A SPECULATOR'S FALL.

Auckland Star, Volume LV, Issue 168, 17 July 1924, Page 3

A SPECULATOR'S FALL.

THREE THOUSAND MADE TEN. AND EVERYTHING LOST. CREDITORS SYMPATHETIC. The story of the loss of what would constitute a fortune to the average man was told before the Official Assignee this morning, when the creditors of 1 George Lennon Washer met. I Bankrupt's schedule showed an estiI mated surplus of £3041 12/. The amount owing to secured creditors was £4244 18/1, on assets valued at £7850, leaving a nominal surplus of £3605 1/11. To unsecured creditors there was owing ! £842 17/8, and other liabilities increased i this amount to £871 3/4. in February, 1920, after leaving the ' Itangiriri Hotel, of which he had been licensee for five years he was probably ! worth on a conservative basis £3500, read bankrupt's statement. This included £800 in cash, a farm at Tamahere, eleven acres outside the Hamilton borough, and a second mortgage on a farm at Ngaruawahia. The land boom I was on and he thought he saw a reasonably good prospect of dealing to advantage. Loss on Cattle. I His dealings were considerable and J were successful for a long time. At I one point he was worth £10,000. His first serious loss came from a deal in stock in connection with a farm at Kopaki. Cattle were bought at £3 ]«/ a head and sold for £1 17/ «i x months later. This loss did not seriously affect his position as he was holding a good deal of land and had a considerable margin of equity in his favour, lhen the Rhimp hit him hard. Properties were sold and came back on his hands. The Tiffin Restaurant. Then he took over the Tiffin Eestau-< rant in an endeavour to get a settled occupation and to get a cliance of consolidating his position. This was unsucj eessful and involved him in further loss, ,nnd exhausted all his ready cash and I brought about his final difficulty. Even now he would be able to pay his wav if he could have sold or raised money" on the TChangarei property, which "was valued by the Government at £1390, and had £150 owing on it. He had made every endeavour to sell or raise money !on this in order to discharge his , tions, but without success. He was I convinced that his assets could be made to realise sufficient to pay all debts: Losing £25 a Week. Examined by the Official Assignee , bankrupt stated that he went into the Tiffin in July, 1023, and he estimated I hie lose there at just over £700. He I B °f v-° U ,V ' is Wife takin S Borne Property lat for the lease of the Tiffin which she owned. He was certain that >c could have met his debts then if he had been able to raise money on the Whangarej property. I Bankrupt was questioned by several creditors concerning his wife's property and he doubted whether it would realise mi credit balance if sold. ; Mr. Schramm, representing a creditor expressed a desire to have bankrupt's I wife examined and moved that the meeting be adjourned. The motion lapsed I for want of a seconder. "It is simply a case of unfortunate circumstances. There are hundreds of others in the same straights. I have known bankrupt for a long while and he has always bnrne the name of a straight goer."' So stated Mr. Stonex in moving a resolution that in the opinion of the meeting the bankruptcy was brought about by misfortune and that the Official Assignee be asked to , facilitate discharge. ! The motion was carried and a committee was set up to assist the Assignee in the disposal of the assets. I