In Bankruptcy.

Manawatu Standard, Volume XXXVIII, Issue 6825, 16 October 1900, Page 3

In Bankruptcy.

A meeting of creditors in the bankrupt estnto of J. Buckman, flaxmiller, of Hongotea, was held at tho Courthouso this morning. Present—The Deputy Official Assignee (in tho chair', Messrs Aitken (representing Feilding branch of N.Z.L. & M.A. Co.) £27 Is, S. Knight £13 8s 6d, T.-H. Reado £5 17s 7d, W. Davra»h £103 14s 6d, Kobcrstein £81 10s Bd. and the following wacres creditors —C. Parker £15 5s sd, Neilson £9 9s sd, T. M. Paul £2 6d, R. Wallis £<!, Ryan £2 5s sd.

Mr Mooro appeared for Messrs Parker and Neilsen, Mr «J. Herbert Hnnkins for the D.0.A., and Mr Bealo for Mrßcode.

The D.O.A. stated that tho creditors had been asked to moet him to decide what should bo done with 89 bales of flax in tho estate, which had been sent to Wellington. The flax had beon graded by Messrs Holmes and Co , who had reported that it was of fair to medium quality. Under these circumstances he had expected to obtain a good price for the flax, but his expectations had not been realised. Patterson & Co. had offered ±'8 3s per ton for tho flax, and Levin & Co. had put in an offer at £9. Several of the creditors thought the flax should have brought more than £9 per ton, and they had asked him to send tho fibre Home. The D.O.A. stated that about three tons of the fibre was bad, and the rest was of an unsatisfactory colour. Ho said if the had fibre was opened at Homo it would affect tho sale of the rest, and ho would not undertake the shipment of it on his own responsibility. Ho had therefore asked the creditors to meet him to decide what should be done in the matter. Tho D.Q-A. stated that the 89 bales cost about £o0 to produce, and land in Wellington. In reply to Mr Hankins, tho D.O.A. said if he shipped Home the flax, it would hang up the estate for four or five months. During the discussion which took place, the D.O.A. said Mr Darrugh, one of the creditors, was willing to purchase the flax at £0 per ton. Mr Davtjjjjb, who was present, having expressed V?is willingness to purchase the fibre, the creditors considered that his offer should be accepted in preference to that of Levin and Co.

"Eventually it was decided on tho motion of Mr Readc, seconded by Mr Koberstein, That the offer of -t9 per ton cash, made by Mr Darragh for the fibre, be accepted. In reply to Mr Beale the D.O.A. said ho was unable to give an estimate of the amount in the £ the estate was likely to pay. With regard to tho Apiti properties, Mr Hankins said that the mortgagees had decided to realise in their own way, and would not allow tho D.O.A. to make a sale unless the latter would guarantee j£9 per acre for ouo section. Action would however bo taken with a view to obtaining tho largest possible sum for the estate.

The D.O.A. mentioned that steps were 'oeing taken to determine the claims of the contractors at the mill who had pu,t in claims. The question to bo decided was whether these men wcic entitled to put io preferential claims for wages, and the matter was now being carefully con?idered. The meeting then adjourned.