RACING MAN BANKRUPT

Sun (Auckland), Volume III, Issue 920, 13 March 1930, Page 13

RACING MAN BANKRUPT

CREDITORS DISSATISFIED AT HAMILTON WANT ACTION BY CROWN From Our Own Correspondent HAMILTON, Today. Dissatisfaction with the affairs of j Edward John Wills, butcher, and raee- ! horse owner, of Frankton, was expressed by the official assignee and I creditors at an adjourned meeting j held this morning to inquire into his j affairs. j The official assignee, Mr. V. H. i Crowhurst, presided. , The meeting was originally adj jpurned to enable the bankrupt to | furnish a statement of receipts and 1 expenditure, also of his racing transac- ! tions with Ramblin' Kid. j Mr. Crowhurst said the position of i the estate at present was that £1,404 ! in debts had been proved. All the j assets had realised was £39 8s Sd. ! Book debts which had been set down j at £457 had only realised £3l 17s ! lid, and it was extremely doubtful if a further £2O could be got in. ‘‘They are,” added the assignee, “the worst set of book debts 1 have had before me for a long time. They have been disputed right and left, and in some cases receipts have been produced.” The assignee said the statements asked for had been furnished by Mr. V. St. George, an accountant, with a covering letter and a footnote. In tile covering letter, Mr. St. George said there was practically .no means of vouching receipts or pas'ments satisfactorily, as the subsidiaryrecords were incomplete. Under these circumstances he could not vouch that tile statements disclosed the correct position. In the footnote to the receipts and expenditure he said that while £3,661 was shown as received during January-, 1925, to January-, 1929, only £2,541 was banked. The bank passbook did not show- in whose favour cheques were drawn. In answer to Mr. J. A. Bell, the bankrupt denied that he bad said he backed only thirds at Te Kuiti, and that he had said he had come out showing a loss, whereas he had won over £ 500. Mr. Bell: What became of your shares in the Kauwarra Goldmining Company? The bankrupt said that lie still had these, but they were a liability. In answer to the assignee, the bankrupt said he held 1,000 shares on which £BOO had been paid. Mr. Beil asked the bankrupt to account for the £I,OOO cash which had not been banked.

The bankrupt said some of the stock firms had refused to take in cheques, and consequently he had to pay cash at the saleyards. Mr. Beil added there was a lot of money the bankrupt had not accounted for, and it seemed to him to have been a case of “take” right through.

The bankrupt said Mr. Bell .should be the last man to make such a charge. The assignee described the case as a bad one, and told the bankrupt he had sailed very close to the wind. He had, in fact, considered putting the matter in the hands of the Crown Solicitor. He would certainly oppose a discharge until bankrupt made an offer of 10s in the £l.

Bankrupt; I will wipe out all the debts before I apply. Mr. Bell said he was not at all satisfied, and moved that the matter be referred to the Crown Solicitor. This course-was unanimously decided on