“SOLD" HIS NAME

Dunstan Times, 30 July 1934, Page 6

“SOLD" HIS NAME

TO SWEEP PROMOTERS A former member of the London Stock Exchange, who “ sold ” bis name to sweepstake promoters, appeared for public examination in London Bankruptcy Court recently. He was Alr John Hamilton, of Avenue road, High His statement of affairs showed liabilities £13.813, of which £10.575 are expected to rank, and estimated assets £7,058. . . He said it was chiefly due to his inability to obtain payment of a book debt of £13.000 that he found he was unable to meet his own commitments, and he became in danger of being “ hammered.” To save him other members of the Stock Exchange provided £15,000, which he now treated as a debt of honour, and for that reason had not included it in Ids statement of affairs. Afterward, however, he found that he was without capital, and discontinued the business. He had since worked on half-commission terms with a firm of stockbrokers. In 1930 lie was approached by an Australian syndicate to use his name as director in connection with sweepstakes promoted at Danzig, He decided to sell the goodwill of his name for £11,500, payable £3,500 down and the balance in annual instalments of £2,000, plus I per cent, of the gross