RACING MAN’S DEBTS

Sun (Auckland), Volume II, Issue 516, 20 November 1928, Page 13

RACING MAN’S DEBTS

CREDITORS DISSATISFIED GAMBLING HELPED ESTATE (Special to THE SUN) ROTORUA, Monday. The betting transactions of T. R. Webster, who admitted he had purchased a system designed to “beat the totalisator,” were discussed when Webster met his creditors in bankruptcy proceedings to-day. Bankrupt’s statement of accounts showed unsecured creditors £612 19s 3d, with assets £ll7 8s 7d. The total liabilities were £1,677 3s sd. Bankrupt said that he had received the balance of the purchase money for his farm. He had paid several creditors who pressed him, but he could not pay other creditors. He admitted that he had been betting a little. During the year 1926-27 he purchased a system to “beat the totalisator.” He might have told someone that he had paid £6O for it, but that was not true. He was sure that in the last 12 months he had not spent more than £lO in racing. He could not estimate the amount he invested the year before. He had attended several race meetings in the last 12 months, all away from Rotorua. Although he had only £BS between him and starvation he still went to these race meetings. “I have spent the whole of the money,” he said. “I made about £4O at these meetings. There would not have been so much money in the estate if I had not kept to racing. • I cannot help it if the creditors do not believe me.” Bankrupt explained several transactions in pigs on money loaned to him. He said he was too keen. Several creditors expressed themselves as very dissatisfied with bankrupt’s conduct and statements. Bankrupt was asked to make an offer, but Refused.

It was decided that if bankrupt made no offer the facts be placed before'the official assignee, with a view to his handing the case over to the Crown prosecutor for actfon if advisable.