RACING AND BUSINESS

Southland Times, Issue 19522, 23 May 1922, Page 6

RACING AND BUSINESS

A RESTAURATEUR’S AFFAIRS. DISSATISFIED CREDITORS. (Per United Press Association.) WELLINGTON, May 22. At a meeting of the creditors of James Fraser, restaurant-keeper, the bankrupt’s statement showed that unsecured creditors had claims for £3336, and secured creditors for £225. The assets, including furniture and cash in hand, were estimated at £553. Bankrupt attributed his failure to loss of business after the Theatre Royal closed down, and the opening of new restaurants. He was questioned as to a number of valueless cheques alleged to have been issued by him, and admitted that he knew these cheques would not be met. A racehorse leased by him was said to have won £lO9O since September, but when asked what became of the money Fraser said a racehorse could not be run for nothing. He denied making a statement that he had £250 in gold stowed away, but admitted that he had told one creditor that ho had £3OOO locked up in Government bonds and could not get the money, which was not correct. One creditor suggested that bankrupt had spent his creditors’ money on horseracing instead of giving his attention to his business. Fraser was asked why he had not more to show for the good years for restaurants during the war. He stated that he had been losing money on shilling meals in 1918, and had to increase to 1/6 and afterwards to 1/9. The Official Assignee said he thought bankrupt came under the penal clauses of the Act for acting under false pretences right through, making false statementsand giving valueless cheques. As a matter of fact he was bankrupt in 1916 on his own statement, and he should have closed up then. The case should go before the Crown Law Office for further proceedings. It was then moved that all the papers be handed to the Crown Prosecutor to institute proceedings. The motion was carried unanimously.