MR J. C. FIRTH'S BANKRUPTCY.

Waikato Times, Volume XXXIII, Issue 2662, 3 August 1889, Page 2

MR J. C. FIRTH'S BANKRUPTCY.

(BY TELEGRAPH—OWK COIIRESPOJfDEN'T.) Auckland, Friday. Ax a meeting of Mr Firth's creditors today, the petitioner's sworn statement stated that the large reduction in agricultural values caused him to incur great losses at Mutainatu, which rendered it nwsiary to encumber hi* city property. The change from stones to rolleis in milling also led to a falling away in his flour trade. He mm obliged to fit up liis mill on tho now principle ; this enabled him to recover and extend bis former trade, but being unable to let the old mill, he could ti>-t pay interest on his encumbered estate wheh compelled him to file the petition. He valued the old null property at £3-1,830 on which there is a first mortgage of £12,620 and a second of £40,5(>4, the latter security being supplemented by a lien over the bond stores valued at £11,477, sundry shares in the Bank of New Zealand, New Zealand Native Lsnd Company, New Zealand Stud Company, To Aroha Goldmining Company, and on his house and land at Mount Eden valued at £23.1-18 more. He valued tho mill property at £39,927 and it is subject to a mortgage of £37,241. This property on being ollored for sale by auction since he tiled was bought in by the mortgagees tor £0,000. The whole of hi-i stock-in-trade, and portion of the book debts, together valued at £1,957, and a second moiety of a share interest in the To Aroha Gold Mining Company, valued at £4,01>2, are secured by a bill-of-sale for a debt of £15,9-11. In preparing the schedule of assets and li ibiiilies, he had estimated a surplus of £12,4i)S from the securities mentioned, and rhe unsecured assets at £2,i500 made up as follows :—Sundry shares and debentures, £928; honk debts, £527; bond rents, £391!; hous-iholii and office furniture, etc., £330; machinery, chemicals, and wharf store buildings, £250 ; trade marks registered, £100; real property, £110; and cash in hand, £153; and tho unsecured liabilities to seven credit ns' amount to £12,214. Since putting in his schedule ha had omittsd £153 7s lid, cash in hand which he handed t) Mr Button, representing the Bank of New Zealand, it was suggested that the free assets be disposed of by auction, or in a such way as the Assignee might think fit, with the household furniture and effects as early as possible. Mr Lawson asked whether the book debts should ba sold by auction, remarking that they .showed £500 was good ; it was decided that the book debts should not be included in the resolution aud various other things were also enumerated in the surie way. Mr W. Aitken moved a re solution in the t-jrms suggested by Mr Button, and Mr.Lmgsfor:i seconded the motion, which was carried. Some discussion then took place as t> a data for adjournment, and Mr Button siid it was desirable t> have the next meeting as early as possible, for Mr Firth's convenience, ns it was intended to vote various things to him, and they were nit prepared to do so just. now. Tt was agreed to adjourn till Thuixiay next.