A ROCKY RUN.

Taranaki Daily News, Volume LIV, Issue 206, 28 February 1912, Page 2

A ROCKY RUN.

♦ : MR. BOTTOMLEY A:,'D HIS . ENEMIES. | By Cable—Press Association—Copyright. London, February 26. Horatio Bottomley was fined £IOO for contempt of court in publishing a slanderous article in the newspaper John Bull, because the Prudential Assurance Company refused to participate in his bankruptcy scheme. As a result of a personal grievance, Mr. Aubrey Lowe severely thrashed Horatio Bottomley in the Strand. Mr. Bottomley declined to prosecute, although challenged to do so. AMAZING FIGURES. London, December 29. Mr. Horatio Bottomley, M.P., is now in the London Bankruptcy Court on his own petition. He estimates his debts at £170,000, but proofs have been received for £220,000. He estimates his assets at £46,000, but the Official Receiver thinks this too high a sum. Mr. E. L. Hough, Senior Official Receiver, opened yesterday's meeting of creditors by remarking that no complete statement of affairs had yet been lodged. The debtor was editor of the newspaper "John Bull," and he stated that he received by way of remuneration a salary of £2OOO a year, and was also entitled ! to a commission of 10 per cent, on the net profits. This, he said, should amount to about a further £4OOO a year, making altogether something like £6OOO a year. The debtor held a number of shares in the company. He was also editor and chairman of directors of "Mrs, Bull, Limited." This company was formed only at the end of 1910, and he was told the first year's accounts had not been yet. got out. Debtor's remuneration as editor of the paper was 25 j per cent, of the net profits, and he held both preference and ordinary shares in the company. With regard' to the assets, debtor said that he had a number. of shares in John Bull, Ltd., and Mrs Bull. ; "NORTHERN TERRORS." The debtor had also a large holding in the John Bull Trust and Investment Agency, Ltd. No value was placed on these shares. .The debtor had also something which he, termed Northern Terrrtory Interests. Regarding these there were at present no particulars. ' The debtor, however, placed a value of £20,000 on them. Altogether he made the added value of his assets £46,000 or ! £47,000. '* J* 1 "' m J view »" say« 'the Receiver, j» tfliosf 'assets must, at present, at all events, be regarded as of very" doubtful realisable value, despite the debtor's i view of their value." There were other | properties-r-assets in which the debtor j was interested, but from which nothing was expected to come. There were vari-J ous policies ,on his or seven in all—but they were encumbered beyond | their surrender value. There was also a policy for £2OOO held under the Married , Woman's Property Act by Mrs. Bottomlley. Then with regard to the debtor's | residence, The Dicker, Hailsham, Sussex, j that had-been settled eight or nine years ; ago on the debtor's daughter .and her j issue, subject' to a life interest to Mrs I Bottomley and himself. It included a i | mansion stiid farm, several hun-1 dred acres, andHhe greater part of the village of Upper Dicker. That estate was' ! subject to a mortgage for about £24,000. ) As to the household furniture, the sheriff I had been in possession at the suit of an Jexecution 'creditor, but the question j mightbe raised as to whether the whole of the furniture was covered by the settlement. Some small portion might be realised for the benefit of the creditors.

The debtor at one time had a considerable number of racehorses, but he said that about a couple of years ago he had disposed of about twenty of them to his son-in-law, and he said he now owned only three racehorses, which were with his twiner, who had a lien for keep, which was said to exceed the value of the horses. About three years ago he sold the stud farm and stock to Mrs. Todd for about £3OOO. The stud now 1 .consisted of about twenty animals. It was claimed by that lady, but the question might arise as to whether it might belong to her or to the debtor. DEBTS UNDER-ESTIMATED. The debtor made his total ness as expected to rank at £170,000. Of that sum about £130,000 was due to creditors, who held no securities at all, and about £37,000 to creditors whose securities were deficient in value to that extent.

-"But, in my view, ttte total of ranking indebtedness is under-estimated. Proofs for debts already lodged against the estate • amount to about £213,000, and from the-casual glance I have had at the draft schedules of Bottomley, I see that there, are included in these schedules a number of liabilities in respect of which proofs have not yet been lodged. In May, 1910, a, receiving order was made against the debtor, and the liabilities were estimated at about £60,000." Mr. Bottomley: That was on my own petition, .

Mr. Hough agreed, and, proceeding, eaid that a scheme of arrangement was sanctioned .by the Court, and the receiving order was rescinded. Debtor did not admit now that he was insolvent. The meeting was adjourned for a month, and Mr. Bottomley said he would confer with his bone fide creditors, and endeavor to frame such a scheme as would be acceptable to them and for their benefit.

Mr. Bell: Have any tangible assets been disclosed—cash at the bank or any removable assets?

Mr. Bottomley: Your profession took good eare to see to that.

Mr. Bell: Perhaps it was out of the jurisdiction.

The Receiver: Mr. Bottomley, you drew that on yourself.

Mr. Bottomley: I was trying to draw Mr. Bell. 6

Proofs of debt include: Mrs. E. F. Curtis, £50,876; G. Davis and Sons, £84,000; William Carter's executors, £22,940; H. T. Burton, £20,000; G. p Eowe, £12,879; John Bull, Ltd, £12,300; Oldhams, Ltd., £4673; Charing Cross Bank Trustees, £9199; G. R. Holroyd, £4500; Jones and Hare, £6406; Prudential Assurance Co., £1064. The claim in respect xit Mrs. Curtis was lodged by Mr. Dade, who produced a judgment of the High Court.