HEAVY BETTING.

Grey River Argus, 21 July 1926, Page 5

HEAVY BETTING.

CAUSES FINANCIAL FALL. A BANKRUPT’S STATEMENT. AUCKLAND, July 20. The statement that heavy betting was the cause of his bankruptcy was made by Arthur Henry Sherwood when examined to-day by the Official Assignee. The meeting of creditors which had been adjourned from July 14, lapsed for want of a quorum, Wui bankrupt was questioned at length by the Official Assignee and Mr. A. R. Davis representing a creditor. Bankrupt, who had kept a boarding house at St. Helier’s Bay, said he had not attended the previous meeting because he had not received notice. Replying to a question by Mr. Davis regarding a section he had owned bankrupt said he bought it for £lOO and sold it to his wife. Speaking of his betting transactions bankrupt said he invested one amount of U3OO af. Te Rapa. This he lost. He admitted that he went to Sydney to attend the races, he said, and lost a good deal °f money. Mrs Sherwood was also examined. She said she bought a section from her husband when she was short of cash. She did not remember how much she paid for it. She and her husband, before going Sydney, had lost a good deal of money in bets at different racemeetings. She had only j£2oo when they went to Sydney. They attended races at Rand wick. Tn reply to the Official Assignee, Mrs Sherwood said she could n °t remember how much both had lost since a judgment was obtained against them. The Assignee: “Do you expect us to believe that struggling people Idee you will spend hundreds of pounds and not be able to account for R-” Mrs Sherwood replied that she could not remember. She added that betting was’an e verv-day occurrence With her. She had been brought up with horses. Mr. Davis: “It is useless going any further.” He added that steps might have to be taken to hold a public examination.