P.F. Daniel’s Bankruptcy.

Gisborne Standard and Cook County Gazette, Volume II, Issue 247, 15 January 1889, Page 3

P.F. Daniel’s Bankruptcy.

HOW IT’S DONE. At a meeting of creditors in the estate of P. held at Napier on Friday last, the dflßr deposed that he had been in business eigSt years, the last three years being in connection with Berry, Daniel and Co. Commenced business in Otago as an engineer, the name of the firm being Charles Watt and Co. After eighteen months left the firm to go into mining, both he and the firm being solvent at the time. Went into a private partnership, known at the time as the Saddle Hill Gold Mining Company. Dr Fitchett, M. G. Hill, Charles Ford, John Empen aud himself. His capital was £6OO, which he had in cash. After two years the partnership was dissolved, and a company formed. He received £12,500 in folly paid up shares. The Company was wound up nine or ten months after its formation owing to the reefs giving out. There were heavy liabilities, and through some flaw In the formation of the company he was made liable for £lOOO. Ths creditors of the Company decided not to proceed against him. After that be went to Invercargill, intending tofproceed to Mexico, but stayed at Invercargill and delivered lectures at the Southland Institute. Wrote for the Mataura Ensign aud Southland News, and latterly was an insurance agent. Went to Gisborne for the Equitable Office. Carried on the agency for about eight months, and then joined Mr Berry. That was in 1887. Put in no capital; Mr Berry had the business, and he joined as partner. Took the agency with him. The agency of the Eqnitable at first was worth £5 or £6 per week. During the first eight months received somewhere between £lBO and £2OO from the Eqnitable. Had only been two or three months in Gisborne after joining Mr Berry. The agency was practically transferred to Mr Berry, while be got the agency for Hawke’s Bay when he left Gisborne. Was in partnership with Mr Berry when he came here. Dissolved partnership in February last. The matter was not advertised; it was simply • private arrangement. Did not know the State of the firm. It was not solvent at that time—February, 1888. He was sued since he Same here. In February the firm made an offer of five shillings in the pound, which was accepted. The offer was for cash within a month, for which a bill was given. The bill was no’ met. The bill was given to the bank for £2Cv, on behalf of the creditors. Started in business here as Berry, Daniel, and Phillipps. There was a general tailing off in business at Gisborne. Mr Berry was secretary for both dairy factories, the salaries being £5O and £6O respectively. Both companies went into liquidation. Mr Berry was also secretary of tbe Native Land Settlement Company, the salary for which was £250 per annum, and Which was shared by the partners. The firm lost £lso;by ths failure of Hesketh and Aitken, who only paid tenpence in the pound. They were burnt out. Tbe Assignee: The losses were Mr Berry’s, as you put in no capital. Bankrupt continued: The losses were the creditors’. Lost by the fire at Gisborne £3OO or £4OO. By tbe Leila Rookh lost £6OO. There was also a loss of £6O on the Tam O'Shanter. Came to Napier then, and went into partnership with Mr Phillipps as auctioneers and commission agents. Put £6O capital into the business. The money was given him by a private friend. The money was given on the understanding that if he made money it would be given back, otherwise there wonld be no claim. Mr Phillipps put in nothing. The partnership lasted five months. The dissolution was advertised on Februrary 17th, 1888. The liabilties of the firm were £l4O. Bought flour from Fulton and Southwell, and gave a bill, which was dishonored. Mr Courtney’s claim was for goods sold onoommission. Mr Phillipps had charge of the books. A cheque for the amount was issued from the office, but was returned dishonored. Mr Phi lipps gave him a bill for £66 ; left the district, and the bill was dishonored. The claim of Murray, Roberts, and Co., was for tea sold on commission for them. When the firm was dissolved went into the Evening News. Purchased the paper. ( The liabilities were still out at this time. the paper itself for £7OO, includthg plant. Borrowed the money ; there was another partner—Mr Popplewell. Did not know if it was right to give information as to the paper. Mr Adams said it would be wise to know the conditions of the partnership. Mr Cresswell: In that case I will advise him not to answer. He will tell you what ha put in and what he took out. The Assignee: I want to know if he could make any claim on the partnership. Bankrupt continued : Popplewell and himself borrowed the £7OO, and gave a bill of sale for £7OO to Francis Fulton. Was about four months a newspaper proprietor. Was drawing thirty shillings a week from the paper. Incurred no private debts while carrying on the paper, except one of £5 to Mr Horton. Mr Horton could not come down on the firm. Had to give up the business ; had no choice in the matter, Mr Popplewell objecting to being in partnership. The Assignee: Why could you not carry Ob the business as well as Mr Popplewell 7 Mr Cresswell: That is getting to private affairs. Mr Adams: I don’t think so. Mr Cresswell. Mr Daniels got ten shillings tnd sixpence for signing the deed. Bankrupt continued: Made nothing by the business. Was there on suffranee. Never operated on the banking account; the account was not kept in the firm’s name. Since the dissolution had done nothing. Had not got shillings and sixpence stated in the Assignee: That is a book debt, that may Im recovered. Bankrupt said the immediate cause of his -filing was his being arrested on a judgment summons and lodged in gaol, on the suit of a creditor of Berry, Daniels, and Co., of Gisborne. The general impression was that when ho bought the News he had money, hence his arrest. The Napier business never was paying, and there were heavy preliminary expenses. Sent an account for £l2O to Mr Newman, and Mr Butt, of Gisborne, was entitled to receive £4O. The Assignee : You wrote to Mr Newman asking him to send £39 to Mr Butt, and send you the balance in a registered letter: that was. after your bankruptcy. You were attempting to obtain this money from Mr Newman.

Mr Lee said be was instructed, on behalf of an undisclosed principal, to offer to pay ten shillings in tbe pound cash on Mr Daniel’s 6cd on the debts of Berry, Daniels, and Philpps, and ten shillings on bills to be approved by the Assignee, providing the whole amount did not exceed £BOO. Mr Adams moved that the offer be accepted, which was seconded by Mr Frame, and carried. The Assignee; There is no donbt of this being carried oat? Mr Leo: None whatever. The meeting for the confirmation of the