£70,000 DEFICIT

Hawke's Bay Herald-Tribune, Volume 81, Issue 27, 26 October 1937, Page 10

£70,000 DEFICIT

Stockbroking Firm's Accounts PARTNER SUFFERS BREAKDOWN fi MELBOURNE, Oct. 25. When William Cooper Ward, a stoekbroker, and partner of the firm of Ward and Company, appeared before the registrar of bankruptey for examination to-day medical evidence was given that he was nnable to stand a sustained examination. His nervous system had deteriorated, his demeanour was eccentric and he was also prematurely aged. -The registrar said he would apply to Mr. Justice Lukin for dispensation of the examination. Clarence Curwin, who was one of the principals of the Ward" Company, admitted during examination that more than £40,000 which he had drawn was largely the property of clients. ,The kearing was adjourned % A message from Melbourne publisked on October 7 stated: . Tke creditors in tke bankrupt estate of Ward and Company, former skarebrokers, of Melbourne, were told by tke trustee to-day tkat tke drawings of tke tkree partner s, William Cowper Ward, Clarence Curwen, and A. Keith Ward, exceeded tke profits by £70,390 between June 1920 and Jnne 1937. • The trustee reported tkat tkis excess kad been financed by tke lodging of clients' skare certificates at tke Bank of Anstralasia, or by "sale on- account of tke firm. It was particularly noticeable, ke said, tkat tke amjority of the shares remaining in the safe deposit vault at the date of sequestration were either value* less or of such a nature that they could -not be Teadily realised upon.