IN BANKRUPTCY.

Wairarapa Daily Times, Volume XV, Issue 4351, 22 February 1893, Page 2

IN BANKRUPTCY.

Estate of C, i/l, Langstone, Meeting of Creditors at 6reutom. The first meeting of creditors in the above estate was held in the R.M, Courthouse at Groytown yesterday, A largo number of creditors wero present, Mr W. B, Chennells, Deputy Official Assignee, occupying the chair. Mr 0. A. Pownoll appeared for certain Masterton creditors, and for the Deputy Official Assigneo. Mr Langstone was sworn, and examined at somo length hXgj/St Pownall. The purport of is chiefly in the BtatomentofttSiß Bankrupt, The Official Assigneo road the statement of assots and liabilities and tho following further statement by the debtor, accounting for his present position

I came to Greytown iu July or thereabout, 18fll,andstarted at once, manufacturing my vermifuge. I had no capital; but knowing that the vormifuge would prove a very valuable property I borrowed money to manufacture it, to canvass tho country and to maintain myself in the meantime, This made my expenses very raucli heavier than they would have been if I had been able to pay cash, ' For instance for nine months I had to pay £8 per week for buggy hire, and as fast as my returns for vermifuge came in tliey were swallflffod up in paying off indebtedness' incurred, finally I sold my rights iu the vermifuge on Juue 17th, 1892, for £250, simply because I was pressed for money. This amouDt went a great way towards clearing off ray indebtedness at the time, and I immediately proceeded to manufacture my ahoepwaflh, I was obliged, however, {a proceed pretty much as bofoio, that is, to borrow money for presont and pressing needs. Mr H. S, Izard, wljo appears a§ a creditor for £4OO, ad; vanced me that amount, but { only bandied £l5O as a matter of fact (see Bank Pass Book), as ho retained tho balance in order to discbarge certain liabilities on my behalf, From my veterinary practice I have received in cash a furthersum of£6o;aud thjsis all tho money I have had sinco I started my sheep-wash. This preparation was making its way rapidly, but, of course, the expenses connected with it wore heavy. Nevertheless, I should have been able to extricato pysetf gradually from these pecunjW > embarrassments if I had beenlPqlono by certain creditors, ty'kon, however/ "~\ first ono and then nnothor sued me, I > had ao resourco but to place myself under the protection of tho Act, sjnee, although my prospects with the sheep-; wash were excellent; I was unable to find the ready money pressed for, The creditors who were most urgent'wero Messrs Hercock, £45; Rep's, Ticeburst,' Hiidie 'and' Sond (Wellington), £l2. : Mr H, S, Izard moved that the patent, together with tho plant and such stock-in-trade as had not been sold undet a 1 distress warrant, behold to tho highest bidder, and the fteptity

Official Assignee have full |iO>ver to negOtiiiltt for the Kiiln of the Mr Mftxton seconded this, ami tho proposition was carried uuuniniotisly. Mr Jjan"3toiit united for the return of bis instrument for veterinary practice (eb hia racftmof HvoliliootI) which bad been Koir.-ii by Mcbsih LoWca and loras. Thin ivas granted. This being tlio only business, tho meeting adjourned.