TRUST ACCOUNTS.

Otago Witness, Issue 3348, 15 May 1918, Page 37

TRUST ACCOUNTS.

FAILING TO HAVE THEM AUDITED. In the City Police Court on Monday, before Mr 11. A. Young, S.M., Arthur Chapman Smith, solicitor, was charged that during the year ended March 31, 1917, he failed to cause his trust account for that year to be audited by a qualified accountant within three months after the end of that year, contrary to the regulations made on May 22. 1914, under "The Law Practitioners' Amendment Act, 1913. J ' —Mr W. C. MacGrcgor, K.C., appeared for the Orown, and defendant pleaded guilty. Mr MacGregor said that apparently Smith failed to comply with these regulations, after being written to on September 4, 1917, and December 29, 1917. _ No reply was received to these communications, and then a summons was taken out against him on April 16, but the case was adjourned on two occasions. The necessary certificate by a recognised public accountant was not yet forthcoming, and as a result these proceedings were instituted. Under the regulations defendant was liablo to a fine not exceeding £IOO. Defendant said tho audit was practically completed now, and a certificate would be forwarded in the next few days. The Magistrate: Why did you wait fourteen months? Defendant: I overlooked it until I re ceived this summons, which was a sharp reminder to me. Two adjournments were granted at my request, and I set to work and had the audit completed. Mr MacGrcgor said that defendant had been proceeded against two years ago for a similar offence. Tho Magistrate said that tho Crown had given defendant a chance _to effect tho audit of tills account, but it had not yet been effected. Ho would be fined £lO, with counsel's fee £3, and court costs 7s. The death has occurred at Blenheim of th* well-known trainer, _Hv Fletcher. Among the many horses trained by tho deceased was Sinapis, who won the New Zealand Cup in 1913 and Wanganui Cup in 1914.