STRANGE COMMERCIAL MORALITY IN DUNEDIN.

Globe, Volume XX, Issue 1389, 29 July 1878, Page 3

STRANGE COMMERCIAL MORALITY IN DUNEDIN.

[By Telegraph.] THE CORRESPONDENT OP THE PRESS.] Dunedin, July 27. In the early part of this week a firm, who carried on business as general storekeepers in King street, gave out that they were in difficulties, and obtained the consent of their creditors to the execution of a deed of assignment, by which they surrendered to the trustees their estate for the benefit of their creditors. The two men had been in business for two years and a half, and in the statement which was submitted to the creditors their liabilities were shown at £I4OO, and their assets at £750. The first act of the trustees was to take steps to have an inventory taken of the stock and private effects of the debtors. Two persons were told off for that purpose, and as a result of it there was discovered a small safe concealed in the bedroom of the dwelling-house of one of the partners, which was immediately behind the business premises. The account given of this safe, that it belonged to a man at Signal Hill, and contained, with the exception of some small articles of jewellery, nothing belonging to its temporary possessor, was not considered satisfactory by the trustee, who was at this time conducting the investigation. He took possession of it at once, and had it removed and placed in charge of the person put in possession of the stock. It ought to be mentioned that up to this time the trustee had been in communication with the wife of the bankrupt, the latter not being accessible. But the trustee had scarcely got back to his office in town when he was waited on by the bankrupt, and advantage was taken of the latter’s presence to examine him on oath, when his explanations were so extremely unsatisfactory that it was concluded something was wrong, and the safe was immediately sent for and brought into town for safe keeping. The bankrupt however stuck to his story that the safe did not belong to him, but when warned that if the key of it was not forthcoming the services of a locksmith would be requisitioned and its contents inspected, bo made a promise to produce the key. Early this morning he fulfilled his promise by handing the key to one of the trustees, and to the other ho volunteered the rather startling statement that the safe contained over £6OO in cash. When the safe was opened half an hour later, that statement was found to be quite correct. In two small flour bags were deposited £4OO 10s in gold. There was a parcel of silver amounting to £24 17s 6d, and in an article of female wearing apparel there was discovered neatly wrapped up £IBO in notes. The remaining contents of the safe were some jewellery and papers. The bankrupt has since made a clean breast of it. He says that for two years past he has been “ saving ” this money, of which neither his wife nor his partner knew anything; but he admits that it came out of the business, and that the Signal Hill story was a fabrication. Through the medium of the Courts the public are likely to hear more of the matter, but in the meantime the creditors in the estate console themselves with the knowledge that, without their being put to any trouble, their dividends are likely to be increased from 8s to 15s in the £.