The first meeting of Messrs. Collie's creditors was held on
Wednesday, and a terrible condition-of affairs was laid before them. Messrs. Turquand, Youngs, and Co. informed thena that the total liabilities of the firm amounted to £1,964,785, sad the " estimated available assets" to £250,542, or, say, 2s. 6d. in thapeund. There are further possible assets to the amount of, say, ,£400,000, but a good many of them are of a character which enight- be realised by a powerful firm carrying on business, but are not very likely to be obtained by liquidators. Among them, for inetance„ is a claim for cotton burnt in Carolina to the amount of £309,000, and a claim on the United States Government, "subject to; appeal and law-charges." Altogether, Messrs. Turquand were not confident, and the creditors will be fortunate, on the face of the accountants' statement, if, after expenses are paid, they obtain more than 2s. 6d. in the pound. Messrs. Collie's drawings on personal account appear to have been at the rate of- some 110,000 a year each.
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