FORGETFUL BANKRUPT.

Hokitika Guardian, 12 October 1917, Page 2

FORGETFUL BANKRUPT.

ARTHUR WALDEMAR SCHAEF. (N.Z. Times.) |1 ‘As a consequence of tho slander suit brought against Arthur Walcfemar Sohaof about a month ago by the Misses Davey, a meeting of the former’s creditors was held in tho offee of the Official Assignee on Friday. Amounts owing to unsooured creditors totalled £760 13s. 3d, and there are no * secured creditors. In liis Vivian Street establishment the stook-in-trndo 1 amounted to £4O. This left a deficiency of £720 13s. 3d. The chief crodiros are: —Misses I. 1 and 0. Davey, £7o4'lßs; Dr. Martin. ,Cl2; R. M. Green, chemist, £l2; and Dr. Hislop, £lO. Miscellaneous ae- j counts totalled £3. . Mr. T. Young appeared on behalf of tile principal creditors and Mr. T. M. Wilford was the bankrupt’s counsel. 1 The meeting had been fixed for 11 a.m., but later it was adjourned till 12 o’clock, as the bankrupt had Tailed to appear. In the absence of Mr. Rchaef 1 Mr. Young said that there were several matter which could be dealt with, but the most important ones must be left till ihc bankrupt arrived. It was on record that on July 9tli, Schaef had disposed of property for £2,500, and on July 10th. had received £ISOO. The Assigns (Mr. Tansley) corroborated this statement. In November, 1916, the bankkrupt’s wife sold property in Hiropi street. The transaction . realised £BOO. Again Schaef bad realised £240 from property he had sold at Island ®ay. The question then arose as to where this money had been invested. This question could be answered by Schacf. There was. sufficient evidence to show . that at no period bad the bankrupt ever kept a banking account except at the Post Office. The Assignee stated that the books before him tlirew no light on tho financial position of Schaef, and that a record of orders were the only items entered. A definite statement was required on this matter from tho bankrupt. Mr. Young moved that the meeting should stand oyer till noon, and this motion was carried. At 12 o’clock or thereabouts Schaef aocomanpied by Mr. Wilford arrived. Tn reply to questions by !•' Young the bankrupt stated that for eighteen years he had been in business. His calling had yielded sufficient money, and he not once entertained the idea , of abandoning it. Although often be sold his stock and apparatus it was j because it had gone out of date, and not because be urgently needed the I; money. , The Assignee in answer to Mr. WilI ford, said that tho stock-in-trade _ brought in £35. 1 Here Schaef exclaimed thnt its real j value was indisputably greater. There j. was someming underhand in this transaction. The lens of one of his cameras had been missing. Mr. Young: “The lens was in the camera on August 26th but between this date and September it disappearr ed. Do yoit recollect what you did with it?”

Schaef: “I do not know where it is,

The memory of the bankrupt failed him on many occasions, and very often when it did not his answer was the very abrupt “I decline to answer”. Mr. Young stated that the replies he hnd given were quite unsatisfactory. Mr. Young, for the second time, asked him what he had done with tho £ISOO realised from the property. Schaef again refused to answer.

The Assignee said that steps would be taken to bring the matter before the Supreme Court. Mr. Wilford: “Mr. Sschaef has made up his mind that a new trial might nnt him on , a firmer footing. He feels that he is under groat hardship. Investigations are being made in ChristcTinrch and Dnnedin which will alter the whole position.” Schaef refused to sign the "T’Won statement of his evidence. Mr. Young asked *’■" Assignee to take the necessary stops to have bankrupt brought before the Supreme Court.

Schaef, who had shown excitement at times during the proceedings, stated tht he would fight on and win yet. The proceedings then closed.