MINING VENTURE FAILS.

New Zealand Herald, Volume LXVI, Issue 20244, 2 May 1929, Page 16

MINING VENTURE FAILS.

FARMER'S HEAVY LOSS. STATEMENT TO CREDITORS. [BST TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON. Wednesday. Unfortunate investments in a mining venture involving the loss of several thousands of pounds were revealed at a meeting of creditor? at Hamilton to-day in the bankrupt estate of William Duncan, farmer, of Hamilton. The official assignee, Mr. J. H. Robertson, said bankrupt had liabilities amounting to £1677, while thero were no assets.

In his statement bankrupt said he went to Frank ton Junction in 1910 and made considerable profit in a farming venture. In January, 1917, ho agreed to provide £2500, together with his brother, in a gold-mining property. Ho gave a cheque for £1750, which was to purchase plant for the property, and ho was to find another £750 on completion. In 1918 he had paid £BOOO in all. The matter was brought before the directors of the company, who made a contract with him and his brother to give a mortgage over the plant for £BOOO. In 1925 the company was taken over by another and further advances were made by bankrupt and his brother. In December, 1925, a total of £14,984 had been paid. In December, 1926, bankrupt was informed that the works had been stopped owing to shortage of money and he was asked to agree to certain conditions, which ho did. Assurances were given him, but moneys supposed to come in did not and the works were closed down permanently. Later the concern was sold. Bankrupt was pressed for payment and was forced to file.

The meeting was adjourned to permit investigations regarding a property of bankrupt's at Frankton.