PRAIN POWER ON PORRIDGE AND SALT.

Inangahua Times, Volume IV, Issue 2, 13 April 1877, Page 3

PRAIN POWER ON PORRIDGE AND SALT.

Joseph Mackay's name is a familiar one m more places than Otago, in connection with poljiiM. coal minino*, and newspaper proprietorship. Joseph lately became bankrupt in 'consequence of considerable misunderstandings between him and the National Bank as to the manner of conducting bnsiness, and last week he was subjected to an examination with respect to the disposal of his properties. - The following are some of the choicer morsels of bia extraordinary evidence ;— " The plant of the Bruce Herald cost me £1500; stationery, £600; the book debts were worth £4§OQ, the almanac £1000, and the goodwill of the paper £2000. I "old privately the book debts and goodwill ip July to John Mackay and John Wells. I got no cagh from the sale, which took place a day or two after the bank's demand. Neither the book debts nor tho goodwill were offered to any otiier pereons. I did not offer thia £750 worth pf property to anyone other than my brother and maniger. The bank sold them the almanac plant, and I supplied ihe brain power. Fur lim latter I uot from them my travelling expenses, £1 a» day. I was npgouatins. to sell in Vie- % toria hr £12,000 the Bruce Herald and "plant. That was my price for it. I advertised it in Uifl Australian colonies, but got no offer. They sold it by tenders for They did not get oqly that price because I possessed the good will, but because I whs out of it. No one would sun against mein that field nor in any other Centered. I swear that until the other day I did not interfere in any way with the management of the paper. Ihere is no arrapgement 'hat I am to hare it back. For the last two months I hare beefl doing astronomical calculations for the almanap. I am now editing the Bruce Herald. I filed my schedule in the District Oonrt because on the last occasion J was here Mr. Ha&git was rude and uncivil to me in an uncalled for way. He threw out dishonesty against me; but what had more to do with it tban anything else was that my wife's health gave way. jf'it had not been for my wife's health &jpfipg way I wonld not have given in ; it ilSrjJSKdone at the last moment, and against jfPry solicitors. I will harass the bank so 'Bong *9 there is life in me. Tbey have ,w ap honest man to deal with whom they have ruined. The bank had not a better friend than I was; through my intervention they have got agencies in j this province. I may tell you that last week I had no money left to buy my family bread with, and I was too proud to let anyone know my position. In my twenty years' experience I never saw such » depreciation in value of property as has occurred in the Tokomairiro district. The Dank n,pw own two stores there which they could not realise £100 upon now, though they cost between £3000 and £4000. I was willing to assist the bank in every way. I can "life on porridge, and sajt myself/ aod Ido not wish to bave anything better. There is not an honester fellow in the world than -myself, and the bank knew it. If the tjank bad had men of my stamp they ' would never have Ipafc their money. Mr. 4. Larnacb instigated me to purchasing the farm property, whioh was the means of my getting my neck into the no©?*, He ran after me and offered to let me have any money I wanted. Thei* pame managers who knew not Joseph."