BANKRUPTCY.

Gisborne Times, Volume XXVII, Issue 2604, 11 September 1909, Page 5

BANKRUPTCY.

ESTATE OF NATHANIEL BURGESS

Nathaniel Burgess, boarding-house keeper, Gisborne, bankrupt, has filed the following statement with the Deputy Official Assignee (Mr. J. Coleman): “I started business in Gisborne on the 2nd. day of September,. 1908, by purchasing the business of the. Dominion Hotel and store. I had little or no capital of my own, some £l4. I borrowed £365, giving security for same over effects, etc., pertaining to the hotel. At the outset J. was able to regularly meet my current liabilities and I considered I had made a good purchase, the business being a paying one. During the month of February following, although business showed no sign of decreasing, I felt the want of ready cash, causing me slight temporary embarrassment. At this time I found that certain moneys had disappeared which should have gone in the ordinary way to meet current accounts. The cause being made known to me and rectified, business almost immediately assumed normal conditions, until .the month of April, when I was, through severe illness, unable to personally superintended my business for the major portion of four months. J was off and on in very indifferent health, trusting to others to attend to my affairs. A gross breach of faith was perpetrated 1 against me at this time by which I, in cash alone, lost a considerable sum. The immediate cause of my bankruptcy has been forced upon me by certain creditors suing and threatening to sue 'for moneys due. I firmly believe that bad my creditors given me an opportunity' I could have recovered my position. With the object of providing sufficient money to pay off my creditors, I decided to sell out my interest in the Dominion hotel boarding-house and shop, and the property was placed in several agents’ hands at prices varying from £6OO to £750. On August 27 I agreed to sell to Mr. Gilbert, and expected to realise at least £SOO by the sale, but the valuation' was most disappointing to me, as the property was assessed at only £402. How this low value was arrived at I do not know. The only way I can account for it is that numerous articles must have been missed by the valuers. As, however, I have not been supplied with a list of values, I cannot say how the shortage has arisen. Had I anticipated the smallness of the valuation, I would not have consented to sell. I have no offer to make, as all my property has gone, and I have no means of livelihood beyond my own personal labor. As there was not sufficient money arising out of the sale t-o Mr. Gilbert to meet all claims, I was advised to file, in order to have my assets equally distributed.” • _ .* The unsecured- creditors are: —Gisborne: G. Brocklebank £i 7s, Blair and Sainsbury £8 14s 6d, D. J. Barry £2 7s 6d, Common, Shelton and Co. £8 6s 6d, Cox Bros. £5 ss, Dr Collins £3 10s 6d, ; H. E. Dodd £l7, Eure and Ambridge £4 15s 2d, J. Erskine £8 6s Id, Gas Company £7. 18s 9d, Gisborne Times Company £lO 4s 6d, Borough Council £42 5s lOd, Hallenstein Bros. £1 15s, Kia Ora Dairy Company £l6 Bs, H. Kane 9s, Lawrence and Co. £1 10s, Lynda Soap Company £1 10s Bd, T. G. Lawless £2B 10s, Murray, and Crompton £9 17s 9d, A. W. J. Mann £1 7s 6d, W. Miller £2 14s 10d, F. S. Malcolm and Co. £1 17s, H. Martin £l, Miller and Craig £8 7s Bd, Murray Roberts and Co. £7O 18s 6d, Macbell and Russell £lO 0s 6d, L. D. Nathan and Co. £46 17s 3d, W. A. O’Meara £3 8s Bd, Okitu Dairy Factory £2O Is 9d, W. Pettie and Co. £3 Bs, P.B. Herald Company,' Ltd., £9 0s Gd, J. F.'Petti© £l9 10s 4d, E. G. A. Reynolds £1 10s, Robb Bros. £3 10s 9d, Dr Reeve £6 6s, Mrs Robertson (music teacher) £l6, Gias. Smith (dyer) 17s 6d, Teat and Friar £3 17s 7d, J. Townley £lB 5s 6d, Thos. Tasker £l, W. Williams £lB ss, Rees Bros, and Bright £l9* 10s 4d, Wellington creditors: Excelsior Laundry £4 7s Id, Gear Meat Company £3 3s 6d, Dr Henry £l4, Kirkcaldio and Stains 7s. Moncrief and Young ‘ (ironmongers) 17s, Morrow (auctioner) £4. McDougall (draper) 19s, Singer Sompany £1 9s, Whittome, Stevenson and Co. (pickle manufacturers) £l6 48s 6d, Thos. Wilford (solicitor) £7 10s. Other creditors: A. Cleave (Auckland), publisher, £1; Hitchman and Co. (Napier), confectioners, •£2 Is sd; C. G. Laune (Auckland), £3 14s Sd ; Marshall’s Proprietary, Ltd. (Dunedin), patent medicine vendors, £ll 5s 6d; McLeod and Son (Mivrtinborough), manufacturers, £l. 19s; total, £5013s 10d Tho assets are as follows: Book debts £73 15> lOd, estimated to produce £10; cash in hand £1 2s, cash in bank £1 4s 4d, surplus from securities. .£193 15s 2d; total, <£2o6 Is 6d. Deficiency, £294 2s 4d. 1 • v ’