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[ ■; ( . .■ , ., t sr'V-f ', . iv licilf "rill GENTLEMEN,— . ..,.,,1, As many of the Croditora did not attend any of the Meetinj;^ held about matters oonncoted with the Estate, and as' li '.! whole matter may now be constdared olosed, I consider it due, alike to the Creditors and to myself, to give this brief rcsun i of the whole matter. it-'.i ;■ 'f! i'n\ 'II. lit •i.'Ui, When, about three years ago, t reluctantly consented to act as Executor of this Estate, at l^Ir. Winter*! urgent anj dy- ing request, I was led to believe that the assets would be some $4,000.00 over and above all the liabilities. For a few weeks I devoted my whole time iu finding out the exact pofition of the Estate, but it took me but a few days to ascertain that there wculd not be sufficient to p-iy twenty shillings in the £, as there had bien no order or system ir any one of the ' departments of the business. Without det tiling the many circumstances which led me to this conclusion, it will suffice to' state that the total liabilities were over $2B,000.00, owing to some sixty different parties, 2iuf not eren thewimet (excepting io a few oases where the party had petty uucounts in the store), of thfsc parties appeared in a Book in the establishment ex- cQ}t the one c:ilUdthe " BUI Book." Not even the name of such a Creditor aH Messrs. J. C. Forster k Co., to whom the Es- tate was due $4,882.96, and with whom large accounts had been opeted ever since the business had been commenced. I also jfound that about $2,000.00, — ($1,500.00 Judgment and S500.00 Costs,) hod been paid out of the business in the suit Bottle r*. Winter, — $740.00 has beien paid by me, and about $000.00 by Mr. Winter, on the two Lots purchased, on the " Hatch Property," Woodstock, which Lots I still huld, they having been in the market for upwards of a year, at $150.00, without finding a purchoser. Mr. Winter always estimated that he lost $1,000.00 by the Pedler, Lanedale, who ran away with the prooeeds of one large Christu-.as load of gouds and accounts collected. In a majority of cases, I found that the ouatoinors could prodolce retitipts of some kind, for more than they had bfeti . given credit for. I advanced a few hundred Dollars to meet prcming demands, and was allowed by tlic Bank to cheque out for Bills' ibr this fiHU amount of silver I had deposited. Thinking that the princip tl could succeed much bettor than an emjtfoyee, in th^e collection and settlement of such accounts, I, ut no s.nall inconvenience to myself, made three lengthy journeys for this pur- pose. Daring the lust one, I sent one package of silver from Chatham, two from Windsor, and one from London, by Ex- return on Saturday, tree places, I did enquire after my money, and learned that it had been delivered to u young man in my office! and on arriving ot my office, found that the said young man had decamped with it, together with some money of niy own, the night previous. <.'" ' ' •■ ^ -^"' "•' ^ A few weeks later one of the Creditors, to whom the Estate was owing $410.22, placed his account in suit for colleotioft, ' and I was served with a Writ. I was advised that the onli/ things I could do under such circnmstanoes, wsire either to pay this claim in full, or fall bnck into the Court of Chancery for protection. I did not of course hesitate ■ looment in ehoos- irtg the latter, because, if Creditors found that those who sued lor their claims were paid, the rest of coarse would follow. Every Paper, Book Account, &o., Sao., in cor.neotion with the Estate, were then duly banded over to the said Court, and during the six or nine months tuliowing, underwent tha closest scrutiny of several pvofessbnal geutlemon, representing a num- ber of the krgeet Creditors. So fur as I know, the following were the only objeotiunj tnkou to anything that had bwn done by mo. Ist.— My personal liability for the money stolen. 2ad. — Tht payment in full of a certain ttcoommodation Bank Note of $400.00 and eertftin Missionary money in tlie hands of >Lr. Winter, at the time of his death ; and 3rd. — The re- ceiving of any silver in payment of accounts due to the Estate. In, answer I may state, before paying over the $650.00 of Misionafy money in full, I obtained leyal advice and acted in aceordaitoe with it... Mr, Winter wm io tfte habit •£ €K-- cepting silver at par, but I only accepted one-half in such ooio. • >i- ii. ;< ■ tni" ■ v«. •, jiiH i ;} i,< ^'■I'ry.m'nU t.fo*i,vi ot. '^tm About this time I saw one or two of tho principal Creditors, to whom I expressed an earnest desire to have the matter of r wus unhcditatingly aoeopted by the few Creditora I was OMiblcd to see, and they promised to consult with the others and advise me of the result. t i„,<; ,i,;Myt- , iri<-»-.f>t1}' !>viitt i The Marohing examroatioa v hi«h the affairs of the Estate had now been subjoctol to during the nine months they had been in tlie Court of Ohanoory, enabled the Creditors to approximate what the fintu result would bo as to the dividend it would be likely to pay. The Creditors calcuh ted that with the $1,000.00 I proposed to pay, a dividend of 60 cents in the Dollar would be declared to ordinary Creditors, and they offered to accept this amount providing I would raise the moneg anil pay the whole in Cash at once. The acceptance of any such offer wou'd necessarily be in a great measure " a leap in the dark," as there were in all, twelve Houses and several vacant Lnt.s to dispose of, and the Books (?) in the unsotisfaetory ■tate bcforp mentioned. Still, being most anxious te have the matter settled, I otforod togivo.')S^ per cent, on the $, provided tho Credlton MOoog themselves would obtain and present me with a written acceptance of this offer. •-it .'it Those terms were accepted by till the Creditors, except a Turouto firm, to whom the Estate was owing $910.00, and who claiihod 80 coats in 'the $ ; iibt that, from an cxamiuAtioii of the accounts, they ooneidored that that dividend could bo realized, but I suppose, from the very natural desire to obtain ull they could on u debt justly due them in full. The offer I had made being the utmost I thought I could afford, I preferred that the whole, matter should be settled by the Court ra* ther than give even this small extra amount more than I hud already offered. This mode of settlement was therefore abaa* doned and the wheels of the Court aguiu set in motion. Thus mutters went on for some six months more whan I was re, quested by a Hamihou Creditor to revive my former .offtU' as he was informed that the Toronto firm, before alluded to- would now agree to the former arrahgontent.' In the interval one or two circumstances had occurred which led me to be- lieve tint it was decidedly to my ildvantuj^d to have the whole matter doted by the court, but feeling to some extent in hon* or bound t'» adhere to my former offer, I rather reluctuntiy consented to do bo, provided each Creditor pay hia own oost8> I agroein.'d thut the arrangement made was the best that could have been made under the circumstances, for ull p trtius— certainly none have made aiiy cbiupluint to me. I urn fully aware that under or- dinary circumstances, it would have been opsn to very grave objections, tlie purchasing (as it were) by an Executor of the Assets of an Estate for which he was aciiiii; as Executor. So scrupulous was I in this i^cspeot that I did not purchase to the extent of one cent any of the assots, even any of the groceries sold nt a reduced price, till I thus compounded with «U tFio Creditors. ' I have nothing I desire to disguise in the whole matter, and in order that the Creditors may be well " posted up" in all mat- ters connected with the Estate, I have left with Messrs. J. Q. Forstet & Co., of Hamilton, (the largest creditors), a full stt^tement of the whole oooouut, witl^ a list of the bud debts, &c., &o.', together with copious explanations, for the inspeotioa uf all the Creditors, or they can see a copy in my office. I may, however, give here some of the most^important items in oonneotion with the account, — Received from' alt sources $21,()03 83. Paid out (including stolen money) $22,136 76. Cftsh jjow ont of pocket $772 03- Debts yet to pay $30ti, (not including Mortgage to Mr. Teeple, as it is hoped that the lot it covers uiuy sitll for sufficient to piiy it.) To meet fhis there are assets in hand of $388, and due on mortgages in ons, two and three years, $290 00, mukiag my apparent prospective loss $400 93. The most important unsettled claim has been in the bunds of arbitratorti for upwardjfof a yciur, and tlioiigU I am sure that the sum above named as the liabilities, will be considerubly reduced. I am fur from sangulno that other claims or losses will not accrue before the whole ia finally settled. Dud debt«, $4,184 51. . The stolen money, &c., amounts to about 14 per cent, of the total amount received, lees the amount I um out of pocket. The liiw costs huvo beon ubout;$300, two-thirdi of which wore in connection with the Court of Chuncery. Apart from this, and about $130 puid J. Smith, aud A. VV. Smith for making out the accounts, and collecting the expenses connected with the winding up of the estate, have been very trifling indeed ; no charges, of course, have been made by me for my time and trouble. I um blamed by my Idgal advisors for issuing such n circular as this. I am fully aware that such a course is not usual, and, perhaps, unbusiness-like, but insomuch as ihero were some unusual circumstances connected with the settlement of the estate growing out uf the stolen money, I have considered it the most satisfactory oourso to pursue, especially as no one but mytelf can possibhf be pnjudked by it. Under ordinary circumstances I could not have entertained for a moment any proposition to become the purchaser, as it were, of Iho Creditors' claims, but even under such circumstances, I full to see any rcuson why. the Creditors should not know the final result. I have acted as the Executor for several large Estates, but never before where there was not mucli more than sufficient to pay 100 cents in the $. The one in question being a bankrupt one, and its business eouduoted in a manner so diamctrioally opposite to that in which I do my own, I did not feel *' at homo" in its management. I r^et exceedingly that I should have been in the remotest manner instrumental in losing any money that so justly belonged to the Creditors, I am not conscious of having taken a false step in the troublesomo matter to the Creditorci' disadvantage. I now feel confident shat it wan the best for nil parties that the matter was settled in the manner it was. For bringbg about this 1 1 a successful termination, the Creditors and myself are under great obligations to John Duncan, Esquire, of the firm of J. G. Forster & Co.-, who, by his gentlemanly conoilliatory manner overcame all the difficulties which would be sure to present themselves before the consummation of mui arrangement. If from the circumstances nurruted in niy " Expluuutiou" I lose u few hundred dollars less than the $1,000 I oiFcrod, it most be borne in mind that the great chances were that I might have lost much more than that sum. I never considered myself momUy bound to make good any of the money, and I am advised by my Attorney, (B. B. Wood, Esq.,) that I am not legaUjf, but iiotwitlistunding this, the unpleasant fact still remains — that a portion of the Creditors' money was lost. — I have, therefore, decided, that under all the cirounistances, I will pay each creditor of $50 and upwards one and a-half per cent., additional, jnsiking GO cents in the $1, in all — the amount the Creditors first asked fur as a settlement in full. — Please find cnolosod the sum of $ , being 1^ per cent, of your cluim j and I shall now consider the mutter ^na% cUised, and shall keep no more accounts in connection with it. If, however, any of the creditors think anything ean still be realized out of the bad debts, (a list of which are attached to my " Explanation,") I shall only bo too happi/ to hand them ull over for the benefit of the Creditors to any party who may bo named, providing that the request bo made before tho 1st of Ju>". :icst. I huvo till! honor to bo, Gentlemen, Vouv most obcd't serv't, T. S. SHENSTOIJ, J-'xeailor »/ th< h'slatr. n/lhc Uiti W. Winter. of H 4 . ^» „