THE LAND SYNDICATE.

New Zealand Herald, Volume XXV, Issue 9149, 3 September 1888, Page 5

THE LAND SYNDICATE.

Mr. James Mason's Bankruptcy. — Mr. James Mason, a member of the Ellerslie Land Syndicate, who, after an effort to escape bankruptcy, was compelled to file his schedule lasL week, male the following sworn statement as to his affairs before the Official Assignee on Saturday : — I have been in business as a nurseryman at Parell for the last 24 years, and this is the first occasion I have ever had any financial difficulty. About four years ago I could have sold out with a clear profit of from £10,000 to £12,000. Since the time named I entered into various speculations, syndicates, public companies, and building houses, which have turned out badly, entailing serious loss and liahility. My nursery business has also been unremunera+ive for the last three years. Many of the valuable properties which were saleable at good prices four years ago, are greatly depreciated in value and unsaleable at any price at the present time. In many cases rents are reduced by one-half. All these unfavourable circumstances have necessitated my raising money on nearly all my properties to enable me to carry on and pay my way. About four months ago one of the mortgagees threatened to serve a writ for principal and interest amounting to about £408. Before any action was taken, I borrowed £350 on the security of my nursery stock, plant, and household furniture. The whole of this money went in liquidation of my trade and household debts ; they were all satisfied. The security under this bill of sale was realised recently and, I understand, at a loss to the bill of sale holder. Another mortgagee has since served me with an edict. I endeavoured to make arrangements with the mortgagees to avoid bankruptcy, in the hope that my rents would by-and-by be increased sufficiently to meet the interest liability on the various properties. I failed in this effort, and therefore had no alternative but the course I have adopted—namely, filing a petition of insolvency. I kept a regular set of books for my ordinary business, but they are not fully made up. These books do not show my speculation and outside transactions. I have no record of these, but I can pretty well state them from memory, and will do so in time for the meeting of creditors. My secured debts amount to £26,787 12s 6d, and I have valued the securities in the hands of such creditors at £32,750, but if they were forced on the market at the present* time I do not suppose they would realise the mortfage liability on them. The unsecured ebts amount to £2774 12s Bd, of which £2765 was incurred on a joint and several bond in connection with one of the syndicate? I was a party to. My assets are estimated as follows :—Book debts, £200; unincumbered properties, £100; and surplus from the securities referred to, £5962 7s 6d. I have disclosed everything I possess in the nature of assets, and am not in a position to suggest any compromise."