BRAIN POWER ON PORRIDGE AND SALT.

Akaroa Mail and Banks Peninsula Advertiser, Volume I, Issue 74, 3 April 1877, Page 3

BRAIN POWER ON PORRIDGE AND SALT.

Joseph Mackay's name is a familiar one in more places than Otago, in connection with politics, coal mining , , and newspaper proprietorship. Joseph lately became bankrupt in consequence of considerable misunderstanding's between him ami the National Bank as to the manner of conducting business, and last week he was subjected to an examination with respect to the disposal of his properties. The following are some of the choicer morsels of his extraordinary evidence : —" The plant of the Bruce Herald cost me £1500 ; stationery, £000 ; the book debts were worth £4500, the almanack £1000, and the goodwill of the paper £2000. I sold privately the book debts and goodwill in July, to John Mackay and John Wells. I got no cash from tbe sale, which took place a day or two after the bank's demand. Neither the book debts nor the goodwill were offered to any other persons. I did not offer this £7500 worth of property to anyone otherthan my manager and brother. The bank sold them the almanac plant, and I supplied the brain power. For the latter I got from them my travelling expenses, £1 a-day. I was negotiating to sell in Victoria for £12,000 the Bruce Herald and plant. That was my price for it. I advertised it in the Australian colonies, but got no offer. They sold it by tender for £350. They did not get only that price because I possessed the goodwill, but because I was out of it. No one would run against me in that field or in any other I entered. I swear that until the other day I did not interfere in any way with the management of the paper. There is no arrangement that I am to have it back. For the last two months I have been doing astronomical calculations for the almanac. lam now editing the Bruce Herald. I filed my schedule in the District Court because on the last occasion I was here Mr. Haggit was rude and uncivil to me in an uncalled for way. He threw out dishonesty against me ; but what had more to do with it than anything else was that my wife's health gave way. If it had not been for my wife's health giving waj , I would not have given in ; it was done at the last moment, and against my solicitors. I will harass the bank so long as there in me. They have an honest man to deal with whom they have ruined. The bank had not a better friend than I was ; through my intervention they have got agencies in this province. I may tell you that last week I had no money left to buy my family bread with, and I was too proud to let anyone , know my position. In my twenty years' experience I never saw such a depreciation in value of property as has occurred in the Tokoniairiro district. The bank own two stores there which they could not realise £100 upon now, though they cost between £3000 and £4000. I was willing to assist the bank in every way. I can live on porridge and salt myself, and I do not wish to have anything better. There is not an honester fellow in the world than myself, and the bank knew it. If the bank had had men of my stamp they would never have lost their money. Mr. A. Larnach instigated me to purchasing the farm property, which was the means of my getting my neck into the noose. He ran after me and offered to let me have any money I wanted. Tlien came managers who knew not Joseph."