PARTNERSHIPS IN RACEHORSES.

New Zealand Times, Volume LVII, Issue 2549, 29 June 1895, Page 1 (Supplement)

PARTNERSHIPS IN RACEHORSES.

Tilsou Smith, chemist of Onchunga, made the following sworn statement before the Official Assignee:—l am a chemist, and have been in business at Onehunga during the last five years as manager for my father. I had no interest in the business. My only remuneration for this service was my personal expenses. These expenses did not ' include losses by betting transactions, in which I was in the habit of indulging. I was in the habit of using my father’s business money for betting, and replaced it by borrowing. In this way £155 of my present liability has been incurred. On Juno Ist, 1893, I became half owner of the racehorse St. Kilda with Mr Adam Byers. I paid £56 8s for this share by money taken from my father’s business. On the 15th December, 1893, Mr Stuart Lyell (since bankrupl)advancod me £IOO, partly to recoup my father and partly to pay off money borrowed, the nominal security to Lyell being my halt share of St. Kilda. On May 19th, 1894, 1 gavo Lyell a promissory note for £6O, which was endorsed by Byers, on condition that ho released his claim on St. Kilda in favour of Byers. Lyell owed Byers £4O at this time, and this was credited To““Lyell by making the promissory note £OO instead of a £IOO. 1 have no doubt the £6O promissory note was endorsed by Byers. Ho endorsed it in ray presence. I have paid Lyell various sums towards the £6O promissory note, I believe £2O. but can find only one acknowledgment for £lO, dated February 2nd, 1895 (proneed). My unsecured debts amount to £l6B 15s. I have nothing whatever in the nature of assets. I believe I owe my father about £2OO, but he has no intention of claiming it, hence its exclusion from my schedule. I am prepared to set aside £1 per week ont of my earnings as long as I am in employment, and expect to be continue service with my father.