WOMAN BANKRUPT

Hokitika Guardian, 24 November 1932, Page 8

WOMAN BANKRUPT

RACEHORSES BRED AT LOSS

SUM OF £4OOO DISAPPEARS

GISBORNE, November 22. The story of a woman’s misplaced faith in her ability to make money by breeding racehorses and running them was unfolded at a meeting of creditors yesterday in the estate of Mrs Alice Ramsay Hutchison. Bankrupt’s statement showed that £4OOO left her by her mother about ten years mgo had entirely disappeared, and in addition a deficiency of over £4OO was shown in heV 'accounts. • In cite, course of her statement Mjrs Hutchison set forth that she had. commenced breeding racehorses after her mother’s death and later raced them. She invested money in brood mares, one of which, Uralla, died at her first foaling. A second mare, Bonaria, produced only one foal, and a third, Heather Bush, had not produced any. She had some successes with one horse. Royal Routine, nnd afterwards sold it for £6OO.

“Tins , misled me into thinking that there was a handsome profit to be made in the racing business,” the statement proceeded, “hut my unsuccessful attempts to breed winners, coupled with hard times through which racing, is passing, has gradually reduc'd my assets until they are insufficient o pay my debts.’’ Questioned by the assignee, bankrupt stated that she first invested in racehorses four or five years ago, -but had never kept any accounts of her transactions. Royal Moments was the first horse raced in her name, but this horse belonged to her husband and she '-ad no interest in it- Royal Damon and Royal Times also raced in her name, but she had no interest in them nnd received no benefits, though Royal Damon won quite a lot of money while j • qcipg in her name. She had bred Royal Routine and sold him for £6OO wh»n eighteen months old. This transaction occurred about three yeafs ag°v She now had two brood mares, Bonaria and Heather Busli, each having cost her 25 guineas. Uralla the mare which died, had cost 100 guineas. Under cross-examination, Mrs Hutchinson expressed the opinio that if Slippery, had,run la s t. Saturday he would have won and her trainer would have received over £IOO. She was satisfied that Dad she not been pressed she could have met all her debts, none of which had been incurred during the past twelve months. Bankrupt added that Royal Hunting had been nominated f<sr the Railway Handicap ai, the , Auckland Christmas meeting. ' A small committee was set up by the meeting in/ an endeavour to dispose of the racehorses and assets gener ally, The. meeting adjourned sine die