SPENT £105,000 IN FIVE YEARS.

Taranaki Herald, Volume LX, Issue 143784, 7 May 1912, Page 5

SPENT £105,000 IN FIVE YEARS.

STORY OE YOUNG MAX’S COLLEGE DEB IS. Extraordinary disclosures of a young man’;. extravagant mode ot lac while an undergraduate at Uxiom and during the short period .since then were made at London Bankruptcy Court, at the first meeting ol the creditors ol Derrick Julius Wernher, of bt. James Street, W. it was stated that for the first three years, previous to June, 1910, he was at Oxford, and Ids college debts, which were chiefly in respect of money lent, amounting to sonic £25,000, were, with the exception of about £I2OO, paid by his father. Since June, 1910, ho had amassed liabilities amounting to £BO,OOO in respect of money lout and by extravagant living and racing and gambling. His losses bv racing totalled £SOOO and by gambling-£BOOO. In 1008, while debtor was at Oxford, his father allowed him £730, in 1909 £6OO, and the same amount in 1910; since July last ho had been in receipt of a voluntary allowance from his father of £B3 a month. Debtor has at various times owned of 11. Desmond. Tn August last he sold of R. Desmond. In August las the sold all the racers, and they fetched £3OOO. No statement of affairs was lodged. The liabilities were, however, estimated at £85,000. but the debtor is of opinion that they should not rank for dividend anywhere near that sum. His assets comprise—cash C 6. jewellery £l2. some oil shares C 5. hook debts £175 (of doubtful valu'd, and,goods in the hands of the sheriff’s officers £3O. The creditors passed a resolution of bankruptcy.