MEETINGS OF CREDITORS.

Wairarapa Daily Times, Volume IX, Issue 2950, 14 July 1888, Page 2

MEETINGS OF CREDITORS.

A meeting of creditors in the estate of James Thompson, adjourned from last meeting was held yesterday (Friday) afternoon, before Mr Sellar, Deputy Assignee. The following creditors were represented Chamberlain Bros., E. McEwen, 6. Heron, E. Feist, T. Lett,: W. Perry, 6. S. W. Dalrymple, and L. J. Hooper. Mr Beard appeared for the debtor, and Mr Bunny for the Assignee. Mr Beard stated the receipts as taken from the ledger amounted from Ist April 1885 to 2nd July 1888 to £8505 Is lOd, besides these there was £llOO borrowed, and £lßsßlos 7d for renewals and exchanges. .The debtor said lie kept no cash book, but his bank book showed all expenditure, Mr Sellar read the statement in detail. ,

Mr Bunny submitted there must be other monies besides the sums appearing in the bank book. Mr Beard saicl he understood that a statement was to be prepared for this meeting by the Official Assignee. Had he known sooner that the debtor was to prepare it lie should have Been that it was prepared. He was sorry there was such a misunderstanding "in the matter, Mr Sellar said tlie debtor bad received certain- sums and there were no details given of its expenditure; 1 They were 'quite satisfied of the receipts but there was nothing iu the ledger to show the expenditure. After considerable discussion a motion was passed that the debtor have four days granted him in which to prepare and deliver to the Assignee an explanatory statement of the expenditure. The meeting adjourned to Friday next.

A fust meeting of creditors was held yesterday in the estate of Robt, H. Elliotte, four . creditors being present, Mr Pownall appeared i'oi the debtor. Mr Sellar presided, ani read the statement of the debtor. The unsecured creditors are T. Parsons, i 52; R. fimuier, £ls: G. Hill, £2O; Anorak Co., £2G 15s; J. Thompson, £80; Graham & Co, £80; Edmondson, £18;; Dwan Bros.. £18; J. and C. Herbert, £480; J. Fuller, £18; Fabian Bros., £5;. W. Meill, £2O; H.Peterson, £5; 'Barker and Williams, £7; Total, £732 15s; assets, £1)0; deficiency, £048155. Mr Bunny, for the assignee, examined the debtor.

Tlio debtor said lie purchased from Messrs Herbert 1000 sheep at - 9s Oil each, on bills. He placed them on bis Maori lease ground. He had given the wool to Murray Roberts & Co., who are agents for Messrs Herbert. He bought 165 sheep from Viles at 2s per head, and he bought 22 rams at Carterton. ' Had bought no cattle, He believed Messrs Herbert seized tho sheep on - liis place. Did not know bow many, Believed the sheep had got mixed with his neighbors, He was not acquainted with the country, Had written to his neighbors, asking when they Would muster.

Mr Herbert, jn answerto Mr Bunny said about a lhontb ago lie took possession of 240 sheep; owes?, and wethers, and 90 lambs, They included about 12G of the originaltho'usand, Tlio debtor said be liad not sold any of the sheep. On the first shearing, January, 1256 sheep were mustered. He last mustered for shearing in February, 1888. There were then about G2O ewes and lambs. Did not take; steps at that time to ascertain where the rest were. George Harvey sheared for him! Did not know of liis own knowledge that number was correct. Was quite satisfied the remainder were among his neighbors' flocks. His sheep were ear-marked and the ear mark registered. His wool was taken by Messrs Herbert, The previous, clip was sent by him to Murray. Roberts and Co, In November, 1888, lie was not in debt except current accounts, and'was perfectly solvent. He first began to got in. difficulties st Mangamalioe. Had not taken a shilling off the leasehold property. Was perfeotlv solvent in March, 1886. He attributed his bankruptcy to heavy expenditure in wages and provisions on the run, and travelling baokwards and forwards himself without any returns. He closed his banking account two months

at Mangamaboe, as he employed no labor. Ho got L2OO in casli on selling out to Mr Power, He paid tho whole of that away, and could produce receipts. The balance of the purchase money was paid in bills, and lie transferred them to Mr Parsons, ■who refunded him LdO in cash, for which he gave a bill. He got judgment from Mr Power for L 25: for breach' of contract, and that was retained by Mr W. G. Beard, with whom he had an account, in payment of his-debt;.: He saw some sheep belonging to the run on the adjoining laud. Ho felt sure ho could recover the balance of the sheep when his neighbors mustered their sheep, whioh would not be till after lambing season. He had four or five differeut'men looking after the sheep. The Assignee said it appeared to him that there was very little for the creditors toget, exoept Meaars Herbert, who would have to look after their own asset. . " :

The meeting then closed,