A SPECULATIVE PRIEST.

Temuka Leader, Volume 2, Issue 136, 12 April 1879, Page 3

A SPECULATIVE PRIEST.

Con sidei able consternation has been experienced in certain circles of society by the rumored sudden departure of the Rev George M. Leeming, Roman Catholic priest, who for some years past has been one of the city's most energetic speculators. The reverend gentleman is about thirty-five years old, and since his arrival here, some eight or nine years ago, has largely invested in building and buying properties in the metropolis. When he landed lie was possessed of several thousands of pounds, and with this he speculated, and also with his sisters fortune — some L 20,000. Among the many properties built by the reverend gentleman may be mentiened the Imperial Hotel, at Mount Victoria, which cost L 20,000 ; also twenty-one first-class residences in Oceanstreet. Woolahra, which cost upward of LIOOO each. His own residence at Woolahra cost more than L2OOO. At Moore Park he built twenty-four good houses; All the above are mortgaged to different banks. The only trade debts due by him are those contracted in connection with the Imperial Hotel. He spent L 45,000 in buildings alone. He kept no clerks or books, but managed his transactions himself. The cause of his downfall or embarrassment was the reckless speculation in the building of the hotel, and in the construction of brick-works at Waterloo. The brickworks cost L7OOO, and were built on land over v>hith the rev. gentleman had no title. He had hardly completed the works whsn the owner of the land laid claim to it and the works thereon. This was an unexpected blow, and the banks declined to assist him with any further advances. The actual liabilities of the rev. gentleman are roughly estimated at L 55,000. — Bendigo 'Evening News,' March 21.