COSTLY RACING

Southland Times, Issue 19461, 28 January 1925, Page 2

COSTLY RACING

A BANKRUPT’S EXPERIENCE. AUCKLAND, January 23. Horse-racing is an expensive game, as a Hamilton bankrupt, found to his cost—also some unsecured creditors—to the tune of about £590. Bankrupt, a young man named Lendrick Grant Smith, was asked a number of questions at a meeting held at the office of the Official Assignee (Mr W. S. Fisher), Auckland. According to his statement, bankrupt was formerly in the carrying business in Hamilton, and sold out in 1922, being left, with a surplus of about £3OO. He then bought a steeplechaser namey Gayboy and started racing, but found it unprofitable. Out of ten starts he got one first and three thirds. After the horse had been sold to satisfy a bill of sale for £lOO bankrupt had borowed, be got a £4OO second-hand motor-car on time payment to start a service between Puturaru and the hydro-electric dam works at Arapuni, but the work not starting when he anticipated, he lost money, and the car went back to the owners. Bankrupt said he had no assets at the present time. In answer to questions by the Official Assignee and counsel for creditors, the bankrupt said he had raced Gayboy for about twelve months. Racing was an expensive game, and he reckoned it cost him £4O every time he started the horse. Taking into account the fact that bankrupt said he had £3OO surplus when he sold out of the carrying business, that he had incurred nearly £6OO debts, that he had won about £2OO in stakes, and had other takings, the Official Assignee pointed out that bankrupt had in about two years gone back to the extent of over £lOOO, “which,” added Mr Fisher significantly, is pretty good!” Bankrupt admitted that "it was a bit of a setback.”

As there was not a quorum of creditors present, the meeting could not pass any resolution, and was adjourned sine die.