RUNNING THROUGH A FORTUNE.

Auckland Star, Volume XXIII, Issue 89, 14 April 1892, Page 2

RUNNING THROUGH A FORTUNE.

A MELBOURNE YOUTH GOES

THE PACE.

Some curious evidence came oub in the Melbourne Insolvency Court in regard to the estato of Montague F. Levy. The insolvent himself has since been examined, and has told tho following story : — "I becamo of age on the 4th July, 1891. My late father's name was Montague Levy. I am one of the persons entitled by his will to share in the property he left. I think my share was worth about £20,000, but I could get very little information from the trustees. I was ontitlod to my share after 1 becamo twentythree, but it was not payable until after my mother's death. On becoming twenty-one I was entitled to £3,100, and received £2,000 oud, tho balanco going to my mother to recoup her for money she spent on my account when I was under age. I paid all my debts excopb one—about £400— and spent the balance in pleasure. Some went in horse-racing. I used to lose so often that I forget how much I lost. I had no principal adviser in betting matters, but sometimes I acted under Mr Saqui'a advice. After I became of age I gave Saqui a power of attorney to enable him to borrow £5,000 for me under my father's will. That was in August, 1891. Before I obtained any loan I transferred a policy for £5,000 on my life to Saqui for money I owed him. It was found that the money could not be borrowed, and I had consultations with my brothor-in-law, Mr Goldring. He said afc rirst that he could get bho money, and afterwards said he could only get £3,000. At a subsequent time he led rue to understand he could not raise £3,000. That pub me in a fix, and I told him so. Hβ then proposed to buy my interest. He said tliero was a great risk, and that he would have to borrow the money himself to give to me. I could not get him to lot me have more than £3,300. That was on the understanding that I should have tho right to buy tho interest back at any time. Ido not know at whab price I was to be ablu to buy it back. Besides my share in the corpus oi my father's estate I was entitled to a share in the income ot the estate, aftor allowing £3,000 per year to my mother. This year my share would have been about. £500. From the remarks Goldring made to mo I was led to believo that my share in the estate was not worth more than £10,000, and that I was getting good value considering the risk he was taking. All I actually received for my interest in the estato was £2,800. Goldring deducted from the £3,300, £272 odd, premium on my life policy till I bocamo twenty-three years of age, and £160 or £170 for solicitor's costs. My share was sold to Mrs Goldring, bub I never knew anything about her boing the buyer until two or three days before tho sale took place. When it was mado Saqui transferred my life policy to Mrs Goldring. I cannot say I understood tho documents I signed when the interest was sold. A etrange gentleman who was presenb explained the points to me, and told me I was selling all my interest; under my father's will. My sister never told me she Mas to get my share. About the end of August and in September last I gob Saqui to discount bills of mine bo the amounb of £600 or £700 —in three bills, I think. I used the proceeds in about three weeks in backing horses at suburban racecourses—Elsternwick, Mentone, Caultield and Flemington. I now owe £1,351, and according to my schedule I have no assets. I owo for jewellery aboub £400. 1 believe that jewellery is now being hawked about Melbourne. I made presenbs of ib bo ladies, and boughb ib for bhab purpose. I first meb Saqui about five years ago, and sbill look on him as one of my bosb friends. I do nob think he swindled me."

SAQUI'S EVIDENCE. John Isaac Saqui, while under examination, .stated he wus a cigar manufacturer in Spring-street. For the past seven years he had been a bookmaker as well. He made the acquaintance of insolvent some four or live years ago, when the latter was fiftoon or sixteen years of age. Prior to insolvent attaining his majority witness lent him money. He lent insolvent £10 or £15 in April, 1891, to pay an hotel bill at Sydney, and £50 or £60 to pay an hotel bill in Adelaide. He also lent him " fivers " and " tenners" at odd times. In all, these sums amounted to £100. Insolvent spent pare of the money in witness' company, buying cigar?. Insolvent came of age in May or Juno last. Two weeks afterwards they went to Sydney together, and insolvent got some accumulations of interesb under his father's will. Insolvent paid witness £110 he owed him out of this money. Five or six weeks after attaining his majority insolvent was lent £250 by witness at tho Grand Hotel, Springstreet. Witness took his bill for the money, and discounted iD with either Joe Cohnn or Joseph Pearl. Witness got none of that monoy back again. A week or so afterwards insolvent gave witness either a promissory note or a cheque to get discounted for him, which witness did either with Cohen or Pearl. Witness gave him either £225 or £230 for that. The discount was £25 to £30. Insolvent never told witness he had received £2,100 in interest when he came of ago. Witness sold insolvent his mail phaeton, ponies, and harness for £200. A week afterwards witness sold insolvent three racehorses, called Cherrystone, Olive, and Nerissa, for £1,155. Nerissa died a month after that, but witness did not get paid for her. Witness got £1.155 for the other two. Insolvent paid by cheques on the National Bank—7oo guineas for Cherrystone and 400 guineas for Olive. Witness oold Cherrystone in August, 1891, and Olive aboab a, week later.

Nerissa was sold for 500 guineas. Witness next lent insolvent £380, and got his promissory note, which had not been paid. Insolvent also borrowed £200 from witness. No one was present when witness lent these sums. Witness backed horse 3 for the insolvent with his money. Witness did not recommend those bets. He backed Vengeance for insolvent for the Melbourne Cup for £1,000 to £70. The horse did not start. Witness also > backed Buncrebah for insolvent in the Caulfield Cup at 50 to 20, which was lost. Witness made many other bets for insolvent, which he could not recollect. In all ho had received from insolvent £2,100 since he came of age. Insolvent still owed witness £155. He had not seen insolvent for four or five weeks. The trustee of insolvent's estate sold Cherrystone, and insolvent sold Olive for £100. While in Sydney with insolvent in October last, witness tried to borrow £5,000 for insolvent, bub did nob succeed. He did nob negotiate the salo to Mrs Goldring of insolvent's interest in his father's estate. Witness owned Cherrystone and Olive for several years, and gave 182 guineas and 152 guineas or 200 guineas respectively for them. Witness got a power of attorney to act for insolvent in anything a month aftor he came of age. Ho could_ borrow money or do anything ho liked for insolvent. He could have sold insolvent's interest for Iβ if he had liked.