A Big Bankruptcy.
(Per Press Association.) Napiee, Oct. 21. The creditors of G. D. Hamilton, sheep farmer, met this morning, bat hone proved. Under examination the debtor stated that the Bank of New Zealand offered him .£45,000 as a loan, but two years later took possession of bis land, the Mangatora estate, as mortgagor, bankrupt remaining in charge as manager at the Bank's reqnest with the idea of ultimately arranging for a redemption of the debt on tbe property and aabaeqaentiy with tbe fnll concurrence of the Bank he increased his indebtedness to £70,000, At this time his gross income was stated by bankrapt at £18,000, and bis working expenses were £4,300 leaving a net income of nearly £9,000. The Bank offered the property through the Registrar of the Supreme Court and bought it in for £5,000, leaving a . liability still of £67,000 on the property, which debtor stated was set down in the Bank's books as worth £170,000. Other creditors'debts amount to £5,000, but the bankrupt stated that he would actually bo worth £100,000 in landed property, but for the Bank's action.
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Bibliographic details
Feilding Star, Volume XVIII, Issue 98, 22 October 1896, Page 3
Word Count
183A Big Bankruptcy. Feilding Star, Volume XVIII, Issue 98, 22 October 1896, Page 3
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