SHAREMILKER WHO RACED HORSES

Manawatu Times, Volume LII, Issue 3624, 14 June 1927, Page 9

SHAREMILKER WHO RACED HORSES

Rongotea Bankrupt’s Damaging Admissions UNDER SEVERE CROSSEXAMINATION A meeting of creditors was held yesterday in the estate of William James Sexton, farmer, of Rongotea, who has debts owing to unsecured creditors amounting to £228 14s Bd. His assets are valued at £2OO, a deficiency of £2B 14s Sd thus being left. Tho list of unsecured creditors is as follows. —N. Z: Loan and Mercantile Ltd. (P.N.) £BS 14s 10d; N. I. W. Brown (Masterton) £l3 13s Cd; Adams and Edelston (Feildirig) £5 10s; F. J. Watson (Bulls) £ll 11s; Palmerston North Hospital £6; Leary’s (P.N.) £4 2s lOd; R. Collins Ltd (Wellington) £G 4s 6d; Collinson and Son (P.N.) £26 14s 6d; Putnam and Wylie (P.N.) £l7 6s 6d;-Nurse Linton (P.N.) £3 33; F, Crossley (P.NI) £4 4s; Pahiatua Racing Club £ls! A. McMcßean (P.N.) £3; C. Massey (Talkorea) £ls. Bankrupt’s Statement, In his .personal statement bankrupt said “I am a share-milker at Glen Oroua, oh a one-third share. My family assist me on the farm. I took up my present position about 10 years ago. I was then free from debt, our penniless. I did well, and within two years I was given full management or the farm.

“I had kept a race-horse practically all .thy life, and as I had sayed a few pounds, and, prices were good. I was tempted to try my luck again. This venture left me £6OO In debt. -■ “In July 1924 I borrowed £l6O to pay off some of my creditors, and to repay this loan I secured an overdraft of £2OO from the bank, which I haa to repay at the rate of £IOO a year. I have paid the bank and have been, endeavouring to reduce my other liabilities, but owing to one of my creditors taking out a warrant or committal against me I was forced to me. ■ "I am prepared to make every endeavour to pay my creditors In full." Meeting of Creditors. , , There were present at.the meeting the D.Q,£ ..(Mr C. Dempsyj, the bankrupt, and Messrs H. Collinson, C. Massey, T. L. Cowper (representing th e N.Z, Loan and Mercantile Ltd.), W. Mayes- (Speecbley and Mayes), J. Grant (Pahlatua Racing Club), Edelston (Adams and Edelston) ana H. Moss. Under Cross-Examination. Replying to the cross-examining of the D.O.A."(Mr C. Dempsy) bankrupt stated that he had never at any Umo, owned- a motbr.icar. His average Income from the t last two - years of sharomllklng had been about £BOO, per annum. ' He was; still milking on the farm, and would likely continue to do so. He could make no offer to his creditors. The D.0.A.; Tou have no other Income than the" £300? Bankrupt:’ ' No. Betting on Race Horses. ■The cross-examination was then taken up by Mr Massey. Have you kept a race horse during the last three years? ho asked. Bankrupt: Two years next August I bad one. Mr Massey: Did you pay any trainers’ fees during the last four years? Bankrupt: I paid a trainer up to two years ago next September. Mr Massey: Were you at the last Wanganui meeting when I had a warrant -issued for your arrest? Bankrupt: Tes I was there the second day. The D.0.A.: Did you . know there was a warrant out for your arrest? Bankrupt: I suppose I must have. Mr Massey: Did you pay to go in to the stand.

. Bankrupt: No, I had a pass given to me. .

Mr Massey; You need not smile, sir. Replying to Mr Cowper bankrupt stated that at present he had no stock of his own, and- had no expectations save from what he could earn. A creditor: Have you been in the habit of attending all the race meetings round the countryside? Bankrupt: X don’t know about all of them. One or two. The D.0.A.: You do go to them all. Bankrupt: ! don’t. ■ The D.0.A.: Its no use denying It; you do. You are on oath remember. If you say anything not true you win find yourself in trouble., Bankrupt: Well, yes I have attended a few. Mr Edelston: What did you do with the twenty pounds you borrowed from Mr Moss at the Waverley races? Bankrupt: I returned half of it to Mr Moss, and lost the other £lO on one bet. To the D.0.A., bankrupt said that ho thought all the cheques he had written had been paid. Mr Grant: You say you have no stock at the present time? Bankrupt: No.' Mr Grant: . Did you not give a bill of sale a little while ago to a Mr Toaz? Bankrupt: Yes, over my furniture and two horses. Tt was paid off. Mr. Grant: How much do you owe