FRAUDS AND SUICIDE.

Hawke's Bay Tribune, Volume XIV, Issue 80, 12 March 1924, Page 4

FRAUDS AND SUICIDE.

WHISKY MAGNATE’S END.

ILLUSORY STOCKS

London, March 10. The “Daily Express” says: Sir John Stewart died owing a million and aquarter sterling. Hi s only asset is a small stock of whisky which will be auctioned shortly. Th© creditors are mostly banks, which face a practically complete loss.

inquiries reveal that Sir John Stewart borrowed on whisky stocks and then immediately sold the whisky. He refused to make income tax and supertax returns, and consequently he was a. sessed at formidable and increasing figures. He did not contest; the assessments. but used them as evidence of his great wealth and borrowed upon them, cheerfully paying th© taxes. When th© frauds could no longer be concealed he went to his Perthshire castle, in which he had never spent a night, and invited th© bank managers there to find something interesting. Whil© the bankers were waiting in an adjoining room Stewart committed suicide. —(A and N.Z.)