INTEREST IN COALMINE.

New Zealand Herald, Volume LXI, Issue 13747, 28 June 1924, Page 13

INTEREST IN COALMINE.

BANKRUPT'S POS'TION.

COURT GRANTS DISCHARGE. A motion for a discharge in bankruptcy was made before Mr. Justice Stringer in the Supreme Court yesterday f by Mr. L. K. Wilson, on behalf of Lawrence Johnstone. Mr. Sellar said he had just received instruction by telephone to oppose the application. The official assignee said that one of the creditors had given notice of his intention to oppose, but there was nothing on the record that would justify him in opposing. He had written \ that creditor to that effect, and apparently the creditor had since instructed Mr. Sellar. Referring to the bankrupt, the official assignee said he had been speculating very heavily. He was a sort of visionary, and had had an interest in a coalmine, which he considered was worth £100,000. The assignee thought it was a valuable property, but on the eve of the bankruptcy it was sold by the second mortgagee, and bankrupt was deprived of any _ asset with which to meet his liabilities. His Honor said the creditors had apparently had ample time, and he saw no ground for postponing the matter. He accordingly granted a discharge.