BANKRUPTCY CASE.

Auckland Star, Volume XXV, Issue 236, 3 October 1894, Page 8

BANKRUPTCY CASE.

(cv telegraph.1— pbess association.)

Wellington", Tuesday. The bankrupt estats of Andrew "Young shows liabilities, £1,582, with no assets. The debtor in hia statement says in 1878 he bad acquired property of the value of quite £15,000. Ho paid propery tax on £12,000. An action brought by a passeßgor injured in a coach accident cost* him £1,250. The same year a law-suit brought againnb him by the trustees oi' Robert Port's estate cost him £450, and he losb another £800 thTbufih 'depredation of mortgages which heJield in thai same estate. Tho Collingwood Goldmibing-Company cost him. ,£7OO. He losb £850 in the Weab Wanganui Coalmining Company, and £250 in the Wellingtotf- Opera- House,. Company. „ He, paid £ 2,000 fqro Bectibn^o'n the. re-lajmedlatidab Thorndon, aDd had subsequently to accept £I.ooff.for jb, ami he losb £800 in the eatate of P. Hudson and Co. The racehorses Poeb and Minerva fell into his hands, and racing (them one; season he losb, £700. Next he secured:a coaching contracb from Tanranga to the Thames, but meb with misfortune, and sold out, after losing £050. In 1887 he becama security to the ; National Bank for his son and partner, for the purchase of the passenger carrying plant for Wellington. Business was a success at first, bub the palace cars which his Bon bad indented being prevented from running by an Act of Parliament, business failed, and Wloßb £3 t 500 over the venture. By this time he had mortgaged nearly everything to pay off.the guaranteed overdraft to tho National Bank, which amounted to £3,600. He lost over the mail-contracb between Christchurch and Hokxtika. ' Altogether ha had borrowed £10,750 on his properties. He was adjudged a bankrupt on tho petition of. the National Bank. Tho debtor has no offer to make to the creditors. -