BANKRUPTCY PROCEEDINGS - YESTERDAY
(Before Sheriff Clark)
EXAMINATION OF JAMES KEIR
The bankrupt was a watchmaker in Gallowgate, Glasgow, and sometime carrying on business in Shanghai, Montrose and Renfrew. There were present Mr John Wilson, C.A., trustee; and Mr James Dunbar, writer, agent in the sequestration.
The bankrupt deponed - I first commenced business in Peterhead as a watchmaker and jeweller about the year 1859. I had capital of about Â£25 then, Â£15 of which was my own savings, and Â£10 of which was borrowed from friends. I left Peterhead in May 1864. I had then clear capital of Â£350. I went from Peterhead to Shanghai in China, where I commenced business as a watchmaker and jeweller, and also a general agent. During part of 1864 and 1865 I consider that I made money in carrying on of these businesses. After that, in 1866, I lost money by different speculations. Amongst other losses I made there was one of Â£350 through the failure of Dalbeck, Smith & Co. of Shanghai. I consider that my losses from February to August, 1866, amounted to about Â£1500. In the latter month I gave up business in Shanghai, and returned to this country. When I left Shanghai I considered that I had about Â£680 worth of goods and cash. About Â£400 of this was goods, and I had in addition to the sum above stated a valuable assortment of tools. I was owing a debt of Â£300 to Mr Hugh Connell, jeweller, Glasgow, when I left Shanghai for goods that he had shipped to me there. This sum of Â£300 should be deducted from the Â£680. Out of the money that I had I paid for my passage home and travelling expenses about Â£120. I packed up the goods belonging to me in Shanghai, and left them in charge of Mackenzie & Co. there, who shipped them on board the Westminster, bound for London, in Sept., 1866, which vessel was lost shortly after on the coast of China, and so were all my goods. I received a telegram from the owners of that vessel intimating the shipment of my goods, the loss of the vessel, and also that my goods had not been insured. After returning to this country I commenced business in Montrose in 1866 as a watchmaker and jeweller. I had Â£60 worth of capital when I commenced there, but I was still owing the debt to Mr Connell above referred to. When I was in Montrose Mr Connell called on me about this debt, and I arranged the debt with him afterwards by giving him a promissory note payable by instalments. I was really sole partner of the business in Montrose, but I might have said to Mr Connell that it was not mine, and that I was working for a weekly wage. I carried on business in Montrose till May, 1868, when, in consequence of a bill having been protested against me, I granted a trust deed for behoof of my creditors. I afterwards commenced business in Renfrew in Oct., 1868, and came to Glasgow in April, 1869, when I commenced business in partnership with David Rutherford; but he only continued with me about 10 or 12 days. I produce a statement accounting my deficiency, and showing the various losses I have sustained in the different places where I have been trading.
The statutory oath was then administered.
Source: The Glasgow Herald - 31st July 1869