months ago theuiortgage was released. At that lime he valued the stock, ifcc, a! about £3OO. Mr Renall was paid by his father £2,200 for the release, £2OOO being for advances, and £2OO for interest, The security was then transferred to his father. He had another block nt Taueru containing 740 acres and an adjoining leasehold of 400 acres at an annual rental of £IOO. All tho Taueru land was mortgaged to his father in 1881. The 740 ncres was mortgaged to him with a collateral security for an advance of i'.500, Out of this £ISOO £SOO wem in reduction of a debt at the bank, the balance was advanced by the Bank of A ustralasia on the security of his father. In November his father became the owner of the Taueru property. Witness received £6OO for his interest in it, which sum went to pay pay off his overdraft at the bank. Mr Sandilands: Did you receive any of the consideration money for the sale of the property ? The debtor: No I Pid your father raise money on the security of the Tautru properly to pay off Mr Repairs mortgage ? I believe he did ! Do you know the amount he raised ? I believe he raised £2,8001 Was any money handed to you in connection with the sale? Not by hand, but it was made available for me at the Bank of Australasia I How much was made available ? Fifteen hundred pounds I Was it made available by an actual deposit, or by a guarantee? By the guarauteo of my father 1 Did you draw the £1500? I did I What unsecured properties have you ? Some country seoiions, and shares in the Building Society and Meat Export Company I What is the value of your interest in {he bill of sale to your fai]]er] The bill of sale covers property fo the ' extent of £1430, and my debt fo my father is J953; the balance therefore would be Ml 71 ' Do you consider there will be a surplus pffiflfl Yes, if my book debts are collected! Ppw much of the book debts are good! j cannot say I Have you made any allowance for bad debts? No; there might be £2OO worth of bad debts among them! Then this reduces the surplus of 1477, to £277? Yes! j)o you think that ovop 1277. will be available for your unsecured creditors ? I would not like to say I Do you think any of it will be available] Yes! How much ? I cannot say 1 Who does the horse and cart which you have been driving belong to 1 My father, I presume I Are they included in the bill of sale \ The cart is not I You bought a house a short time back I My wife bought one, with the assistance of her brother, which represents a sum du,e to her under her father's'will I ' ; You Bid nptj yourself/ pny nhy'mopey for the house 1 Nol Who is now in occupation of the Te Ore Ore property 1 Mr John Livingstone repts it fpr the present [ Where is the furniture mentioned in the bill of sale ] In tho house purchased by my wife, Have you sold your stock in your late Store ] Yes, to Mr Langton who paid for it in bills amounting to £OO, What became of theeo acceptances ? They were handed to tho Bank, Why hand £9O to the Bank to reduce itß debt 1 Had you dishonored paper at the time you gavo these acceptances to Bank of Australasia! ALI cannot swear positively, of tho creditors at this stage the debtor's memory as to his . having dishonored bills prior to this date and he admitted that such was the case. The debtor explained that a part of the acceptances in question were discounted, &nd the balance"placed jn t)ie hands of the flank for cpilection, Mr Hnsell said the debtor could trace dishonored bilh for twelvemonths, Mr Caselberg said there was no harm jn ({lip. It was oply fashionable. After some further unimportapt questions the meeting adjourned. •