BETTING LOSSES

Grey River Argus, 5 February 1941, Page 7

BETTING LOSSES

Christdiurch Bankrupt CHRISTCHURCH, February 4. An admission that he had lost £4O in betting in an attempt to win money to meet his obligations was made by a bankrupt, Robert John Wade, a sheet-metal worker of Beckenham, at a meeting of creditors yesterday. His statement showed liabilities to unsecured creditors amounting to £242 4s 4d, and no assets. There were no secured creditors. The bankrupt said he began contracting in 1936 for the cartage of Government materials on the West Coast, after buying a truck which cost £582. Rater the Minister for Transport intervened and introduced a new rate of payment which deprived him of about £BO in special allowances and paid holidays. Lower cartage rates and mechanical loading decreased the profits, and costs increased. Towards the end he began betting on horses. At first he was successful, but later he “got well on the wrong side.” He also embarked on a scheme to drive for a coal seam on the property where he was living, but after driving about 100 ft. he found he had another 600 ft. to go, and he lacked the necessary capital. He sold his truck for £lO6, which was swallowed up in the payment of debts.

In answer to the Official Assignee (Mr G. W. Brown) the bankrupt said that the first time he bet he won £6O from an investment of £5 with a bookmaker, and that encouraged him to continue. For his first three years in business he had not kept books. He was married, with three children, and was receiving a net wage of £4 13s. He could make no offer to his creditors.

The Official Assignee said that the bankrupt had been commendably frank in admitting losing £4O by betting in the last five months. His betting, however, and the fact that he had kept no books from 1936 to 1939 were serious aspects of the case. Mr

Brown added that he would investigate the bankrupt’s affairs further. In reply to tUTepsasentative of a creditor who said that his client was prepared to co-operate with any other creditor in a prosecution, the Official Assignee said that was a question which he himself would decide after a full investigation.