Mr Wards Bankruptcy.

Feilding Star, Volume XIX, Issue 14, 16 July 1897, Page 2

Mr Wards Bankruptcy.

HIS PUBLIC EXAMINATION

(Per Press Association.)

Dcnedin, July 15,

Mr Ward's examination began today. At the request of Mr Ward the examina tion is open to the public as he desired the opportunity for answering tbe liquidators' report. Mr Ward was then examined on questions having reference to the value of the Ocean Beach Freezing Works at tbe date of tbe sale.

Mr Ward said that between November 19, 1892, and December 2, of the same year, his overdraft stood at £45,073, but in the interval between March, 1892, and then there had been enormous expenditure on freezing works, for which he afterwards got £50,000. In addition to th»t his bank book showed his discounts on November 29 amounted to £13,318, and the British bills at that date, against stock taken credit for, £9714. if the figures supplied were correct that was eertuinly his position. At the same time he was liable on cerlnin guarantees; one of ibese was £1500 for the Hokonui Coal Railway Company, bm finally be was liable to £5000. With others he was liable for £10,000 in ihe Southland Rope Company. He was not prepared to dis pute his total liabilities direct and contingent. At the dnte mentioned they were £127,000 odd, but he thought it only ri^ht that »ide by side with that he should place his a»«ets. Take, for instance, the Hoknnui Railway ; it was valued for pur« poseH of liquidation as worth Is in the £, but the liquidator had already obtained 10; lor it. At «11 events he (Ward) under mood a considerable r..st>et had been obtain* d from that, source. It was not a fact lllil, irrespective ft any continßont liability or guarantee, his direct liability to the Colonial B ink on Novpmber 29 was .£107,000. The British bills were included therein, and thry amounted to £9,000. Suppose the asrets were over £103,000, and in the interval there had been enormous expenditure, for which (be Colonial Bank held assets (?) He could not dispute that he owed ihe Bank L 99.000 on November 20(h, but as a matter of fact he did not know of these assete on tbe property mortgaged to Ken yon's trustees for 1,2000. Tbe greater portion of tbe rest of the properties he had were subject to an unregistered mortgage held by the Coloma! Bank. On November 29th it was a fact, as stated in bis letter to tbe New Zealand Times in September, 1893, that his properties were then unmortgaged and unencumbered. His opinion was that the letter to give the mortgage was in the hands of the Bank, but if it were his properties at that date were not actually mortgaged to the Bank. There was a difference of twelve months in tbe periods referred to in the letter, and the account referred to was the former. The Association was than out of business, but not himself.