A BANKRUPT ESTATE.

Press, Volume LI, Issue 8914, 3 October 1894, Page 6

A BANKRUPT ESTATE.

(press association telegram.) WELLINGTON, October 2. The bankrupt estate of Andrew Young shows liabilities £1532 with no assets. The ■ iebtor in his statement says thab in 1878 he oad acquired property to the value of quite £15,000. He paid property tax on £12,000. An action brought by a passenger injured in a coach accident cost him £1-50, and the tame year a law suit brought against- him by the trustees of Robert Port's estate cost Jim £450, and he lost £800 through the depreciation of mortgages which he held in the same estate. The Collingwood Goldmining Company cost him £700, and he lost f£Bso in the West Wanganui Coalmining Company, and £250 in the Wellington Opera House Company. He p_id £2000 for j. tectum on the r-claimed land at Thorodon, aud had subsequently to accept £.1000 for it, aod he lost £800 in the estate of P. Hudson and Ca The racehorses Poet aud Minerva fell iuto his hands, and racing ihem oue season he lost £700. Next he secured the coaching contract from Tauranga to the Thames, but met with a misfortune, and sold out after losing £850. In .1887 he became security to tbe .National Bank for his son and partner for the purchase of a passenger canying plaut for Wellington. The business was a success at first, out, the palace cars which hia son had in•vented beiug prevented irom running by an Act of Parliament the business failed, and lie lost £3500 over tbe venture. By this time he bad mortgaged nearly everything to Siy off tbe guar-nteed overdraft to the ational Bank, amounting to £3600. He lost over the mail contract between Christchurch and Hokitika. Altogether he had borrowed £10,750 on his properties. He •was adjudicated bankrupt on the petition of the National Bank. The debtor had no «ffer to make to his creditors.