FAILURE TO AGREE

Dominion, Volume 21, Issue 114, 11 February 1928, Page 12

FAILURE TO AGREE

SECOND TRIAL OF A. G. WALLACE THIRD TRIAL FOR MONDAY The re-trial of Arthur George Wallace, who was adjudged a bankrupt on November 19, 1926, on charges of contracting debts without reasonable expectation of being able to pay them, took place in the Supreme Court yesterday. Mr. P. S. K. Macassey conducted the prosecution, Mr. M. Myers, with him Mr. A. J. Luke, appeared for accused, and the Chief Justice (Sir Charles Skerrctt) was on the bench. The charges involved three debts which Wallace had contracted between August and November, 1926, an amount of £5O to Wright, Stephenson and Co., Ashburton, £Bl 16s. 2d. to Pyne, Gould and Guinness, of Christchurch, and £122 9s. lid. to the New Zealand Fanners’ Co-operative Association, Ashburton. Mr. Macassey stated that the charges were brought under the Bankruptcy Act. When the accused man __had filed, his proved debts had been £7139, and his assets had realised £970, showing a deficiency of £6169. Wallace had known that he was insolvent in Julv, 1926. Evidence for the Crown was given bv Samuel Tansley, Official Assignee, and Frederick Howard Hayward, public accountant, who had made out the bal-ance-sheet, and who said that before August he had told Wallace that, without considerable cash capital, his position was irretrievable. For the defence, Mr. Myers said that Wallace, who was in business as a fruit auctioneer and broker, had. done a substantial business during his first, three years. His turnover had been in the vicinitv of £70,000 per annum.. He had sold large quantities of fruit from California, and had been hit by the embargo against Californian citrus fruits. This embargo was lifted in September, 1926, and the Californian trade would have been restored to Wallace. Also, he had the prospect of selling his business. Evidence was called along those lines. The jury retired at 4.2.5 p.m. and returned at 8.55 p.m., having failed to agree. A new trial was ordered for Monday at 10.30 a.m.