An announcement that the creditors in the bankruptey of Mr. Eric Moller will receive 75 per cent. of their claims was made in the course of an application heard by his Honour Judge Sir Skinner Turner in the Supreme Court last Friday.
Mr. A. G. Mossop appeared for Mr. Moller, and Mr. C. Mansel Reece for the Yangtsze Tnsarance Con, La.
it. Mossop said this was a motion applying to the Court for final Japproval of the composition as proposed by debtor and duly accepted by the majority of creditors at a meeting held on June 3 and provisionally approved by the Court on July 14. The application also was, that there should be a discharge of the receiving order made against Mr, Moller on May 20.
Counsel read an affidavit filed by Mr. Moller showing that there had been a full disclosure with regard to the property known as "Pairyand," and the charges on it, and proceeding: "In a. letter dated July 15, and signed by my creditors, the latter authorized and requested the Yangtsze Insurance Association, Ld, on behalf of themselves and'as "trustees for Jereditors, to accept from Mrs. EH. Moller 'a second mortgage on Counsel added that everything had now been done which bbe necessary at the tim [cial Receiver presented and expressed himself as being in favour of the composition. being approved. The terms of the com position wore such that the cre tors would receive far in excess of 5s, in of their debts being secured by this mort gage, His Lordship—t do: not want to} {£0 into details of the compos Tt has already been approved subject to the giving of certain partifeulars and the drawing up of certain documents, and that has been Mr. Mansel Recee—Yes. We ave "no objection to this applica tion to-day.
His Lordship—The conditions having now been complied with, T formally approve of the compos tion. The receiving order made against debtor is: now rescinded, and costs will be governed by the order I made on the last occasion, T can only say Iam glad this has: gone through, that the composition has been arrived at and that the receiving order against Mr. Moller haw gon put, "When the Customs officials began their search, Capt. Borreson could not be found on the vessel, though it was known that he stayed ina hotel in Broadway for several weeks. Later, after the warrant for his arrest was issued, it is believed that he lived in a house in Woosung, but the American Court authorities] found thatshe was no longer there. The search was not neglected and on his return to port the arrest was; made.
Added to the libel filed by Leong] Kow in August, there is now this other action against the master and vessel by members of the crew and the present master, Capt. Lorentzen (appointed by the U. 8. Consul-General) for services performed on. the ship during August, September and October. The combined claims!
Jamount to over $12,000.
At the U. S. Court yesterday, Capt. Borreson was admitted to} bail in the sum of G.$10,000.
Text read from the printed page and cleaned; old type leaves the occasional error.