SPORTING WRITER BANKRUPT

Dominion, Volume 21, Issue 190, 14 May 1928, Page 3

SPORTING WRITER BANKRUPT

4. ’-’eetlmr of creditors in the bankrupt estate of Janies Merton McGill, sporting writer of 13 Colombo Street, Wellington, was held on Friday, the Official Assignee (Mr. S. Tansley) presiding. The total debts were shown as £55 <s., and the assets were nil. The unsecured -V Z tOr Truth” : 'ls “NLZ Sportsman” £B, Keeting and Mundy £2O, W Webb r-7 W. Stride £1 10s., W. Ladbrook £2’los., Fanning and Co., 10s., and Seater and Co. £1 17s. . „ At the suggestion of “a certain party, whose name he could give, said bankrupt in his sworn statement, lie promised to Ord £lOO to commence the business ot “N.Z. Yellow Card.” He resigned Ins nosition with the “Sports Guide ’ after this "party” had started the new business on its own. but no sooner had bankrupt done so that the “party’ left him to it. Bankrupt had not sufficient capital to carry on, and, as he was then out of his job? he found it necessary to realize on a very valuable insurance policy to keep -omg. ’ Eventually the paper had failed through insufficient capital to advertise. Before this business was started he had contracted a few debts, and as the prom, ised salary was more than he had been getting, in addition to a share in the new business, he decided to accept it as he thought that there was a chance for him to nay off all his arrears, but now he could see that it was a far greater crime for him to continue getting further into debt than it was for him to adopt the action he was taking, as lie had no possibility of being able to pay them off. Mr Bavlev said that he was the party mentioned by bankrupt, but that some of bankrupt's statements were contrary to fact. as. he had at no time been a partner in the business, and considered himself lucky in seeing the “red Hsht." The business consisted of selecting two likclv horses in each race from the acceptors’and publishing the names in a card, which he sold. Replying to questions, bankrupt stated that his system was to advertise the cards in the newspapers, and they’ were then sent out to people who wrote in for them. Ho had not drawn any fixed salary, and did not think he had got more than £•) a week out of the business. At tne present time he was earning £4 a week, plus a small commission on certain sales. The Official Assignee suggested that the bankrupt seemed to have been obtaining credit on false pretences. This bankrupt denied. After some further discussion it was agreed that bankrupt should pay 20s. in the £1 at the rate of £3 a month.