BANKRUPT HORSE-TRAINER

Sun (Auckland), Volume III, Issue 646, 24 April 1929, Page 11

BANKRUPT HORSE-TRAINER

TOO MUCH COMPETITION (From Our Own Correspondent/ HAMILTON, To-day. The affairs of William John Smith, horse trainer, Te Awamutu, were examined at a meeting of creditors this morning, at which the official assignee, Mr. J. H. Robertson, presided. The schedule showed debts owing to secured creditors as £574 15s, and to unsecured £234. The estimated value of securities was £ 900, leaving a nominal surplus of £9O 14s. Bankrupt stated that when he left EUerslie four years ago he had approximately £ 850, household effects and a half share in the racehorse Gold Jacket. He purchased a house and 'l# acres between Te Awamutu railway station and racecourse, the purchase price being £1,050. He put down £SOO and took over a first mortgage of £550/ A four-box stable was erected at a cost of .£ 150 and four paddocks were fenced, besides other small improvements at a cost of £2OO. For the first few months everything went off to satisfaction, but later he found he could not get horses in competition with other stables in Te Awamutu. He raced Gold Jacket on several occasions without result. Everything was kept paid up for the first twelve months, but then he began to drift back. Later he made repeated efforts to raise money by getting more horses to train or by selling the property. He was compelled to file as the mortgagee had threatened to foreclose, and in fairness to other creditors he had filed. The assignee said he would call a meeting at Te Awamutu when it could be decided what should be done with the property. The assignee remarked there appeared to be no impropriety on the part of the bankrupt.