The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1878-11-30 00:00:00

KIDDERMINsTEkt.

--- ---
THE FAILURE or A TRADESNAN.—The first meeting
of the creditors of Mr, George O'Connor Holloway,
builder, contractor, &T., of Kidderminster, was held at
the Black Horse Hotel, on Tuesday morning last. Mr.
Sparkes, representing Stuckley's Banking Company,
Crewkerne, who are creditors to the amount of £3,688
15s, was elected to the chair. Mr. Chambers, receiver
to the estate, read a statement of the debtor's :afire,
which showed that there were unsecured creditors to the
amount of £3,648 13s 11d, and trade creditors £4,944
18s id; total, £8,588 12s. The assets were as follows :
Stock-in-trade at Kidderminster, Bewdley, and Bir-
mingham. £896; furniture and fittings at Comberton
Terrace, Kidderminster, £122 16s 14; book debts, esti-
mated to produce £145 11s 64; bills of exchange in
hand, £2O 6s 94; surplus from securities in the hands
of creditors' £BO. Net assets, £l,llB 10s 44; deficiency,
£7,470 is Bd. Mr. Chambers stated that he was ap-
pointed receiver and manager of the estate on the 2nd
mat, and he at once took possession of the property
and books of the debtor. The accounts were in a very
complicated and unsatisfactory state. The sales' journal
had not been cast up for several years. The cash Journal
had been kept in a very irregular manner. Up to the
31st July, 1874, it was not balanced regularly, but from
that date it had not been cast up, and there were no
entries of cash received and paid from 28th May, 1877,
to March Ist. 1878, and again from 28th March to the
Ist July, 1878. The debit and credit ledger were in a
similar unsatisfactory condition. He noticed in the
Bank pass book the following entry :—" July Ist, 1878.
Memorandum as per letter by Mr. George Holloway.
The manufacturing business is now transferred to
George O'Connor Holloway, and carried on under the
firm of Holloway and Son. From information supplied
by the debtor it appeared that prior to the 20th July,
1870, he was in partnership with his father, Mr. George
Holloway, on which date the partnership was dissolved;
and up to November' 1872, the debtor was in partnership
with Peter Parry, of Birmingham, trading as Parry and
Co. At the date of the Ist January, 1875, the debtor
was possessed of cash and bills at bankers, ban,kishares,
and other effects, to the amount of nearly £4,000. He
bad received a letter from Mr. Edward Green, claiming
the furniture of the debtor on behalf of his daughter,
Mrs. George O'Connor Holloway, as it was bought with
her own money before her marriage on a promise that
her husband would settle it on her. Mr; George Hollo-
way said he had reason to believe that a banking com-
pany were going to put in an execution, so he thoaght it
would be wise on his part to take possesion for rent.
He had never received a farthing of rent from the
debtor. The Chairman said the debtor showed him a
balance sheet in August last, according to which his
deficiency at the time amounted to only £776. Mr. M.
Corbet (Kidderminster) said that up to a certain time he
had been the debtor's solicitor, but he had reason to be
dissatisfied with how he was going on, and he had
ceased to act for him. The debtor hsti employed
various other solicitors, and he believed his stopping was
due to the action taken by him. He wished his father
to be responsible for him, and this led Mr. Holloway,
sen., to come before him. He, had the debtor also with
him, and after a lengthened examination he had decided
to advise him not to be responsible. Several of the
creditors stated that they would not have advanced goods
to the son if they had not been under the impression
that he was still in 'partnership with his father. Mr.
Sharpe, who represented Stuckley's Banking Company,
said they should continue to regard the father as a
partner ; and Mr. F. Corbat. solicitor, of Worcester, sug-
gested that whatever resolution was passed should not
be to the prejudice of any claim that might be made
Pagainst Mr. George Holloway. Eventually a resolution
, was passed to the effect that the estate should be wound
up in liquidation, and not in bankruptcy, and the follow-
ing gentlemen were appointed a committee of investiga-
tion :—Mr. Sharpe, solicitor, Crewkerne ; Messrs. W.
Green and W. H. Smith, carpet manufacturers, Kid-
derminster ; and Mr. Payne, timber merchant, Birming-
ham. Mr. Chambers was appointed trustee, and Messrs-
Johnson, Barclay, and Johnson, solicitors, of Birming-
ham, were directed to register the resolutions,
THE CO-OPERATIVE SOCIETY.—The thirteenth annnal
soiree of the Kidderminster Co-operative Society was
held in the Town Hall on Monday evening last. After
tea a public meeting was held, the chair being occupied
by Mr. Hume, president of the society. He said it gave
him great pleasure to see such a large gathering, as it
not
showed him
I
imd that w
t the s
theint rat ai
erefisttaokeeeanion.n since
the
society
was established that they had done their all the catering
for their social tea party, and he was happy to say they
could have provided for those present if there had been
double the nu•ober. They could not say at present
that the flour had been ground at their mill, or that the
butter had been produced at their own farm, but they
hoped that before long they or their successors would
be able to do so. He then went on to speak of the ad-
vantages of co-operation. Mr. Rawlins (secretary) read
the thirteenth annual report of the society. This stated
that the sales for the past year, ending September 18th,
amounted to £59,171 against £56.870 in the preceding
year; showing an increase of £2,301. The net profit
upon the above, after paying rates and taxes, working
expenses, and allowing £275 for depreciation upon fixed
stock, Ste, amounted te £5,110. This allowed an aver-
age dividend upon members' purchases during the year
of is 6d in the pound. During the same period £744
had been paid to members as interest at the rate of 5 per
cent. upon their share capital, being an increase upon
previous year of £B3. There had been £l2B 171 added
to the reserve fund, which now amounted to £6BB.
Notwithstanding that many of the members had drawn
rather heavily upon their share capital during the year
in order to build houses Of their own, it had increased
by £712, and it consisted of a total at the present time
iof £15,952. There had been withdrawn during the year
445 members, and 523 had been enrolled, giving an
warm. of 7s. TOtni amber of- 'ambers on the bo•ke