MEETING OF CREDITORS.

Gisborne Times, Volume XXXVI, Issue 3998, 31 July 1913, Page 3

MEETING OF CREDITORS.

ESTATE OF CHARLES O’CONNOR, OF TOLOGA BAY. The first meeting of creditors in the bankrupt estate of Charles O’Connor, of Tologa Bay, bootmaker, was held at-the office of the Official Assignee (Mr J. Coleman) yesterday sfternoonBankrupt submitted the following statement: — ‘T camo to this district in March, 1909. Prior to that date I had been carrying on business at Te Puke, and when I left that place I arranged with my then creditors that they would not press me, and I should carry on business at Tologa Bay. My chief creditor was Mr It. Walton, of Auckland, for the stir?? of £IBO, IV.ho throughout has given me every consideration. On starting business as a bootmaker at Tolog.a Bay, I began in ka very small way, without any stock, simply doing repairs. Through Vne interest taken on my behalf by Mr C. E. Smith and Mr' A. Win tie, I was able, aboue July, 1909, to get a small stock. By exercising great cave in household expenditure I was able to make a living. The business was necessarily small, owing to the facts (1) that the general stores in the township stocked hoots, and also (2) that with tho small population the quantity of repairs required was restricted. In the meantime I was gradually paying off my creditors, but not making much headway. About two and a-half years ago my shop was burnt out, and ever and above the insurance moneys received I was a loser to the extent of £l5O. Out of the insurance money I paid oil my largest creditor, Mr Walton, who restarted me with fresh stock, and has given me every assistance in carrying on business. During the past twelve months there has been very little money in the district, ,and I, being in a small way of business, have felt-tlio pinch very much. I have tried to be as economical as possible noth my living expenses, but some months ago my wife bad a severe illness, and this entailed a considerable expense. I find that to keep my wife and four young children requires at least £2 10s per week, although 1 live in only a small cottage at a weekly rental of 10s. Some of ray outside creditors pressed me, one firm issuing a distress warrant for £3l (is. I called a meeting of my creditors last week, and on their advice 1 have filed.”

The liabilities are shown at £535 16s 9d, tamli the assets £B2 15s id. The latter include stock-in-trade £l7 14s. book debts (£73), estimated to produce £65, cash Is 4d'. The deficiency was £453 Is yd. The list of unsecured creditors was as follows: —Te Puke: R. King, storekeeper, £l7 4s Id; J. Garighty, flax-miller, £l3: W. Barrow, saddler, £4 2s; Dr. F. Hurst £7; E. Butcher, butcher. £7 17s 7d. Auckland: C. E. Pilkington, seedsman, £7 Os 2d; Carpenter Bros., wood' merchants, £3 3s; R. Walton, bootmaker, £270 17s od; Jeffries and Co., bootmaker. £G(j 10s sd. Wellington: J. W. Hoare, indent agent, £3l Gs. Gisborne: H. J. Bushnell. printer, 19s; P. B. Herald Co., £2 11s 6d. Tologa Bay: Tologa Trading Co., £6- 3s 10d; T. Martin, butcher, £5 14s 4ld; Mrs F. E. Reid, storekeeper, £6 19s 10d : 0. 51. Colebrook. do., £2 8s; J. Thornton, do., £ 7125; O. C. Hale, contractor, £1 15s; D. Trent, bookkeeper, £4 3s Id: H. Gocdley, carrier, £1; Holder and Lockwood, butchers, £5 19s; A. Wintle, hairdresser. £25: Dr. Weeks £0 2s; C. E. Smith, saddler, £5 17s •'LI; W. Elliott, station manager, £6; T. A. sloore, sbeepfarmer, £4; A. Fletcher, gardener. 10s; A. Maitland, laborer, £1 14s; V. Wu 4 ';. laborer, £5; H. Kirikiri, labor'-.. £2 10s: W. Lockwood, settler, 17s; S. Olsen, drover, £5. T. A. Coleman represented bankrupt, aud J. Sheridan appeared on behalf of the- following Tologa creditors: -Messrs G. 51. Colebrook. C-. E. Smith. J. Thornton, Holder and Lockwood, J. A. 51oore. D. Trent, F. E. Reid, Tologa Bay Trading Co., and S. Olsen. Mr Watts appeared m porson. Bankrupt, on oath, said that the statement filed with the Assignee was correct. He added that he owed about £SO or £6O when ho left Te Puke, in addition to what ho owed Walton. He sold his furniture, horses and waggon for about £6S. His first lot of stock for the Tologa business cost £126. 55’hen he paid that off he got another £lO9 worth. About two years ago he had over £SOO worth of stock. Then the fire occurred. Up to that time the business was paying. insurance was £225, but he considered he lost ever £l5O. After the fire he renewed the stock to the extent of £330. He averaged this for about 12 months. Then lii.s creditors began to push him. and he began to reduce his stock, which gradually worked down to the present position. Had he stuck to Mr sValton lie would not have come to his present position. It was through giving two small orders to Hoare and Co., of Wellington and Jeffries, of Wellington, that caused the trouble. Hoare .and Co. took out a distress wanarnt, and Jeffries also threatened, him. He then called a meeting of Ins creditors. He purchased stock twelve months after the fire. He knew he was bankrupt then, but he believed things would improve. By the fipe he lost £l5O in stock, £SO in personal effects, _ and £IOO in bad debts through his books being burnt. Jo this and sickness on the part of Phis wife and family lie attributed his bankruptcy. He hoped to have been able to recover his position earlier, and that was whv he did not file. Instead of filing he sold about £4OO worth of stock and paid creditors who were pressing him most. The fire occurred about 24 years ago. The Assignee said bankrupt had valued his remaining stock at £l7 14s and the only tender received for it was £5 15s' It was decided that 51r Sheridan should inspect the stock and see what was best'to bo done. At this the meeting concluded, it being incompetent to pass a motion, as there was not a quroum present and the meeting therefore informal.