Mr Ward's Bankruptcy.

Feilding Star, Volume XIX, Issue 19, 22 July 1897, Page 2

Mr Ward's Bankruptcy.

(Per Press Association). Duneihn, Jnly 21. \ On resuming, Mr Ward was examined in reference to transactions in regard to taking over the business of | .Ross's twine factory at Invercargill. i He gave two cheques, one for £3000 odd and the other for £6462 for the purchase of stocks sold by his company. As to the first cheque, Rosa was practically in difficulties owiDg to the pressure from the Colonial Bank, and he (Ward) agreed to assist him by the formation of the Twine Company. In doing so he stipulated with Ross that stocks purchased in the first instance by himself as a private individual, should be taken over by the new company, plus interest and all charges up to date. If Mr Solomon's statement was correct, that he had to pay 33s Id per ton for this twine, it would be so. He denied absolutely that he had this twine in hand for some time, H« had not the slightest doubt that the directors knew he was to receive a profit on this. The Twine Company was formed for a two fold psrpose— to relieve Ross's account, which was a congested one, and to dispose of the stocks of twine he held. The Eecoud cheque for £5461 was signed by Ross, himself, and Fisher, who was one of the directors, and on its face a specific purchase was shown, " twine as per warrants." He now learned that some of this twine had been bought by him from Ross at 38s per ton. There was nothing hidden about the transaction for the purchase of twine, since the specific purpose of the cheque was shown, and signed by the manager and one of the director!. As to the losses stated in the report made by Mr Ward and debited to the Association, the statement was incorrect, and he could show £7000 which had been debited to him and paid off. He admitted it was included in the £55,000 draft, but nevertheless had been takes off the Association Had he been allowed a little longer he could have sold the Hokonui coal mine for £12,000. He understood it had realised 10s in the £', and contended that insufficiency of capital oriraprovident advances were not the cause of the Association's downfall, which was really duo to the incessant attacks made on it, and its being loaded with a £40,000 debt by taking over business at the instance of the Colonial Bank. It had paid the Colonial Bank £39,300 in interest alone. He had never spoken to the auditor or in any way interferred when auditing. Mr Solomon epitomised the charges brought against witness n« to squaring accounts and concealing the debts of the Association. Witness declined to give any answer that might be used against him. The examination then closed.