£13,000 LOST IN MINING VENTURE

Dominion, Volume 22, Issue 184, 2 May 1929, Page 9

£13,000 LOST IN MINING VENTURE

BANKRUPT FARMER By Telegraph.—Press Association. Hamilton, May 1. Declaring that he had lost over £13,000 in the Thames gold-mining venture of Zeehan Consolidated, William Duncan, of Hamilton, a farmer, met creditors before the Official Assignee tb-day. Bankrupt claimed that he had been misled by the promotors of the syndicate, which ostensibly acquired the Zeehan mines in 1917. The company sold the property in 1925 to New Zeehan Consolidated, and Duncan agreed that £25,000 in debentures be raised to take priority over his claims. In December, 1926, according to his statement, he agreed to undertake certain liabilities to the National Bank and Dominion Securities, Limited, in order to keep the mines working. However, the works closed that month, and in June, 1927, the debenture holders put in a receiver, who sold to Dominion Securities Limited, for £ll,OOO. Duncan stated he was bankrupt through his failure to pay the quarterly instalment on the shares he agreed to buy in Dominion Securities. His schedule showed that all his assets were fully mortgaged; the liabilities were £1677. Mr. Fotheringham, formerly solicitor for Duncan, said the statement was incorrect in some particulars. It was agreed that a supplementary statement be prepared, as no quorum was present. Mr. White, who had come from Wellington to represent Dominion Securities, objected to any postponement. The creditors discussed the value of Dunean’s property at Frankton and the question of disposing of his shares. The Assignee said he would call a further meeting if necessary.