Station Purchases.

Timaru Herald, Volume XIIC, Issue 13974, 7 August 1909, Page 3 (Supplement)

Station Purchases.

CRAZY TRANSACTIONS

' An extraordinary' case occupied thp attention of the Bankruptcy .'Court at Perth, W. A.. a few days ago. Hector Norman Black, a comparatively young" man, who described himself as a grazier "of Geraldton, was examined in re- , card to some remarkable financial 'transactions. \ Until lie came to. this Sta+e, four years ago. he was a tea;' packer in New South . Wales. 111 Febrnarv. last he went:to Geraldton with ln's wife, with a capital of £3O or £4(l. His wife received an occasional • remittance from the estate" of her mother (Mrs Brodie)., in : Victoria. Hecoiild not give Mrs Brodie's address,' as sheT.iovc'l about a- ? lot. After • reaching ' Geraldton. the- debtor agreed- to ; pur-, chase the Wo via slioep station from IVlr Mills for £3lob, ■ being £I7OO -deposit. Hid £3OO casli down, the balance' on bills at .6 per cent: Mills agreed, after, £3OO had been'.- paid, to wait for tjlie balance of tlie deposit until the debtor had completed certain business in the eastern States. - ; The debtor gave a post-dated ; cheque .for £3OO, and subsequently two promissory notes for £l5O each. He took possession-of the'station on March 22. His cheque lor £3OO was dishonoured. - The debtor told Mills to leave it at the .bank 'until the remittance arrived. His wife had. agreed to advance him £4OO or £SOO, and lie had intended to brinsr his brother into the business. He had paid no money on account of the purchase. He was in possession of the property for six weeks when lie learned that the bank held a mortgage over it. The bank foreclosed in June. The debtor admitted that lie. had employed four men on the station, and had not paid them anything for their work: He also admitted having secured furniture and all his supplies on credit, besides four horses, and accommodation at various hotels. He -negotiated for the purof, the Federra station for £llOO, and agreed to buy Killarnev Estate, at North Perth, giving bills iit three aiul six months, but the sale was cancelled when these proceedings were instituted. In one case lie had given an hotelkeeper a cheque on the National Bank, at Geraldton, on condition that it should be held over. He had no account with the bank at the time, lnit was expecting money. He subsequently gave an 1.0. U. in exclianse for a cheque. The Registrar sai-l it was one of the most -remarkable cases he had ever heard. It was extraordinary that a total stranger could to into a country and obtain unlimited credit-. The examination would be adjourned for a week. TTnsncu'-"'! creditors claimed and the debtor's only asset was furniture valued at .010.