The Affairs of Messrs. Grey, of Smethwick: This morning the adjourned public examination of John and William Grey, corn factors, of Smethwick, was held at Oldbury, before the Registrar (Mr. Watson). Mr. Pinsent appeared on behalf of the trustee (Mr. E. M. Sharps). Mr. Pincent explained that that examination had been adjourned in order that the bankrupts might file certain cash and other accounts relating to the period of six months before the filing of the petition. This account, which was a very voluminous one, had been finished, but it contained a number of entries which were in some respects very unsatisfactory. He proposed to obtain as much information as possible, and after laying before the Registrar certain extraordinary estimates, to leave it to him as to whether he considered them satisfactory or not. —The bankrupts were both sworn together, and in reply to questions from Mr. Pinsent, deposed that the accounts produced contained the whole of the monies within the period mentioned so far as he could ascertain. In regard to the purchase and sale account, he considered that 10 per cent, gross profit would be a fair estimate of what they got upon the goods sold, all around. — Mr. Pinsent: You show a gross profit of £160 only in this period on the amount turned over, which would be about £6,000; is that correct? — Debtors: Yes; but we had a lot of bad debts. — ln replies to a further question, the debtors said they believed the bad debts were included in the statement — Mr. Pinsent pointed out that the profits should have been £600. The inference he wished to draw was that the amount had been understated by the debtors. In the cash account the estimate of the takings from the 6th to the 30th June, which was set down at £l4 per week, was, he believed, correct. It was not based upon the imagination, but upon his opinion of the amounts they took. The only explanation he could give as to the omissions in two months of the entries in the cash account was that it had been neglected.—Mr. Pinsent then sought to show that the debtors obtained a note for the transfer of certain goods a day after their private examination from a person named Davenport, without disclosing to him their position, but neither of the debtors had any recollection either of the date or the transaction. John Grey admitted that just before the filing of the petition, he paid John Boyce £10 in repayment of a loan. — William Grey said he did not know even at the private meeting that they were insolvent, but John Grey said he was aware of the fact in October last, although he thought that with time the business might have paid 20s. in the pound. — The examination was then concluded, the debtors being allowed to pass, not, Mr. Pinsent said, because the statements were considered satisfactory, but they were of the opinion that nothing more satisfactory could be obtained by prolonging the examination.
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Referenced
GRO0738 Devonport: Richard Alfred Pinsent: 1852 – 1948 (?)