BANKRUPT'S LOSS

Hokitika Guardian, 2 May 1929, Page 6

BANKRUPT'S LOSS

1 1 "1.000 IN MINING VENTURE.

(Hy Telegraph—Per Press Association. )

.HAMILTON. A lav 1

Declaring that he lost Over £13.000 in the Thames goldmining venture of the Zeehan Consolidated, William Duncan, of Hamilton, farmer, met his creditors before the Official Assignee to-day. The bankrupt claimed that he had been misled by’the promoters of the syndicate, which ostensibly was no, quiring the Zeehan Minos in 1917. 'f’he company sold the. property in 1925 to the New Zeehan Consolidated. Ho (Duncan) agreed that £25,000 in debentures he raised, to take priority over his claims; In December, 1920. according, to his statement, lie agreed to undertake certain liabilities to the National Hank and to the Dominion Securities, Ltd., in order to keep the mines working. However, the works closed that month, tn dune. 1927. the debenture holders put In a- receiver who sold to tile Dominion Securities, Ltd., for fill .000. Duncan stated that he was bankrupt through his failure to pay a quarterly instalment on the shares which he agreed to. buy in the Dominion Securities. His schedule thawed that all his ,assets' were fully mortgaged, and his liabilities were £1(177

Mr Fothoringhanr. formerly solicitor for Tlunean. said that the statement wa«: incorrect in some particulars. It was as reed flint, a supplementary statement he prepared. There was no quorum present. Mr White, who came from Wellington to represent the Dominion Securities, objected to any postponement. The creditors discussed the value of Duncan’s property at Frankton. and the question of disposing of his shares. The Assignee said he would call a further meeting, if necessary.