BANKRUPT’S LOSS.

Grey River Argus, 2 May 1929, Page 6

BANKRUPT’S LOSS.

£13,000 in Mining Venture. HAMILTON, May 1. Declaring that he lost over £13,000 in the Thames goldmining menture of the Zeehan Consolida.ed, William Duncan of Hamilton, farmer, met his ere di tors before the Official Assignee to day. The bankrupt claimed chat he had been misled by the promoters of v.»e syndicate, which ostensibly was acquiring the Zeehan Mines in 1917. The company bold .he property in 1925 to the New Zeehan Consolidated. lie (Duncan) agreed that £25,000 in debentures be raised, to take priority over his claims. In December, 1926, ac cording to his statement;, he agreed to undertake certain llabili ies to the National Bank a;id t 0 the Dominion Securities, Ltd, in order to keep the mnies working. However, the works closed that month. In June, 1927, the debenture holders put in a receiver who sold to the Dominion Securities, Ltd. for £ll,OOO. Duncan stated that he was bankrupt through his failure to pay a quarterly instalment o"i the shares which he agreed to buy in the Dominion Securities. His schedule showed that all his assets were fully mortgaged, and his liabilities were £1677.

Mr Fotheringham, formerly solicitor for Duncan, said that lhe statement incorrect in some particulars. It was agreed that a supplementary statement bo prepared. There was no quorum present. Mr White, who came from Welling ton t 0 represent the nominion Securities, objected to any postponement. The creditors discussed the value of Duncan’s property at Frankton, and the question of disposing of his shares. The Assignee said he would call a fur thcr meeting, if necessary.