MEETING OF CREDITORS.

Wairarapa Daily Times, Volume XV, Issue 4848, 11 October 1894, Page 3

MEETING OF CREDITORS.

Estate of E, l/l/. Dauidson. A meeting of creditors in the above estate was held this morning, the D.O.A, (Mr W. B, Chcnnells) presiding, and Mr A. li. Bunny acting fov certain creditors, in answer to whom tlio bankrupt, stated that the £897 8s 6d unsecured liabilities had beon incurred since 1892, The bankrupt read out a written statement, which was to the eifect that ho started business in tho year 1885, with one Andrew Coubournc, during which time they hud a good many shipping transactions, and the partnership lost several thousand pounds through the loss of one of tho vessels in which they had an interest. Provious to this he had the sum of seven hundred pounds left him from Home, besides a considerable amount of his own savings. In 1887 the bankrupt and Coubourne started as grain and seed merchants in Christchurcb, and tho business paid so well that in 1891 the firm bad stock to tho amount of £IOOO, and two stores in Christchurcb and one in Eangiora. In April 1891 the business was floated into a company called the Christchurcb Seed and Agricultural Company, in which his partner took 185 shares, to be paid oat of his capital in the original seed business. The bankrupt was offered the position of manager to the new company, as he had taken twelve months to float it, for which trouble he received 300 paid np shares. He had also expended £156 out of his i 'v iness capital upon the company, i Jchougli he bad 300 shares on the prospectus list, ho afterwards found they were not entered in tho articles 1 of tho company, besides which tho company called upon him previous to liquidation to pay for the 250 signed shares which he had taken out irrespective of the 1 300 paid-up shares granted him by \ tho Company. Whilst lie was out 1 in tho far-away parts of the country ' ■districts, working np the Company, sold tip for rent. He hail ■Hfprevious knowledge about the Hreluif the old firm going to be sold Hor rent,as he was away from Christ- ( . cliuroh, and understood that his partner, Mr Conbonrne, was going to attend to the firm's business while ho (Mr Davidson) wasawaycanvassing shares for the new Company. Mr i Coubourne, he afterwards found ont, i > had closed the stores,besides spread- ' ing various reports detrimental to ] the good of the film's business, re- ' salting in the owners of the said stores selling the stock to recover the rent. This resulted in a loss to him (Mr Davidson) of about £SOO. Most of the liabilities ■were incurred by him previous to the floating of the now Company, £250 for shares and £l5O for expenses. He took action to recover value of his stock, receiving judgment from the company to'the extent of £597. The £770 book debts estimated to produce £550 were recoverable. Thebusiness in Masterton did not belong to hiin although it was advertised in his name. It belonged to Mr Chas. Mackay, and he was a paid manager. Tho business was held out to the public as belonging to Davidson and Co. Mr Mackay was out on 13 eaumavisstation, . East Coast. At tbis stage the Official Assignee adjourned the meeting until he had consulted the Ghristcburchcreditors.