M. J. Gannon’s Estate.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 508, 18 September 1890, Page 2

M. J. Gannon’s Estate.

COMPROMISE APPROVED OF.

DISSENTING! CREDITORS TO TAKE FURTHER ACTION While Mr M. J. Gannnn is taking a pro minent position in Napier with labor grievances and the righting of a wronged nation, his creditors in the quiet little capital nf Poverty Bay have been drowning their cares by the intoxicating thought of a div. in the estate. A number nf them met yesterday afternoon in the Courihmse, looking so cheery and happy that a Mark Tapley would have considered that temple of Justice qui'e unsuitable for ths exercise of his faculty for becoming buoyant in spirit as his snrroun ings deepened in depression. Those gentle, men who composed this happy group were prepared respectively to answer to the names of—Messrs Maude, Stevenson, Diekeor, Alums, Reardon, Tutchen, Bright, Clark, C. Lewis, Hatten, Keifer, Townley, MaunseP, Day, Adair, Sievwright, Watson, T. Cbrisp, Coiper, Tharratt, and Nolan, wi'.h Mr Oof', Dcpu'y Official Assignee, presiding with becoming dignity.

Mr Croft road the report previously presented, and also the terms of composition offered by t ,le bankrupt, that he would undertake to get a clear title to the Pukcmairi block o n condition that the bankruptcy were cancelled. Mr Nolan wanted to know what the creditors wer° to get by the composition. Mr Day objected to Mr Nolan asking questions ex ce Pthe did so only as a creditor. The Assignee handed the report to Mr No'an, and .the latter said he was satisfied the compos’llnn meant nothing. It offered them no m ore than they already had. There w aa a solemn pause at this stage, each side waiting for the other to fire the first shot, when Mr Townley rose and said he would oppose the resolution- which he considered was only a delusion. If it were passed he would take steps to have the matter brought before the Regi-trar—it was simply an attempt to delude the creditors. They were asked Io take the b'ook for what it was

worth ; it had a large debt on it already, and had to be surveyed prior to being brought before the Trust Commissioner. What addi. lional advantage could there posaibly be for the creditors’ The land was there and the bankrupt could not take it away. A com. position according to the Aet stipulated that there must be some benefit to the creditors, and in this case there was none. It the resolution were parsed he would consider it his duty to take the matter before the Regie, trar. It was simply trapping the creditor, into a falsa position. Mr Reardon waa there

and knew something about the block [Mr Reardon eaid he did not ]; he was going to do ihe work of surveying and would take hig expenses out of it first. He would get the block of land, and nothing would be left for the creditors, Mr Nolan: You have already got all he offers. Directly he fails the property is vested in your hands, The Assignee : Are you going to conduct ths meeting, Mr Nolan ? Mr Nolan : No, you are in charge of the meeting. Mr Day said them was something offered to the creditors, Was there any creditor would put his hand in his pocket to arrange for the property being dealt with by the Commissioner ? Mr Townley: The property has been before us for two or three years. Mr Day: That is how it is, You have bad it all along and can't do anything with it, He undertakes to complete the title, Mr Nolan : You Can’t take it before the Commissioner now. Mr Day: That is only your opinion. There is something for the benefit of the creditors. Tn reply to Mr Tutchen, the Assignee said he conld not tell exactly how much money had been borrowed on the block, but believed it to be about di 700. Mr Tutchen said, with interest, it would bo about <£9oo. Bankrupt had offered the block to him at 7s 6d an acre, but he wpuld not care to give 5s for it. He (the speaker) would be against the resolution. Mr Tumhen a’so enquired about a portion of the Mangapipa block, which he said the bankrupt had just recently let to Mr Rey. nolds for 25s a week The Assignee said he had been given no information about it. Mr Clark said it seemed to him that the offer was just the same as the bankrupt had been stringing them on with before. He was always going to got it settled, but had never done so, and now he had gone bankrupt he made the same promise so as to get his discharge. The bankrupt's promises were not worth the paper they were written on. Like his performances they were not worth paying any attention to. It was only wasting th-if time bringing them there so often, only to make them promises that were worth nothing. Mr Dickson said they had often come there and was the po i'ion any better than it had been before? He now made this proposal which Mr Clark said was not worth the paper it was written on. If there was anything in it let them get it and retrain from always coming there. If it was the only way they could get any benefit, as appeared, they should take it. Mr Townley : I would like to explain. It is not to give us anv benefit that Mr Gannon

wants to do this. He wants his discharge—that is all! If Mr Gannon could have filched anything out of the block, he would have done it long ago, and not left the block to his creditors. (Laughter.) Mr Maude: My own opinion is simply this, that it is on account nf the side Mr Gannon has taken up in polities that he is being hounded down like this. (“Hear, hear.") Mr Nolan : Not a bit of it.

Mr Maude : It is. Mr Townley: Give me the amount of debt and I will go away. (Laughter.) Mr Maude : He owes me more than any. one else. I say let him have his discharge. L-t him go away. Let him get into Parliament. (Grea’ laughter.) lam on the same side of politics as Mr Gannoq. Mr Townley : Evidently. (Laughter.) Another creditor: What'side is that f Mr Maude: lam a Radical. (Laughter.) I say again, it is simply because of the side of politics that he is on that he is hounded down. (Laughter.) Mr Clark: lam not on the same side of polities—l am on the side of those who pay 20s in the pound, and like to be paid 2Qs in the pound. (Hear, hear.) That is my way of thinking. No other creditor wishing to speak, the resolution was put, with the following result, most of the voting being by proxy :— For—T. Adams, N. Ashdowo, W. Adair, J. Bailey, Brown and Smaill, E. J. Beresford, W. F. Crawford, R. Craig, M. Davies, T, J, Dickson, J. Erskine, Finn and Chrisp, J, Finlay, A. Graham's estate, Gibson and Hall, B. 8. Goldsmith, W. Grey, T. Harris, G. F. Henderson, Dr Innes, Johnston and Co., F. Jones, Keefer’s estate, H. E. Kenny, C. D. Kennedy, C. C. Lucas, J. T. Large, Miller, H. Maroroft, W. Maude, A. R. Muir, G. B. Moore, A. F. Matthews, D. M. Orr, O'Ryan, W. L. Rees, Bees and Day, Reynolds' estats, J, R. Randarson, W. Sievwright, J Siddons, 8. S'evenson. J. R. Bcott’s estate, I. C. Taylor, W. H. Tucker, R. Watson, A, Weston, Ward and Cresswell, B. ff. Ward, W, Walsb, Total value—£2 475 12s 24,

Against—Bank of New South Wales, E. K. Brown, W. Brassey, J. Clark, W. K, Chambers, A. J. Cooper, Cook County rates, Dinwiddie, Walker and Co., G. Foster, Gt Grant, J. Tutchen, W.Tharratt, E. Tansley, J. Townley, Whataupoko Road Board, Waimata Road Board, Wilsons end Horton. Wakefield and Roydhouse, H. E. Johnston, W. King, R. Little, C. Maunsell, Dr Pollen, W. Ratcliffe. Total value, £662 15s sd. A three-fourths majority was required in value. The total debts proved waa £BJ3B 7s 7d, so that the resolution was confirmed, the creditors thus pledging themselves to facilitate the lifting of the estate from bankruptcy. Mr H. E. Johnston entered just as hi* name had been cal'ol, and said he woqld vote against the resolution, whereupon Mr Maude twitted him wi h being anic» member of the party. (Laughter.) Mr Johnston re-

plied that he had had enough of that sort of " party." (Laughter.) The Assignee having thanked the creditors for their attendancefqr nothing,” some one put it—those gentlemen smilingly bowed themselves out, some of them, it was said, rubbing their hands gleefully at (ho prospect of the dividend they were to receive,