PROBLEMS OF EXCHANGE

Evening Post, Volume CXII, Issue 2, 2 July 1926, Page 9

PROBLEMS OF EXCHANGE

STRANGE BANKRUPTCY STORY.

(By Telegraph.)

(Special to "The Evening Post.") AUCKLAND, This Day.

[ Gciuiai'o Nigro, a bankrupt farmer," i who was sentenced to three months 3 imprisonment on 12th .May on three charges of breaches of the Bankruptcy Act, was re-examined by the Official Assignee to-day. Nigro was adjudicated a bankrupt in July, 1924, and three creditors' meetings were held. This morning's examination aimed at obtaining additional information regarding transactions. The bankrupt denied having interest in property or stock at Waikino*, but admitted receiving money on behalf of a brother, V. Nigro. Questioned regarding a cheque for £300, Nigro admitted having received the proceeds, and acknowledged his endorsement on the cheque, drawn in his brother's name. He did not remember getting the cheque cashed by Wenzel Scholium on the date on which the cheque was endorsed, 13th November, 1825. There were so many transactions that lie could not remember having said previously to his solicitor that the accountant had made a botch of the books; but he thought his brother had lent him this ainbunt. The Assignee: "I suppose you are not insinuating that the present solicitor made a botch?" Mr. J. F. W. Dickson (counsel) explained that this was his first connection with Nigro. The bankrupt said ho owned property in Wellington some years ago, but was unable to remember the particulars. A few years ago he exchanged some property and received £340 and the yacht Aloha. Ho exchanged the Aloha for a launch, which he sold to his brother for £40 within two years of his bankruptcy. He obtained another launch in exchange and diamond rings for it. He lost one ring, and sold one when he was hard up, and gave the third to his wife. Mr. Mackesy (for the creditors): "What happened to the one you used to wear on your finger?" Nigro: "Oh, that glass." In answer to further questions, the bankrupt said he once had a motor-car, which he sold to his brother for £100, and had received champagne in exchange for property, but it was valueless stuff, 100 cases of Italian. He lent his wifo £500 on a Lower Hutt property, and exchanged some shops in Victoria street for a farm at Ruapekapeka and promissory notes for £300 or £400. He admitted having made hundreds of land transactions in the last three or four years.