REDUCED TO PENURY

Northern Advocate, 7 April 1927, Page 4

REDUCED TO PENURY

FORMER LEADING JOCKEY,

NEW PLYMOUTH, This Day,

Reduced from a position of affluence as leading jockey in the Dominion to a state of penury, Hector Gray met his creditors in New Plymouth yesterday in bankruptcy. He attributed his failure to the sentence of life disqualification from the pursuit of his profession, and his creditors, on the whole, were sympathetic, instructing the deputy official assignee to facilitate his discharge, providing investigations of the estate proved satisfactory. Unsecured creditors totalled £939, and, after realisation of assets, the bankrupt estimated his deficiency at £324. Ho disclosed (that he now had no interest in any racehorses and said he had lost £15,000 on two farming ventures. —Press Assn.

NO BUSINESS ABILITY,

PURELY A HORSEMAN,

BANKRUPT’S STORY. (Special to “Northern Advocate.”) NEW PLYMOUTH, This Day. “I am not a business man. As a jockey I was able to earn a very good living and it is since this source of income was cut out, and farm produce fell, that my present financial position came about.” —So ran the statement of Hector Gray, settler, which was read to creditors in his bankrupt estate at a meeting yesterday. Gray added: “I am totally unfitted for any work other than handling horses. If ever I should be able to undertake training racehorses I do not doubt that I would be able ultimately to pay all creditors in full.”

I Fifteen creditors were represented, including eight Hamilton firms. Gray said Ms difficulties commenced when he was disqualified in 1925 from horse racing. He had two farms, one jat Hamilton and the other at Midj hurst. He estimated his losses on j these properties at £15,000. He bought the Hamilton property in j 1925 for £9OOO and disposed of it for |£11,782, of which only £879 was re- ! ceived in cash. Expenses and arrears j of interest absorbed all except £9B 5s | of this sura and that was used to meet j living expenses. Mortgages which he ! took over had been transferred to creditors who had been pressing him. The j Hawera property, which had been [transferred to him as part proceeds of 5 the sale at a value of ,£3BOO, was now i valued at about £1505. It was securj ity for a debt of £905. This creditor' j had threatened to act upon the securj ity and it was to protect the body of I his creditors that he filed. The Midhurst property, of 153 acres, which he bought 18 years ago af £22 10s an acre, and on which were mortgages amounting to £3875 (over £2& an acre), he had abandoned to the mortgagees. Apart from a promissory note for £416 on the Hawera property, which he regarded as valueless, there were no further assets. Bankrupt said he had had to borrow from friends in order to meet the living expenses of his son and himself. At present he was earning £2 a week and that might be terminated at any time.

In answer to the deputy official assignee, Gray said he had no interests in any racehorses now. At the time of his disqualification he. did not know what amount he was worth. Mr P. E. Stainton said that while he was only a small creditor, he felt that Gray was an unfortunate man who had come from affluence to poverty. If his means of livelihood had not been taken away he would have paid 20s in the £l. He had not trading ability—only his strength; which was somewhat impaired. The speaker hoped that the creditqrs would facilitate bankrupt’s discharge and he moved in that ’ direction. This was opposed by several creditors, but finally it was decided that, if after investigation the creditors were satisfied that that whole of the assets had been disclosed, discharge would be facilitated.