MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XIII, Issue 4252, 25 October 1892, Page 3

MEETING OF CREDITORS.

Estate of D. S. Papmrth. A meeting of oreditors in the above estate was held in, the Old Court House, Masterton, this morning. The statement of aeaeta and liabilities as already published was read. Mr Pownall, who appeared for the debtor, road tho following statement. " My roverses have all taken place since December Ist, 1890. At that time I went into partnership with a Mr Gambrill, to put up a small flour mill at Greytown. I commenced with JSIOO cash and my partner was to find a liko amount. Ho could not find the monoy and retired, when the mill was half finished without paying anything into tho joint account,.. This was a considerable loss oi time and money to me. The loss of a threshing maohine and my inability to obtain the insurance, together with an accident which occurred to me eleven weeks ago, since whon the mill has been ata standstill, is the cause of my filing. The immediate cause is a writ from Mr Gapper." Mr Pownall explained the conditions under whiob the debtor had given security to Mr Gapper, Mr Papworth alleged that he had under the conditions be had agreed upon paid an insuranco premium to Mr Izard or one of his clerks. He bad not been informed that no risks could bo taken on threshing machines. Tlie monoy had boon diverted to other purposes.

The debtor, under examination by Mr Bunny, explained that Mr Gapper sold a threshing maohine to him in March last, for £125, he giving Mr Gapper billsas seourity for theauiount and insured the machine. The sale was completed in Masterton. It was mentioned that tbe machine be insured in Masterton in Mr Clapper's nums, but he bad suggested insuring with Mr Izerd as his solicitor. I sent a Mr King to Mr, Izard's office to enquire the rates on threshing machines. Mr Izard, I think, represented the North German Insurance Company. The rates were written on a piece of paper. Shortly after I wont to Mr Izard's office and paid £7los premium for £l5O insurance on tbe machine. I got a rroeipt from Mr Izard. - Nothing whatever took place between Mr Izard and myself from the time of insuring until after the maobine was burnt, After the fire 1 went to Mr Izard's office and told him what had occurred. Mr Izard snid he bad written advising the olHco to pay the claim, He subsequently visited the plaoe wherothe machino was burnt, and by his advice a man was left in charge of the wreok. Mr Izard told the mau to bring the wreck ot the machine in, A proper claim was sent in within the specified time. Mr Izard in a subuepnt conversation said that the Company refused to pay the insurance, and in consequence he had Bovtred connections with it, and any further communication would have to be sent direct to the Company. Mr Izard said the alleged premium was not paid until on or about the 12th April. Examination, continaed: While I was ill in bed in the Hospital my man had taken and ground wheat and sold it,

By Mr Izard: Valued the mill by ita cost, Only began to find things were going wrong just before my aooident. J have been owing you an account for a long time, and have been asked for it. 1 paid the premium to your dork. I distinctly swear that I did not meet you iu the street and hold a conversation about eigning a proposal. You camo and took charge of the wreck, stating it belonged to the Company. 1 did not ask you what I should do with it. You advised me to put the man in churge. I do not know who paidtbe man. By Mr Bunny; I did not go to Mr Izard's office and ask him to come out and look at the wreck. By Mr Pownall: Mr Gapper was present when 1 held the conversation with Mr Izard about the payment of the claim. Mr Izard admitted receiving the premium in good faith, By Mr Izard! 1 did Bay that I assigned the insurance money lo Mr Gapper, I said that Mr Gapper would not come on me until be (ailed to get the insuranoe. Mr Ir.ardeaid ho had a statement to make with regard to the insuranoe. It was decided to adjourn the meeting until 2.15.