Meeting of Creditors.

Wairarapa Daily Times, Volume IX, Issue 3033, 19 October 1888, Page 2

Meeting of Creditors.

A first meeting of oreditors in tho estate of Fabian Bros, of Greytown, was held in the old Court .Boom, Masterton, lii the absence of the Deputy Official Assignee, Mr P. Muir was appointed chairman. Mr Bunny appeared for the. Assignee, Mr Beard for Thompson Sliafmon&Co;, on whose petition tho debtors wereadjudged bankrupts, 1 The statement filed 'showed unsecured creditors JE6I6 ; 17s, - seciued £lllO3 fid. Total—£726.l7s ' fid. •Tho' assets consisted' of 'booli debts .valued at 4186 ICa 2d; estimated to produce £l6O. The creditors; are! John Fabian, Greytown, hotelkeeper, £298 2s 9d; Thompson Shannon '& Co„. Wellington, £297 12s 7d; John Fuller, Greytown, £ll ss. Bd;F. Muir, Greytown, £6 8s fid; Northern Boot and Shoe Co., Auckland £7los. Secured oreditors, W. and G. Turnbull & Co,, Wollingtbii. Os fid. two promissory notes endorsed by John Fabian,- hotel-keeper, "Grey-

i town. • ... .; i OMife Edward-Fabian in his exi animation said if Thompson Shannon • & Go. had not forced them linto'. the , bankruptcy court .tliey- would- havo beon' able to liavo collectod the ! majority of their book'dobts for'the benefit of their creditors, Thompson : Shannon & Col, had taken ovnr their stock at one third less than its cost price ? audbY their notion had forced them to realise onth&ijalanco of their s'ooH consisting of ironmongery &c at loss pf 75 per cent; Tliey owed at that time to that firm £6OO and tliey took over over £sso's worth of goods; and all they givo'oreditfor.was £B6O, They , closed .business in'-July, 1887; and since had received adyancesin money from Mr Johii Fabian to the extent of £2OO which Jiad been paid over to various creditors. > ilia firn? had half interest in 260 l acres in the 'Forty.Slile Bnshj-whioli they-bought from tho Government on deferred payment, and whioh their brother tloliu.bauglit off them, lie being the holder of the other lifdf &lifU'e. iThe) had been forced io sen to satisfy the the wliolo of the money 'had been paid into the bank, ' They also had half an aore of land in Greyfawn, and sections in- Midhurst, bul they jWere of no value.. They were in of £6O rind wentito. Mi who deoHne.il tq jw them money on the security and thej sum They were not wortl: the money if put up' for sale." Ihej had tried to.get. in the book debts owing to' the firm,.b'ut- jthey' \ver< mostly; Maori accounts, aM Itw of no uso pushing ibf tjpp*to b< Settled., until,ctbo .jLarid'ebixjr; now Bitting in Greytown was closed when'they would. probably be ii funds. They had destroyed all thi bobks they considered .useless wliei

they gave uj) business, as iboy had no plaoe iii which to keep them, The cash book was destroyed, hut it was only a rough one,' and all monies paid- out were hy cheques, if the amounts o.wed exceeded a pound, All monies received were, paid into the Bault of New Zealand, ; Alexander Fabian, examined by Mr Beard, said s-He had no furniture or other assets. Had no interest in any other lands except thoso mentioned by the last witness.' In 1884, they started business in Qreytown, and their qamtjil was'not rauoh above £SO. ..They gave Tljprppson Shannon# Co,, an .ord® :for £8000; and had dealt mtlj them uli through.

brother was the accountant and made all the entries, ; Had boon' employed ;; at Mr John Fabian's hotel since, anil was paid "wages, Ho gave ,110 receipt for wages. 3lr John Fatian was bis brother. : ; ' ; Mr J. Fuller moved that the, debtors get their immediate discharge. Mr P. Miiir (Chairman), -secondedy the motion, and in doing so that as far as be could see,' Fabian' JBros. had been put- in a, corner, and • bad done their best to get out of it. He did not think anything more was to he got out. of the estate,', Tlie' motion was put and declared carried. For the proposition Messrs J. Fuller, F, Muir, and J. Fabian, representing JSBBOISs 5d of the creditors. Against"; nil., ' . . 'fir Beard""lodged an objection against* tbe motion, but as he had no proxy, .lmt: was only acting; as solicitor for Thompson, Co., the chairman refused .his vote'.., ■ Vii . - ' «Jir<'J. and, Mr J. Fabian seconded,' That' the .book' 'debts be.handed'over to the debtors for their benefit!, j The motion was carried in the same manner as the preceding one. Mr Beard asked ■ the chairman to . John Fabiari, as' he- wished 1 .to alk him'a question. Mr Buniiy said that could not bo done, but iMr J. Fabian could exercise his free .will iii, the matter. Mr Fabian stepped forward in dire wrath... "Now; sir 1 what'do'you .wjmt with me sjiid he, glaring at Mr Beard. V- ■ ■ !'I want to as.k you a : question, aiid • Trant/yon to''answer it oh your oatli,"/said : the; lawyer, smiling sarcastically. " Will you do bo .?" . v, "No;i will jn'ot," answered the. irate; creditor,' and he resumed his seat.i \ '■ // Mr ■ 'ho intended to get aii aiiswer fronj' Mr Fabian; some-' ■wboißelse.' Mr Fabian: I ihiw your attention, Mr Chairman, to the bogus proxy Mr Beard M'oii the table. Mr Beard; I never professed to hold ; a'pr6xy. ; ' i Mr Bunny said the creditors might' have saved' themselves the trouble of' passing the last resolution, ns. it' would have no effect. ' The meeting then closed. .