The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1872-11-30 00:00:00

MEETING OF CREDITORS.

THE PLATYS GLASS COMPANY.

The numerously attended meeting of the creditors of
Mr. Samuel Bowen, of Ile Platt, Glass Works, trading
as the Stourbridge Glass Company, was held on Tuesday,
at the '(albot Hotel in this town. Mr. Hunt, of the firm
of W. Hunt and Sous. Wednesbury, was voted to the
chair. Mr. Lbsworth (Walsall), Mr. Jordan and Mr. Perry
(of this town), Mr. i.dulow (Brierley Hill), Mr. H. H.
Bellingham (Bristol), Mr. Rutter ON olverhamptoe), and
Mr. Brown (from the office of Messrs. Webster and
(iraham, London), represented various creditors. Mr.
Bernard (of the firm of Bernard and King) was present
on behalf of Mr. Bowen, The assets were stated as fol-
lows :—Stock, £120; book debts, £6O; property, £650 ;
unsecured liabilities, £10,877 74 3d ; secured ditto, £386
17s lid; total liabilities, £11,264 5a 2d.
The Chairman read the report of the receiver. Mr. C.
Even, which stated that a petition for liquidation was
filed on the 4th inst, and that lie found that the landlord
had distrained on .the whole of the ',realises for £193
rent. A sale had not yet taken place. The auctioneer
estimated the sale might produce £4OO, leaving £159 as a
mohair.° surplus after the payment of rent sad expenses.
Mr. Bernard read statement on behalf of the debtor,
showing that when he began trading in July, 1870, the
glass trade was bad, and he had losses. He borrowed
£5,000 from relatives to begin with. When trade im-
proved, the colliers' strike prevented his getting coal of
the right quality for the 'miss trade, a large furnace fell
in, deatroying pots and metal, and some of his best men
were enticed away to other firms. He should perhaps
have stopped before, but tai the trade was good he hoped
to get over his difficulties.
After some conversation Mr. Bowen was called in, and
in reply to Mr. Lbsworth he said he had been in difficul-
ties twice before. The last time was at Nailsea, in 1869,
and the time before at West Bromwich, in 1861. He
could not tell whet compositions he paid. There was
some composition—upwards of 2s 6d. If the estate had
been properly realised in 1869 there would have been
more thou 29s iu the pound. He did not know what the
liabilities or the assets were. In 1869, it was agreed to
carry on the works under inspectirn, but there was a
qinutiolab bankruptcy.
lvitlite Tee first dividend was is 2,),1, and the lawyers, and that led to the estate going
second about did. There were too many lawyer's bills
to pay—(laughter). He got his discharge under that
bankruptcy in March, 1870, and in July began at The
Platts with capital borrowed from the late Mr. John Fowls,
his brotherdn-law. He gave him notes of hand. He had
£3.000 M the first three months, in the course of six
months £l,OOO more, and afterwards another £l,OOO.
His son, Mr. N. \V. ISOWeII, Was entered as a creditor for
1,500. WIEI son assigned his interest in a farm to the
late Mr. John Powis, as security for the £5,000 The
£1,590 was not money lent. There was a marriage set-
tlement securing the household furniture to his wife. He
had the bailiffs in March or April, and two or three times
since. He did not know he was insolvent early this
year. He never took stock, and he never balanced his
books. He hxd sane horses and carts in the works, but
the former belonged to the trustees, under the settlement,
and his son had the carts in lieu of salary. If be could
have had a month or two's good trade, le believed he
should have got over his difficulties. He had not made
. bad debts to any amount. He accounted for his failure
, from the reasons stated in the letter read by his solici-
tor. . . . .

"—ifr. Pereira% accountant, Birmingham, read a state-
ment as to the debtor's losses. He said there was a loss
on machinery and tools which cost £3,026, and were now
valued at £680; new kilns, gas-fittings, &c., had cost
£2,168, which were forfeited under the lease; on the first
twelvemonth's trading the debtor lost £l,BOO, and since
then £l,OOO by stoppagee ; the falling-in of the crown of
the large furnace eatwded another loss of £1,000; and
thcre was .£3OO gone in law expenses.
Mr. Bowen was questioned on this statement by Mr.
Bellingham, who said what he had to complain of was
that the debtor did not stop when he could have paid a
espectable dividend.