SUNK IN MINING.

Auckland Star, Volume LX, Issue 102, 2 May 1929, Page 22

SUNK IN MINING.

FARMER'S UNLUCKY VENTURE "THE WORKS STOPPED." BANKRUPT MEETS CREDITORS. (By Telegraph.—Own Correspondent.) . HAMILTON, Wednesday. William Duncan, described as a farmer, of Hamilton, stated at a meeting of creditors to-day that since 1917 he had paid £14,000 into mining concerns at Thames. Most of the money was vested in the old Zeelian Consolidated, which was formed into a new company in December, 1925. At that time the amount owing to his brother John and himself was £14,984, of which his portion was £13,099. One of the terms of the reconstruction was "that £25,000 should be raised on debentures to put the company on a working basis. These were to take priority over moneys owing to him. In December, 1926, he conferred with the directors in Auckland, and was told that the works would be stopped owing to shortage of money unless he gave a guarantee for furiher debentures. He did this, but the works nevertheless stopped.The creditors discussed the value of bankrupt's shares and the possibility of selling them, also the question of dis - - posing of bankrupt's freehold farming properies at Frankton. Assets were stated in his schedule to be nil, and liabilities £1677. The meeting adjourned without any action being taken.