FAILURE OF A COMPANY PROMOTER.

Otago Witness, Issue 2813, 12 February 1908, Page 48

FAILURE OF A COMPANY PROMOTER.

(From Our Own Correspondent ) LONDON, December 6. At the time of the boom in New Zealand ■mines some years ago the name of Mr Robert Jewell was often prominent, his calling being that of company promoter, and hi 6 address Capel House, 54 New

Broad street. A sitting of the London Bankruptcy Court was held \e^terday before Mr Registrar Hope for the public , examination of Mr Jewell. The statement of affair^ showed liabilities £100,673, and assets consisting of mining claims and commission note of no present \alue. The debtor it wa6 stated, had been a company promoter since 1878, carrying on business at \arious addre=ses in the city, ard he wa-s very successful until about 1899.

tie started with a capital of £3000. He was then the holder of considerable West Austialian stocks, but his holdings greatly depreciated through the South African war, and he had tq sell his shares at wreckage prices. His failure was entirely due to the deterioration in the value of Stock Ex- | change securities between I£9B and 1902, ' estimating his losses during that period upon hie personal shareholding's at £400,000 The deterioration was so enormous that

he could not keep pace with it. Since tho war he had been short of capital, and had done very little business. The Official Receiver asked Mr Jewell if he were solvent at the time, the reply being: At the end of 1899 I was a comparatively rich man. In spite of my losses I was worth about £100,000. Examination continued : The losses were mainly in connection with the Westralian market. In the case of the New Zealand

Joint Stock Corporation, witness's holding varied because he was practically the market in that company. It was the fact that he lent his shares to other people in order to support the market. Most of his liabilities dated back prior to 1900. With regard to the liabilities, the Official Receiver reported that sums amounting to nearly £96,000 were contracted many year* ago. and might be statute barred. Theexamination was concluded.