Kinross’s Bankruptcy.

Gisborne Standard and Cook County Gazette, Volume II, Issue 250, 22 January 1889, Page 2

Kinross’s Bankruptcy.

CAUSES OF FAILURE. Naezsb, last night. At a meeting of creditor* of the bankrupt J. G. Kinross, merchant, to-day, the debtor handed in a statement setting forth the causes of his bankruptcy. It stated that the cause to which be attributed his bankruptcy might be generally indicated as follows: —In the first place upon the failure of the City of Gias gow Bank in 1878, I was called upon to pay large sums to the liquidators, amounting in all to abont £50,000. This amount consisted of moneys owing at call to constituents of that Bank, partly by myself, and partly by Graham and Co, of Gisborne, of which firm I was a partner, and was paid by me between the above date and 1886. At the same time, and owing to the same causes, there was great depreciation in the lands at Poverty Bay, which Graham and Co were obliged to take over. These lands mainly were unimproved and unmarketable, and the necessary improvements and other expenditure in connection with them, and also in connection with my other landed property, have been a great drain on my resources, and further, in the depressed state of the colony, I have found it impossible to realise the landed properties in my hands, except at a sacrifice, i had always looked upon my landed properties as more than sufficient to cover my liabilities, if they could be realised at their true value*. Messrs J V Brown of Napier, J Nelton, and EW Parker (Dalgetty and Co's agent in Christchurch) were appointed supervisors, and the meeting adjourned,