SEQUEL TO HORSERACING.

Dominion, Volume 3, Issue 626, 1 October 1909, Page 4

SEQUEL TO HORSERACING.

; MEETING OF CREDITORS. - ;STAKES LESS THAN' EXPENSES; A meeting, of creditors-was to have been-held yesterday: in the estato -of Izrael Gelhor, but as there was less than a quorum present it was not 'possible to do more than examine Hie debtor.' Tho Official Assigneo (Mr:-A.- Simpson) presided. . The.unsecured creditors were as follow;— Mr. Siucldir, Brooklyn, JSS; Mr.-, J. M'Naugh„ton, Hastings, £40; • Messrs: O'licgan and Dix, jiiu 10s.; Mr. Jfllanus, Lower Hutt, '.£6 -10s.; Mr. Hannan,' Marion, <£5; Messrs. Laws and Manning, .Wellington, iy '155.; Sir. llouliessy, l''oscon, lite.; maliing a. total indebtedness of .fllil lis., Ther&iwera no assets. The bantaupt, in his official statement, said that lie was a confectioner' by trade, .but for a long timo past had hot been able to obtain employment. at-that business. "About two years ago he purchased a racehorse called White Lie for ?5 guineas; pno was entered for general races and ■ aid- fairly well.. Later on, ho went into partnership with Mr. G. H. Goodall with a horse, and a. fow. months ago was obliged to purchase his interest again owing to disagreements between them. He paid Mr. Goodall .£■l3 for his . h'alf-slmre,. borrowing -the money., tiom Mr. A. H. Dcmblar. Ho also gave, a second mortgago for ,£.'!o over the horso to secure a judgment against him. Since then, things, had gone very badly with tho debtor.. Ho borrowed another .£IOO from Mr. Dembler,' arranging that tho latter should supply, goods and .also pay tho incurred in/connection with the horses for training, nominations, etc., up to that amount. ' About February ho "purchased a young filly for .£OO. He had paidMr. J. of Hastings, tho vendor, X 2-1 on'account: He'wanted further, moneys from him as he : could not keep going, but Mr. Dembler declined to let him have these unless ho sold him the horses. It was arranged that Mr. Dembler should pay £42 for debtor's interest in'them, and that he .should give debtor hail' tho stakes which might bo won. The horses'hael not won any races up to the present. The'amount of ,£42 was applied partly in payment of second mortgage-and partly-in pay ing expenses .which he hod:incurred. ~Ho had hot 'earned one penny since;that time. Ho had only about four creditors, and ho had not re'ceived any money from any of , them.. Mr. MTHanus, ' who recovered judgment; against him'for _£s;and costs,-took a cheque, signed by . him; which- debtor gam-to Mr. Walter. Moore, of the-Lower Hutt.- Debtor told Mr; . Moore that, he" had no money to meet it, and the lattor said that'ho would never be called :upon to do so. He'understood that Mr. Mllanus gave Mi. Moore" money'for the cheque. Debtor did not receive;a penny of it. . The arrangement was that Mr. Moore was to par it back to' Mr. MTllanus, and he (the debtor) had been sued for the amount. He had no assets. He had sold the horses because he 'could-not carry on. Mr. Dembler had always'told him that when debtor paid the money that wns : then borrowed oa the horses he would bo willing to sell them back. Ho haij no other-property and could ; not make any offer. "Needless to say," • the bankrupt's statement concluded, "I have no intention of again;touching horses." Under examination .by the Official' Assignee the debtor stated that tho racehorsq White! Lie had won several races, the stakes being .£SO, ,£lO3, JG2IO, and £300. In December 1905' Mr. Goodall, went: into partnership with him as 'regards tho horse. lio'wasto pay. .£175 for his share,, and gavo witness two bills; of .£63 'each, and tho balance in -cash. ' Ho; paid the first bill out of' stake's, and. the other .bill- witness had 1 lost. He had taken steps to recovor the: biß.Vbut, was not. successful,; and decided to sue Mr. Goodall for tho amount. ..'On.tho eve of, issuing the summons (May 19, 1909), the; partiis came to terms and witness paid Goodall'.£3B in cash to go out of the, partner.ship. ■ i' 1 ;;.'- The Official Assigneo : You must have a very Rsnerous partner. 1 You paid Goodall ',£l9B imd you got. from. him. .£llO. Debtor said that ho was placed in a difficult position. not keep any books to . show what become of tho stakes, 1 'but ' the expenses of racing had exceeded: the, amount of .his,l winnings.... -Other evidence .was given to ex-, plain the various debts. . ... . , f'v'-Mr." Dix said that, he was in :a position to state', thab -Mr. Dembler would accept £150 iin' discharge of what,was owing to him, and: "hand over, tho horse's tho next day. . Examined; by, Mr;' Tringham, bankrupt said that at -one (.time ho Vbanking , ac,counts,,,])iit he closed,the first; .Thero was no money to ■the.accounts now. vlle had been offered .£.'>oo for White Lie'in November last, .but he wanted i! 700. The last offer ho had received was .£240. , His, wife had owned tho Eagle Boardinghouse in Courtenay'Placo. : She had abont • J3IOO of her. own,. and borrowed, other money from, a loan'company. "They had been .married nineteen years. .Tho-amount-6f £100 she .had saved out,, of her. own hard-won earnings., -Ho used, to pay. his . wifo , 30s-. a wijek wages when he; was previously ; in business, Hisiwife sold out of the-boardinghouse about sw .ropnthji ' ago; v ., He..had \not'\!told.- a creditor; that ,he would Jiave money, in Janu. selling out qf.a bbarding,. hoitse. ~,lle'had never ,sworn .in- a-courthouse that he" expected •;to raiso money. from tho sale of the, ;botir(tinghonse. .He expected that the money ; would - be- forthcoming from a horse-, ■race. - , ■ Mr., Tringham.::-.l.'appeared, in; the case. Further' exam mod by Mr. Tringham debtor ■said he remembered, the third dov of the last Wellington races. Ho was on "the course in time for the .first race. He did not see 'Mr. Dembler on; that dav. ... ; Mr. Tringham.'Said that that was the' day ,on which tho. alleged sale to Mr. Dembler took place. . ~ ' , After, further, examination tho creditors decided to see what could be dono . with i' tho : racehorses. -, . ■. \, , '