REVERSES IN MINING.

Te Aroha News, Volume VII, Issue 453, 12 March 1890, Page 5

REVERSES IN MINING.

BANKRUPTCY OF .J. M. CHAMBERS. The following statement has been made before the Official Assignee by John Moginie Chambers, a bankrupt:—Up to May, 1866, I was in the service of T. and S. Morrin and Co., Limited. On the 2oth of that moflth I left the colony for Europe, partly on pleasure and partly on business. At that time .1 had scrip, land, and other securities, of the then value of £3,345 18s Id, per list now put in; my indebtedness against this being only £lO9 14s 7d. Whilst in England I secured the patent process for Parkes’s smelting apparatus, for which I became responsible for £I,OOO, £2OO of which I paid out of my own pocket, and the balance forms part of my present liabilities. 1 also received the patent rights for the Moli'oy process, for which I personally paid £4OO, and got in exchange a complete plant, me £l5O more for transport to New Zealand. I also secured the patent right and sole agency for New Zealand of the Askham pulveriser, for which I gave bills for £463 14s; this also forms part of my present liabilities. I returned to the colony in February, 1888. During my year and nine months’ sojourn in England, I earned, in commissions, about £6OO, all absorbed in personal expenses. When I reached the colony I devoted myself to the floating of the Askham-Molloy Company, and to mining agency in general. The Askham-Molloy business turned out a complete failure, and I estimate my loss at £1,500. The Parkes transaction was also a total failure, and resulted in a personal loss of £2,700. Whilst in England I made partial arrangements for floating the Champion Gold Mine, and it was completed in June, 1888, after I I was the holder of 2,650 shares for services rendered, and I also owned five-eightieths of the mine. The value of my interest in the Champion Company in June, 1888, was £9OO. I have now 1,800 of these shares, which I value at £750. The only Other asset now remaining is 300 Adeline Gold Mining shares, worth about £5. Total assets, £725 ; and my unsecured liability amounts to £1,240 12s 6d. There is also a liability of £589 15s 7d in 'excess of value of securities held. Total liability, £1,830 8s Id; deficiency, £1,105 8s Id. My actual cash earnings since mv return to the colony have not exceeded £350, £250 of which was earned in the year 1889. In October last I went to Sydney, where I was engaged as a clerk at £125 per annum until the 28th of February. I arrived in Auckland on the 4tb instant, I returned to the colony because a creditor for £9O sued me. I retuvned'for the express purpose of filing, in the belief that it was my duty to protect ' the interests of the general body of creditors. lam now out of employment. Thß only prospectl have at present is to canvass for orders on behalf of an English house, and 1 cannot expect to make a living from that source. I have what I deem a good cause of action for damages in respect of the £I,OOO paid to the Parkes Company in Lond'on. I have nothing to suggest in the nature of a compromise with my creditors. I kept a full set of books showing all my transactions sincelßß6.