CHEAP MONEY

Sun (Auckland), Volume III, Issue 912, 4 March 1930, Page 11

CHEAP MONEY

LOAN NEGOTIATIONS INVESTIGATED TEN FRAUD CHARGES “I’ve bad enough of him and I want justice,” declared a witness giving evidence against Thomas Henry Wise, who was charged on ten counts of false pretences at the Police Court this morning. The total amount involved was alleged to be £76 4s. Wise, who was described as a collector aged 29, was represented by Mr. A. V. Fraer. He elected to be tried summarily and entered pleas of not guilty on all counts. Detective-Sergeant Kelly outlined the case for the prosecution. About IS months ago, he said, Wise had gone into business as the New Zealand Trust Executors Agency, Mortgage, Finance and General Investment Association, incorporating the New Zealand Building and Finance Association. His capital had been only £5 and he had advertised that he had £250,000 to lend at 5 per cent. He got quite a number of applications and filled in forms which the applicants signed. He then collected a fee for valuing though in some cases no valuer went out. He charged from £ 1 Is to £ 30. When the applicants pressed for progress reports of their loans he stalled then\ off ancl finally told some of them that their security was not good enough and he could not raise the money. They then asked for their money back which accused had refused. Complaints to the police had followed. There were many witnesses for the prosecution, and the case went on into the afternoon. Witnesses told the story of their dealings with accused. Oue expert witness stated that there was a very limited amount of money available for loans at 5 per cent. He should say about £2,000 —not the large amounts advertised by Wise. Witness added that the advertisement was only to catch clients’ attention, and was merely a draw. Another witness who had wanted a loan In a hurry said he had paid Wise £5 5s for valuing, though he had never seen any valuer on the property which he had offered as security for the loan. Once when he had attempted to see Wise, he had been, told that the man was too busy to see him. He had expected that the loan would he arranged at 5 per cent., as advertised. He had been paid his £ys 5s about a week ago. Charles Henry Payne, of Birkenhead, became very indignant under stringent cross-examination by' Mr. Fraer. “I’ve had enough of him. I want justice,” he declared. Witness stated that he had paid Wise £3O for valuers’ fees and expenses on a loan of £B,OOO he was endeavouring to raise on a property on the North Shore. The £3O had been paid on the understanding that the loan would be put through at 6 per cent. “I never got my money back, yet he wanted me to sign a paper stating that I was satisfied with my treatment,” witness added. Witness created some sensation when asked by Mr. Fraer whether a certain document bore his signature. “That is not my signature,” he said. “That’s serious,” commented Mr. F. K. Hunt, S.M. After further examination by both counsel and the detective-sergeant, however, witness admitted that perhaps it was his signature. It was like his writing. Seven more witnesses were yet to be called at the luncheon adjournment. Hayward Bullen, who had also had dealings with accused, admitted signing a paper regretting his complaint to the police. “I thought it would be better to sacrifice my money than to risk being unjust,” he said. The Magistrate: Did accused tell you that? Witness: He gave me to understand that I would be laying myself open to p. libel action, and I did not wish to do that.” The Magistrate: He threatened you with libel, did he? Mr. Fraer: Hardly that, sir. (Proceeding.)