SRAREBROKER'S BANKRUPTCY

Taranaki Daily News, Volume LIV, Issue 185, 3 February 1912, Page 5

SRAREBROKER'S BANKRUPTCY

ALLEGED EASH AND HAZARDOUS' SPECULATION. By Telegraph—Pr«s Aseociatiop. Auckland, Last Night. j At the Pojice Court this afternoon, James Scott Lennox, till recently a sharebroker in Auckland, was charged that being a person who was on August 0, 1011, adjudged bankrupt, he had by rash and hazardous.speculations brought about the said, bankruptcy. The accused was proceeded against on the information of the Official Assignee (Mr. W.' S. Fisher), who said accuseds schedule showed liabilities of £5506 and assets £1950, leaving a nominal deficiency, of £3356. As far as could be ascertained, accused's liabilities amounted to £6552, and the realised assets to £269, while his seat on the Stock Exchange, though a doubtful asset, might be put down at £SOO, leaving a deficiency of £5783. The estate, under most favorable circumstances, would not pay more than Is 6d in the £. Accused had been doing profitable and legitimate brokering business, but he had apparently embarked on a career of speculation which had resulted in heavy losses. Over-selling was alstr alleged against accused.

Lennox, who reserved his defence, was committed for trial.