MR DE GARIS.

Hawera Star, Volume XLV, 14 May 1925, Page 11

MR DE GARIS.

TRYING TO “COME BACK

SCHEME TO PAY DEBT'S

Mr. Cl. J. de Garis is again in the limelight (states a Sydney message,). For a profit of £5 per head, lie oftei s his creditors a sporting chance of getting their money. He sets out his scheme in a circular letter to creditors'.

The position is briefly thus:' Melbourne Subdivision Company, Air, de Garis says, is threatened with insolvency, in which case it could not pay Ld in. the £l. The total debt, would be £262,500. He has acquired an option, over 660 acres at Corio, near the Ford site, which he proposes to subdivide into 3000 lots at £2 10s a foot. Creditors ol' Alelbourne Subdivision are offered, land purchase, certificates in . exchange for their claims on the company—these certificates to be used in part payment for Oorio allotments.

Thus a) 50ft- lob at Curio is worth (according to de Garris) £'l2s. De Garbs will, take 70 per cent (that is, £B7 10s) in certificates, and the balance, £37 10s, in cash. ■ “Which means,” says the circular, “whatever you. get over £37 10s for your block of land would represent a clear recovery of a. 'had debt.” The land is practically sure to rise in value, ho adds. , What becomes of the £37 10s in cash? Five pounds goes to de Garb “for voluntarily handing over this very valuable security, which be could readily sell at a. much huger persona! profit,” The remaining £32 10s is for progressive payments to vendor, organisation expenses, publicity, etc. If everyone look advantage of the offer, de Ga-ris would make a profit of £15,000 on the transaction. “T have been endeavouring to ‘come back’ m a financial and commercial sense, ever since my return from New Zealand,” he says in the circular.