SHAREBROKER'S FAILURE.

Auckland Star, Volume XLII, Issue 193, 15 August 1911, Page 6

SHAREBROKER'S FAILURE.

primarily due to fall in I WAIfflS. J S. 'LENNOX'S STATEMENT. The statement of James Scott Lennox, sharebroMer, who has been adjudged a bankrupt! was placed in the hands of the Assignee this afternoon. Bankrupt, in his statement, explains that he ! commenced business sixteen years agb, his business operating as Lennox and Hull. Partnership was dissolved in 11J04. The business then became his lather's, and bankrupt managed it. After the bankruptcy of his father in 1910, he took over the business in his own name. This he carried on till the 17th of July, 1911. He convened a meeting of his creditors, and the meeting was adjourned for a week. The next weeking was held on July 24, when the estate was assigned to Mr. Revell on behalf of the creditors.

The deficiency, bankrupt explains to be a littl« over £3OOO, and makes an explanatioa of the said deficiency. He has omitttd to include in his statement an interest to which he is entitled in his uncle's will His reason for doing so is that the trustees sold through him certain shares which have not been accounted fot, and which have been debited by the trustees against such interest. Bankrupt also explains that he had an interest under his grandfather's will, and this has been assigned to the guarantor of his bank account.

The debts are approximately £2,500. They have been written down to a sum which ought to be available for distribution. The statement shows the ownership of shares, which are assessed at the market valae to-day. Mr Revell, to whom the estate was assigned at *.he meeting, has realihed some of the assets, and has passed them in to the hands of the Official Assignee.

The principal reason given by tho bankrupt for his failure was the heaw fall in Waihis, which caused a slump in various mining companies and interests, which he had purchased in anticipation of making a profit.