HAZARDOUS SPECULATION

Wairarapa Age, Volume XXXII, Issue 10549, 3 February 1912, Page 5

HAZARDOUS SPECULATION

{By Telegraph—Press Association.)

AUOKLAM), Last Night. James Scott Lennox was charged to-day witih breaches of the Bankruptcy Act, consisting of alleged rash and hazardous speculation. Mr Slays, for the Grown,,,,- alleged that; ..since May, 191Q, e -tihe'defendant rarely had a credit balance at the Bank. He had made heavy sales of Talisman shares, which h© did not possess, and many claims against the estate *rere made by clients for money paid to Lennox for shares, or for the purchase of shares. The accused was proceeded again*-: ,on the information of the Official As- ;• wao said that the /accused's' schedule showed liabilities £5506 and ~;. ,V#,^s'^9.so,-Ikying:. a. de- '- ; > ■'■#'; Jiab'ih--ties Amamiedi6 and'thejeal,::.ise4,:asTOt«. to £269,-while his se«it on ;the[.Stock . Exchange, which was. bought a doubtful asset, maght be Jttit down at £SOO, leaving a deficiency of £5783. The estate, under > the most favourable oiroumsfcances, would not pay more than Is 6d In the £. Accused had been doing a profitable, legitimate brokerage business, but he had' apparently embarked on a career of speculation which '■ l*ad resulted in, heavy losses:'' Over. .selling was also alleged against accused. '" Lennox, who' reserved his defence, was committed for trial.