BANKRUPTCY.

Gisborne Times, Volume XVIII, Issue 1465, 27 May 1905, Page 1

BANKRUPTCY.

A HOBSE TRAINER’S DIFFICULTIES.

The business affairs of W. Olive, horsetrainer. were enquired into at the office of the Deputy Assignee yesterday afternoon, there being a fully representative attendance of creditors. Questioned by the Assignee, debtor stated that he started bnsinoss in Gisborne 10 months ago as a horse-trainer and boarding house keeper. He had £7 to btart with, and his wife had no capital. The boarding house did not pay at any time, as the charge, 16s a week, was not sufficient. Ho lost over £3O by bad debts, and had also lost money at horse-training. He made £24 altogether out of winnings. His expenses were £l5O. Debtor stated’ he paid what ho could of hie store accounts with the boarding house receipts, and also used some of those receipts in keeping his horses. Examined by different creditors debtor Btated he betted heavily. Ho did not have a large win up the coast. He won a race of £8 and a bet of £4. He considered libat he lost £75 in racing, of whioh £34 went on Ngapuhi. His furniture was not paid for. The boarding house was leased furnished, and a bailment on the furniture was given to Mr Townley. Mrs Olive had expectations of receiving money from her first husband’s father, but lost 'them. Debtor had been married in Sydney nine months ago before the Registrar. The £66 of goods from Common, Shelton and Co., obtained in six weeks, went in keeping the boarding houso and in feeding the racehorses. Debtor did not have a bank Recount. From the timo he started business he kept.the books produced. He did not get any receipts for money paid. He attributed bis bankruptcy to speculating on the totalisator, bad debts and losses with horses. The creditors remarked on the unsatisfactory manner in which the books had been kept. Debtor said he understood his wife was to havo received £IOOO from her first husband’s father, but the will had been altered. He was prepared to pay 2s in tho pound if he were allowed six months to do it. Mr Stock suggested that the meeting should be adjourned so as to get Mrs Olive. He thought there was no doubt that debtor had rendered himself liable to the ponal clauses of the Act. Mr Pettio Eaid if debtor was able to pay the 2s in the £ cash he would not favor .accepting it. He considered tho bankruptcy a most disgraceful one, aDd one for a public examination. It wa3 decided to adjourn tho meeting for a fortnight for further enquiry.