THE MILTON POTTERY WORKS.

Evening Star, Issue 4053, 22 February 1876, Page 3

THE MILTON POTTERY WORKS.

At the sitting of the District Court (in bankruptcy) at Tokomairiro, on Monday, before Judge Ward, M. W. White applied for his final order of discharge. From the ‘ Bruce Herald’s ’ report we learn that—

Mr Walter Taylor appeared for the bankrupt, and said he was hot aware of any opposition.

His Honor: I observe from the trustee’s report that you have been ehgagedrn an unfortunate speculation, your failure bein’ unfortunate for yourself and the district. This pottery would no doubt have been a valuable acquisition to the district, but you were to blame thus far, for you seem to have been speculating on credit. It seems that the sum of L 6,000 has been spent by you in experiments, and of this sum Ls,ooo.was the money of other people, I never blame a man for speculatiog with his own money, but it is a different matter when hj i speculates with money belonging to others. Mr Taylor : The bankrupt engaged a manager from Home, who professed to be a skilled person, to carry on his business, but t is persomproved utterly incompetent to conduct the business, and the loss was the consequence. An action has been commenced against this per son. I mention this to’ show that the bankrupt has been a -victim.

His Honor: Had he been speculating with his own money no one would have been hurt but himself. A man has no right to speculate with the funds of other people, unless these other people knew if and agreed to it. It would have been belter for Mr White to have formed a company. Mr Taylor : I believe this was tried, but was not successful. I hope your Honor wifi take a lenient view of the matter, for the bankrupt appears to have been more sinned against than sinning, HJs Honor : I see that the amount due to the National Bank is L 4,680. Was any security given for this amount?Mr White: No. His Honor: L 4,680 without security. Mr Taylor: 'I bis shows that the Bank had confidence in Mr Wh t“.

Ha Honor:-Yes. I see that the Bank is the largest creditor by a great dea 1 . Surely the Bank must have been well aware of the nature of this speculation, and de facto if they allowed Mr White to lake from the'r coffers the sum of nearly L 5,000 to carry it on, they almost constituted themselves partners in the speculation. Mr White: I offered the Bank the buildings and whole plant as security, but they would not,accept it. They said it did. not ma-ter.

His Honor: This seems to be the most.b - nevolent Back I have been acquainted with for some time. This is a mo>t refreshing instance of Christian kindness and unselfishness on the part of a Bank, but I do not know how their conduct in this respect - will meet the views of the shareholders. Under the circustauces I wifi grant the order of discharge.