SUPREME COURT.-Bankruptcy.

New Zealand Herald, Volume IX, Issue 2107, 22 October 1870, Page 3

SUPREME COURT.-Bankruptcy.

FRIDAY, OCTOBER 21. [Before His Honor Sir Q-. A. Arney, Knight, Chief Justice.]

Re Piiior-r Lipsrt.vK.—Tlis Honor held yesterday an adjourned special sitting, for the purpose of examining the accounts between Mr. Cohen and the bankrupt. On the last examination Mr. Cohen was directed to furnish a detailed list, of the several classes of goods received and -old on behalf of Lipstine. —Mr. Ilesketh, as 011 the previous days, appeared for the creditors. Mr. Rees appeared for thebankrupt.—Mr. Ilesketh informed the Court that be had gone through the accounts with Mr. Cohen, and found several deficiencies. Some of these were admitted, but. they were accounted for as mistakes. But there was abo a la-ge quantity of goods missing, of which Lipstine had, he believed, dispose:! of. It appeared that the amount of goods so disposed of was much greater than at first expected. He would, therefore, with the permission of the Court, examine Lipstine. lfe believed lie would be able to make out a good case to justify the Court in giving its certificate that the bankrupt came within the penal clauses of tlio Act as a misdemeanant. — The bankrupt was recalled and examined by Mr. Hesketh: The £90 obtained from Buckland was spent in the purchase of gold mining scrip. Spent several hundred pounds in gold mining speculations. Spent the .190 in purchasing Mount Kdens. Bought Golden Spurs, Princess Alice. Got money from Tonks in October. The person of whom the Mount Edens were bought went to Sydney, and the bankrupt coukl not recollect his name. Cohen paid £235 to Lazarus and Co. for bankrupt,. Had interests in the United Kingdom, Sandy Creek, Band of Hope. Brought the Mount Edens to Alelbourne, but when bankrupt returned they were valueless. These were all put in the schedule at £1 cach, making up £360 in the schedule. Put them in the schedule because he paid tho money for them. The money to Lazarus was for scrip or shares. Bankrupt had expended £500 or £GOO in tho'lhames. Had nothing to show for this money, as he was ashamed to let it be known that lie was so foolish as to have entered upon those speculations. Bankrupt instructed Cohen to purchase a quantity of cocoa-nut oil, which was shipped to Sydney. The proceeds (£276) were applied to settle tlio claim of Lazarus & Co. Witness said lie gave up all the land he possessed to the trustee ; sold the chicory he took out of bjnd to Air. Hyams, for 2d. a pound. It was a glut in the market, and did not fetch more. It came to £46 odd. Remitted to Mossrs. Hyam, of Woollongong, for hay, £33 3s. lOd. Took a half-chest of tea from Cohen's store, which was used in his own house. Took also a chest of tea, and sold it in Cohen's store for Is. oils. 3d. the pound. It fetched £4, or iis. Remembered shipping " Ruby" tobacco. Both the tobacco and the tea were damaged. Home of it was picked, and sold by Mr. C. Davis. Sold a quantity of Rockingham teapots. Got the money, and spent it. They did not appear in Cohen's books. Also tooU a piece of silk, about thirty yard#, which he sent home for family use. The price, wis 7s. 9d.a-yard. It would como to£llor£l2 Witness remembered selling a parcel of tweeds The quantity was 1213 yards. Sold them in the store, and handed the proceeds (£150), to

the trustee. The tweeds were sold to Davis and Levy. They were sold at 2s. 6d. a yard ill! round. The colors were not seasonable. [1 he witness was examined at considerable length upon the details of the above transaction*.] He received cheques of £300 from ! win. and two cheques for £50, one of which eoullr not be traced in the bank pass-book, lie wa3 interrogated by the Court as to the amount (£l7), remitted for the purpose of enabling his mother to come to New Zealand; also £15 to his brother-in-law. These amounts appear to have been paid out of the balance drawn (£673), from the Melbourne bank.— The bankrupt filed a deed in January last, and it was alleged that he hud wilfully and knowingly divested himself of his estate. Tho deed was, therefore, made a:i act of bankruptcy.—Mr. Hesketh: Mr. Lipstine, in October, 1869, for flannels from Tonks you had £72 13s 7d ; £90 0s lOd from Mr. lijckland for the carriage; in the same month £59 14s lid for hay; £7 for tea; £277 for cocoa nut oil; £10 for the teapots ; £-12 reifunded from Gregg and Murray. In November you drew £(J33 from the Melbourne Bank ; then there was £16 7s 6d obtained for the silk ; £4S 10s Bd, and another sum of £10 13s 4d for other goods, making a total of £1,302 19s lid. What has become of all this money—what account can you give of it ?— Bankrupt: You can see my evidence. L was not going to allow my family to starviA-'l'he elimination concluded at half-past live o'clock, when the Court rosr, and adjourned the further hearing to Thursday next.