HOW TO RUN THKOUGII A FORTUNE.

Taranaki Herald, Volume XXXV, Issue 7117, 15 July 1886, Page 4

HOW TO RUN THKOUGII A FORTUNE.

A nEMAUKAULK instnnce of how to run through a fortune in a short space of time was disclosed at tho Sheffield Bankruptcy Court the other day, when Mr. George Wiight, Jaadowner and gentleman farmer, o£ Park Lauo, Doncister, came up for public examination. The official receiver (Mr. W. J. Clegg) stated that tho debtor's liabilities amounted to about £16,212 4s 6J, and the assets, after paying preferential creditors, amounted to £1,158 14s lOd. In answer to questions, the debtor said he was tbirty-three years of age, and at twentyone he was entitled to au estate cal'ed Liodum, near Doncaster, the rents of which were nbout £1000 a year. In July, 1875, he borrowed £10,000 and subsequently 40,000 on the estate, out of which latter sum he paid back the £10,000. He subsequently sold the estate for £11,000 beyond the encumbrances upon in. la 1880 he uame into possession, under an uocle'a will, of Stancdge Moors acd Broomhpad Moors, whioh he sold in the following year for £17,000. His uncle dipu in 1860 leaving him £1000 a year, w eh he 1 i 'ore ) drawing since. It wdß ; payable to him during his life, unless he became bar':iupt, and the trustees had now decided to pay it to his wife. In 1878 he purchased the Park Lane property near Doncaster for £30,15U; property at Westmoor, for £3,400 ; and Warren House Farm, for £6,700. He borrowed from hie late uncle various sums amounting to £15,000, and from another uncle a sum with interest, to the extent of £4,641 103. 3d. In 1879 he mortgaged the Park Lane Estate for £15,000, of which he hai repaid £3,500. Iv 1830 he borrowed £2,000, in the next year £1,000, and in 1883 he further mortgaged Warren Farm for £6,000. He had also borrowed £630 from Mr. Statter, of Manchester, his father-in-law, and he was owing the bank at Doncaster £1,595. To the best of his belief he had made payments amounting to £47,366, and he had Bpent nearly £20,000 in improving his estates. Tho official receiver remarked that since the debtor came of age, twelvo years ago, he had received £116,000 and there was a heavy deficiency besides the rents. The debtor hnd betn living at the inte of £5,000 a year, and, in his opinioD, should not be allowed to puss. Mr. Bioney examined the debtor, on behalf of the trustee, as to certain purchases of wines, keeping of gumecocks, and other items, and the examination was allowed to be concluded,