A DUNEDIN BANKRUPTCY.

Te Aroha News, Volume II, Issue 65, 30 August 1884, Page 3

A DUNEDIN BANKRUPTCY.

DiTNEUTN, August 23. On' George Turnbull coming up for his disoharge, the Judge said that the bankiupt had stated that his purchases weie made in 1878. befoie the failure of the City of Glasgow Bank. If c then had sufficient money to pay deposits on various properties, and hoped to leeoup himself very shortly for his additional outlay. His Honor had no doubt the failure of the City of Glasgow Rank up-et thc-e calculations, and he did not feel in a position to say that at the time the .^peculations were entered into the bankrupt w,h doing an unjustifiable thing. Before .suspending his discharge on that ground, he would have to be satisfied that "when the bankrupt went into the speculations they were transactions which a prudent man of business in the bankrupt's then position would not have entered into. He wa^ not able to say the transactions were such that a prudent man would not have entered into. One could hardly blame the bankrupt for not foreseeing the subsequent events which actually took place. The only other point that seemed to demand explanation was why the bankrupt rlid not call his creditors together earlier, Mr Denniston pointed out that nine tradesmen out of ten struggled on in the hope that with the assistance of friends they would be able to tide over their difficulties. His Honor : No doubt that may be a good reason for .> man not declaring himself insolvent, but as soon as he gets into difficulties he should take hi 3 creditors into his confidence. Mr Denniston urged that colling a private meeting of creditors in Dunedin was as bad as insolvency. His Honor replied that it practically meant insolvency, no doubt. On therepoit before him he saw no reason for withholding the discharge