SPECULATOR FAILS
Estate May Show Surplus Speculation on the property market was the reason ascribed by John Alfred Tonks, labourer, of Wellington, for his failure at a meeting of creditors held yesterday before Mr. S. Tansley, official Assignee. The total debts were shown at £132. but in the estate there was a surplus of a little over £3OO. The meeting lapsed for want of a quorum. The bankrupt, in his statement, said that he came to New Zealand about six years ago, and commenced to speculate in a small way. Success was met with until the property market declined. Eighteen months ago he bought a section in Moera and built a house on it. This he agreed to sell for £lOOO, the purchaser to obtain a State Advances loan for 95 per cent, of the amount, the difference to remain as second mortgage. The State loan, however, amounted to only ±»vo. and he was left in debt to the builder of the house. The builder sued for £l2«. and bankrupt said he had no option but to file.
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Dominion, Volume 24, Issue 143, 13 March 1931, Page 9
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178SPECULATOR FAILS Dominion, Volume 24, Issue 143, 13 March 1931, Page 9
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