BANKRUPTCY.

New Zealand Herald, Volume XXVIII, Issue 8680, 24 September 1891, Page 3

BANKRUPTCY.

DEBTOR'S STATEMENT.

James Palmer, a bankrupt, was examined on oath before the Official Assignee yesterday, and said:—! have been in New Zealand about 45 years. I retired from business about six years ago, and was then possessed of property valued at about J £3500, situated mostly at Avon dale.' My only ' liability at that time was about £700 due to the Bank of New South Wales. Becoming uneasy about this liability, although not pressed by the bank, I applied to Sir W. Wasteneys for a loan to enable me to pay off the bank. This he agreed to do, and he took the Avondale property as security. The manager of the bank asked me why I was mortgaging my property as he was quite willing to allow me to draw up to £1500 against it, but having been told that the bank was likely to press me at any time, I thought I should be safer under a mortgage. After this I was ill for two years, and I do not know ho v. the property has been disposed of. I only know that Sir W. Wasteneys now claims that I owe him £376 18s 3d. He has never rendered mo any statement, ,or made any demand on me until a writ was issued against me about 15 months' ago. ' I maintain that I cannot justly bo indebted to Sir W. Wasteneys, but that he is in my debt. 1 own two sections of land at Maungatapere, consisting of 40 and 80 acres respectively. The 40 acres are very good, and I could have sold the two sections for about £600 about six years' ago. W. Lepine and Mrs. Furley hold the deeds as security for about £350, and I have no other assets or liabilities than those disclosed in my schedule.