BANK CLERK’S DEBTS

Greymouth Evening Star, 9 September 1927, Page 5

BANK CLERK’S DEBTS

AN EXTRAORDINARY STORY. WELLINGTON, September 6. An extraordinary story was unfolded to the Official Assignee this morning at a meeting of creditors, in the bankrupt estate of James Douglas Adams, formerly of Levin, now of Wellington, who recently retired from the Bank of Australasia. Most of the creditors were from Levin and the bulk of the debts was for money lent, only a small proportion being to tradespeople. There were no secured creditors, and the only assets were set down at £35. The debts owing to unsecured creditors totalled £B5O. The largest individual sum was £2OO, others being £B7, £7O and downwards.

A statement by bankrupt was read. “Some years ago a friend of mine had to meet a debt of some £150,” stated bankrupt. “This he had promised he would do on a certain date. On this date he promised to have the money for certain the next day. 1 foolishly borrowed the money and paid it myself. He did not keep his promise and I could get nothing from him and lie kept putting me off from time to time. This preyed upon me to such an extent that though I was until then a teetotaller, I took to drinking whisky. Unfortunately, instead of trying to get assistance from relatives or friends, I contracted the whiskydrinking habit and borrowed more money from time to time and lived beyond my means.

< “Eventually, when I received payment of most of the £l5O mentioned, I found myself more in debt than ever and I kept on drinking myself into a state of oblivion. I have no assets with the exception of household furniture, say £4O, and I have been unable to "obtain work of any kind for ten months, with the exception of an odd day here and there. If I am spared, I shall endeavour to make restitution as far as I can, but at present I can see no hope and can make no offer. I have nothing to offer in excuse for my backsliding, and can only say in explanation that when I take whisky it affects me as I understand opium does its addicts.” In answer to questions, bankrupt said that he had resigned from the bank on an intimation from the bank that he would have to do so because it was found that he was indebted and was drinking to excess. He had nothing coming from the hank, but his wife had received £219 10s as compassionate allowance { on the understanding that none of the money should be applied in payment of bankrupt’s debts. After questions had been put, it was resolved that bankrupt be publicly examined before a Magistrate.