SWANBERG BANKRUPTCY

Northern Advocate, 11 June 1929, Page 4

SWANBERG BANKRUPTCY

A DEFICIENCY OF £309. MEETING OP -CREDITORS. (Special to “Northern Advocate.”) ‘AUCKLAND, This Day. Charles William Swanberg, baker, of Whangarei, met his creditors today with a deficiency of £3OO. He had been in business 14 years, and up to 1926 was in a satisfactory position. “I now realise,” bankrupt stated, “that under proper supervision I could have made a success of the business, ”

In 1922 Swanberg bought ah interest in the racehorse- Nocturne, registered in his name. Four others Were interested, but they dropped out, and he obtained theft shares for nothing. Nocturne never, won, but ran second, eight times in 14 months. It was now on a farm near Whangarei. Although he kept Nocturne a long time, it paid for its keep. He also bought Kildc-er for £25, subject to three contingencies of £25 per win. This horse had one wdn, one second and - two thirds. He only bet occasionally (a few pounds on his ow ; n horses). There was a pretty keen war going on, at Whangarei, Swanberg added, attributing to that fact the reason why he had not been doing so well in business recently. A committee of three principal creditors was appointed to realise the assets. Swanberg thanked his creditors for their consideration, and -said he was sorry now he had not worked harder with his head than with his hands.