THE BANKRUPTCY ACT.

Press, Volume XLVI, Issue 7286, 16 April 1889, Page 5

THE BANKRUPTCY ACT.

[press association telegram. J AUCKLAND, April 15. At the Supreme Court to-day, an application was made for the discharge from bankruptcy of W. Simpson, formerly landlord of the Queen's Ferry Hotel, of which his wife is now licensee, Mr Hesketh on behalf of Simpson, contended that one of the grounds of the objection to the discharge —that bankrupt had not kept reasonable books—was not good, as his business was a cash one. His Honor Judge Gillles said he was of opinion that books were eminently necessary in Mr Simpson's trade whether it was a cash j one or not. He considered he would be grossly neglecting his duties if he granted the discharge. The bankrupt had admitted he had kept no books, and he had nothing beyond a mere passbook to show what his takings were, and how they were applied. Creditors could not trace out the money he had received, and knew not where it had gone to. He had admitted that when he would not be able to meet £60 due on the lease of the hotel, for which he had made himself liable, he started plunging into speculation. His failure was attributable to hazardous and rash speculations at a time that he knew he was not in a position to meet his just liabilities. Under these circumstances he could not grant the discharge.