MEETING OF CREDITORS.

Wairarapa Daily Times, Volume 6, Issue 1610, 15 February 1884, Page 3

MEETING OF CREDITORS.

MESSRS O'MALW & PEPPERILL'S ESTATE, (From the Post,) A meoting of croditora in tho o;,tito of Messrs Charles O'Malloj" anil Thomas Pepperll, of Wellington, contractors, wab held in tho grand juryroom oi the Supremo Court at 11 o'clock Ihia morning, Thero was a moderate attendance of creditors, In the absence of Mr 0, C, Graham, the Official Assigne, who is at prosent on business in Nelson, Mr Lowes, of Masterton, was elected to the chair. Mr W, T, L. Travers appeared to advise on behalf of tho Official Assignee: Mr 801 l appeared far the debtors, and Mr Hall for certain oroditore. From the Bled list of liabilities and assess, a document wbioh the chairman observed was of a most incomplete charocter, the following particulars are tokon:—Unsecurod oroditors, £4857 2s 20d; secured creditors, £3420, less estimated value securities, £2845, equal to £575; surplus to contract account and other liabilities, £089: total, 16121 2s lOd , property as Hat, ±'4ooo [ doficioncy, -£2121 2s lOd. The following are tho principal unsecured creditors':—Lowes & fining, £14419s Id; W. Perry, £143 Is . sd: Burnett & Yule, £2BO Is lid; D. F. McCarthy, £100; T. Flaherty, £l3g; - Blower, £300; Wbiitom & Co., ±'lso; '..-. Hubbard, (Ohristchurcb)' £150; . Bank of New Zealand, Masterlon. £600; Reeves and Co,, £100; T. W. Young, £73; G. Mannmjr, £84195; wattes (Masterton), £600; do (Foxton), £llß3 10a; stores, <k, £161; Mr O'Malley's private aocount, £354; Mr Pepperell'B private acoount, £55 Is lid; total, £4857 2s lOd. Seoured creditors—Partnership accountBank of Now Zealand, Masterlon, £OOO, .value of security £300; Bank of New Zealand £ISOO, valuo of security £ISOO. Mr Pepperell's account—Union Bank of Australia (Christchurch), £305, value of

security £330. Mr O'Malloy's acooinitJoynt and Percival (Christchurch). '£6oo, value of security £300; 'W. B. Percival (Christchurcli), £lls, value of security : £ll6—total debts, £3420 ; estimated value of security, £3845, Reclamation account—£Gß9, including tho following; items:—J- Duthio, £150; A. A, Barnett, £160; Luke and Willianw, £9O; Crabfree and Son, £80; Stratford and Co,, fffi. Property list —Horses, draya, har« hbbß, rails, timber, blacksmith's shop, waggon, ropes, timber, tools, and general contractors 1 plant,' Master-lon, £G00; inttirest in Maeterton contract, £3400; total, £4OOO. ■; . . • Mv Travore stated, with regard to tho Masterton Opftki Contraot, the Government had taken possession of everythinr* and wore now carrying on the contract at the risk of the.contraotors. With regard to the To. Aro reclamation, finding, that they wore unable to carry that work on successfully, Messrs O'Malloy and Pepnavell made an assignment of the contract of their sureties, Mr Corcoran, ■UmJer which he was to carry on the for the benefit of all concerned, ~t to the existing rights of the Corporation, Notice of that arrangement was given to the Corporation, and tho assignment was completed in the interests of}!)() creditors and all patties-concorncd. Itiyas hoped (hat if ibis contraot wero a benefioial one it wo'ufd Jjaje been allowed to be carried on by the Assignee. Howover, the City Council yesterday took possession of all plant and material and ousted Mr Corcoran. Mt A, A, Bamett said the estate seemed to be teeming with legal difficulties, what ever way they turned- He himself was in favor of first taking the sense, of the meeting as to whother the (settlement of the claim of O'Malley and Pqperell against the Corporation could not be adjusted by arbitration. This, would save a lot of time and endleßß disputes. The Chairman' pointed out that the fact of supervisors being' appointed would not prejudice that step at all. Mr Dathie said he could not afford to . time to look .after the estate as superVlßOr, ':.:.;; 'X. . , ~'•.;;,', ,:/ Mr Batn»U ihat, "»i a complicated MteiiKS'lmsT where therewas feryjittle'chanofl of tecoWing anything

in return for one's services, be should also decline to act, As a fact, he regarded supervisors as tho fifth wheel of a coach. Mr Healey enquired what bad liecomo of tho capital OWlalley andPopporoll had received on account of i heir ountmcts,' Mr Fepperell complained that he had tried to get possession of the books to make a detailed statement, but was | unable to do so ; they were being huwkod ' about Master!on, and ho could not get a sight of them. Tboy bad done ifiOOO or .£7OOO of work at Masterton, and had only received £B4OO. In regard to the olaim of £BOO for wages, there wall not moro than £2OO owing legally. Mr Healey pointod out that the books would not show what the assets wero; they only showed liabilities, Mr Pepperell Baid tho Government held the assets. Mr A, A, Barnelt, after further discussion, moved, "That the Official Assignee be ompowered to apply to. the City Council requesting them to consent to the dißputod claim of O'Malley. and Pepperell being adjusted and settled in the usual form of arbitration, Mr Burnett seconded. Mr Pepperell here remarked that there was ono City Councillor going about boasting to tho workmen that tho Council had been lucky enough to keep back £650 due to the firm, to whom the Council waß indobted to the extent of £2OOO. The motion was then put and negatived. Mr Barnett thereupon moved that the meeting stand adjourned for threo weeks, the meeting to be held at 2 p.m. Thin was agreed to. Tho procoodings then endod.