Symud i'r prif gynnwys
Cuddio Rhestr Erthyglau

10 erthygl ar y dudalen hon

..— A CONWAY MININGI . ENGINEER'S…

Newyddion
Dyfynnu
Rhannu

— A CONWAY MINING I ENGINEER'S AFFAIES. EXPERIENCES IN COMPANY PROMOTING. [EXAMINATION AT BANGOR BANKRUPTCY COURT. At the Bangor Bankruptcy Court to-day week, before Mr Registrar Glynne Jones, Laurence Wilfred Carder, Glan Morfa, Conway, carrying on the business of mining engineer at Conway, Penmaenmawr, and Cemaes (Angles.?/), cune up for his public examination. His state- ment of affairs showed gross liabilities amount- ing to £ 2168, of which E467 was expected to rank flis net assets were set down at LA52 end his deficiency at £ 15. The debtor attributed his failure to "threatened injunction against my being interested in Silica businoss." "OBSERVATIONS." The Official Receiver explained that the debtor had not been adjudicated bankrupt. The re- 1 ceiving order was made on his own petition which he filed in consequence of the Sheriff and High Bailiff having levied, and the landlord having distrained for rent. He was thirty-sis years of age, was a mining engineer, and had been living at Cemaes during the i;u>t two months, but retained his dwelling- lio uze at Glan Morfa, Con way. Before that he lived at The Chalet, Moid, and before that at C-olwyn Bay, Gwersylit, and Brymbo. His first business was that of Silica miller, trading as "L. W. Carder and C o., Limited," at Cefnyoocd- I That business passed into the hands of deben- ture holders, and afterwards went into liquida- tion. The debtor stated that he started the business with a capital of E400. He was brought up as a carpet designer, | but afterwards became a commercial tra- ,veller, and later became the manager of the Frith Collieries, Brymbo, and agent for their company at Colwyn Bay. He then started the Cefnybcdd Silica Works, and was from 1905-7 the managing director of the Cambrian Milling Company, Gwernymynydd. In 1907 he formed the Carders Stone Lino Com- pany, Limited, Conway, and became managing director at £ 400 a year, with percentage on pro- fitm He stated that he received JE500 for his 2000 £1 shares ..nd JE:500 to retire, which sums went to pay his bankers, certain costs, and to- wards a mortgage. He was then concerned in the formation of a Silica Company at Penmaen- mawr Mountain, but was threatened with en injunction by his former company, and was now acting as manager at a Silica stone quarry in 'Anglesey. The landlord, since the bankruptcy, had sold his furniture for a half year's rent ( £ 27 10b), and had realised £39, 153 6d. large portion of the furniture was on the hire purchase system, and a con- siderable sum was due to the owners. A por- tion was claimed by the wife, and the Official Receiver feared that the rest would not realise £150, at which it was set down in the list of assets. The debtor was the owner of a property call? I Biynffy71 • n. Mold, consisting of 15 acres oi arld. !*rri;'jou-e, t ouzigaiow, *hree cottages, subject to a mortgage of £ 1500. On this the debtor estimated there woui 1 l-o a surplus of £ 360 satisfying the moitgajr*. Tb, debtor's bank account v.-as guaranteed, and th" bank also haiJ a policy of insurance for LIOO. the surrender value of wbnh was put at i;84 Ps lid. The uebtcr appeared to havg. guaranteed to the II award or. UjgCnU Council Z40 a y<w UD< C«rt £ in conditions for water for Frith Colliery. The unsecured creditors included two (one a professional rnoneT-M;Jer) for 1^,1^ lent, £89, I fiv«> creditors for architects, legal and medicai io- £ 100 9* 6d; the creditor for electrical work, £ 08 2s 4d; 17 creditors for goods, work done and miscellaneous, £ 130 6s 3d, total, £ 3(7 18" 6d. Five debts amounting to JE309 7s lOd exceeded £ 10 each. The debts were main- ly contracted in 1907. THE EXAMINATION. Questioned by the Official Receiver (Mr Llewelyn H. Jones), the Debtor stated that the Frith Collieries was a concern which belonged to nia father-in-law. He put no capital into it, but he became manager. The Official Receiver; Then we need not go into that concern. Proceeding under examination, the Debtor stated that in 1307 be became agent for the Coa: Company at Colwyn Bay, and afterwards he started the Cefnybedd Silica Works, which ultimately passed into the hands of IVIessrs Lever Brothers, who now carried it on. He then be- came associated with the Cambrian Milling Com- par-v, Gwernymvnydd, which was acquired by the Matchless Polish Company. He did not put any monev into that company, but he held 400 shares. He left to start the Kleeneezie Com- pany. Did that company produce finely ground silica? e made silica into a pohsh soap. The same kind of thing as monkey brand, I suppose. Did you put any capital into the Kleeneezie business? Yes, JC250 It was then in an experimental stage. °re w-re the works?—At Mold. Where did you get the JS250 to put into the company. I raised the money on the Cefnvbedd property. I see you assume a surplus of £ 350 from that property Do you think it will be realised?— ion"3 W° m"ney I mentioned, in my opin- Yoit think it is '•orth it, but you think it can- not .etch the amount you state to-day?—If the sale was forced it would not realise it. The moiwy is represented by the mort»a"es upon it The present amount of the mort^jg is ^iW4. Have vou spent more than £ 1300 upon tiie property?- Y es, I have. How much more?—It cost me £ 2050 Where did you get the balance from?-From my income. .'7°U iff-u-the r,00 shares JO" had in the Cambi 1 an Milling Company?—No resignedOU l° ,oave?-No; I simply Why? You were in a good berth, receiving position. ^'Ca,r' thou&ht I could improve my What became of the Kleeneezie Company ?- -v*3 Tound UP b7 » gentleman from Chorley A as .here anybody who put money into it b-' Sides yourselt -Mr Park put money into it- Wing altogether £ 5000, but after I left he nut more money mto it. more money mto it. I- Who is this 1r Park-A paper manufacturer V ,ot<> th0 busi" L- thit gentlcnln one of the soap w—w- No oonnectJon What shares wcre issued to you in connection Jvitn the Kleeneezie Company?—4000 shares 00mmal shares. The shares were divided into tnree iots of 4000 shares ouch. I held one lot tx-?°n *???' Park the other. Hnat did you sell your lot for?— £ 250 m the ,first hai{ of the year 1906, the pay- SL £ l7an :r°iW 1 yOUr ,bankinS' account amounted — I rirS'f*" e -'H. yOU got the monoy from? 1 can t tea you without rc/errins- t.r> tha K^t ing account. Af.er consulting a bock, the Debtor explained that >ome payrn nts were made in connection Xitn the formation of the Kleeneezie Company. nere did you got the money that you put in fromï-T\o of the items were paid by Watson. m J ilvinS ail thi3 time at the Chalet, Mold.—Yes I 3tayed there until August, 1906. A notice from your accounts that your over- draft on June 30th was £462, and that on De- cember 30th, 1906, it was £661. What did you k,a-e to pay off that overdraft?—I had an equity On property, and my shares in the Kleeneezie Company. Which you subsequently sold for £ 250?—Yes. NOT INSOLVENT THEN. You did not colder that you were insolvent 1en --I climated that if I realised my property and sold my shares at a fair sum, I would havo been able to p?y everyone. But iOoking back now with the experience von I have had. knowing the real v^lue of your equity and v, hat you cou.d got for those Kleeneezie shares, do you consider that you woro solvent tiaen Yes. Did you owe much besides the overdraft ?-Not much. That was not cleared off until March 30th this year,and then only to the extent of £ 500, leav- ing a balance of £ 234?—Yes. When did you clear out of Kleeneezie?—I came down to Conway in connection with Kle-aneezie to open up a quarry for the company. We took over a small quarry. That does not answer my question. When did you seil your shares to Mr Paris?—February 1907 J How long did you keep the coal business on at Oolwyn Bay -onty twelve months. What became of the quarry at Conway which the Kleeneerie people started ?—Whn the com- pany was wound up by Mr Park, the whole thing was stopped. 80 the Kleeneezie business has oome to a com- plete end?—Yes. What became of the Conway quarry?—It also Came to an end to an extent. 1 Thoo you darted the Carders Stone Lino Cfe. ^whal wis the object of the Carders Lino .qtoru Blocks Company?—To make blocks to be, 1, «

Advertising

..........................40...1.-"V"'"-CONWAY…

NORTH WALES COMMERCIAL TRAVELLERS.

Advertising

CARNARVONSHIRE JOINT POLICE…

Advertising

---A TRYST AT RHOS-ON-SEA

..— A CONWAY MININGI . ENGINEER'S…

NORTH WALES COMMERCIAL TRAVELLERS.