HORSE TRAINER’S FAILURE.

Timaru Herald, Volume XCVIII, Issue 18084, 11 June 1924, Page 11

HORSE TRAINER’S FAILURE.

MEETING OF CREDITORS* A meeting of creditors in the bankrupt. estate ot Joseph horse | trainer, ox asnuyae, was ntiiu in uu« oxnce or the JUeputy-umcial Assigaeo I (.ur !•: A. Raymond) at Timaru yesterday. Mr Itaymond presided, and ; there Avere also preseniMyßaiiKrupt • ana i ins solicitor (Mr W. "'ll.’,Walton), Messrs A. Wasner, L.tyU. #pgl.isf..'(re-, presenting J. a. rv-nsons'-'VVmU3ii' andJMarshall of the same town), A. J±. , Jtieaiey (iNaticmal Mortgage Ltcl,), and R. A. Rodgers (\vilson Invercargill). 'The'; unsecured creditors were:— Thofnas Simon, Timaru, £SO; Mrs M. Ord,' VVinton,. £lUjtl.. lAtesj., Gleniti;: £7 2s;. J. -AV WrlSonyiVv irito nV £2B 2s (id ; National Mortgage,. Ltd., Timaru, £SO 5s Id; A. Scott, Raugitata, £lO 14s 6d; Wilson and .Fraser, Invercargill, £7 13s; E. O'; Henshaw, Timaru, £8 7s; Mrs Page, AVaslidyke, £2O; George King, YVashdyke, £24; P. T. liogan, Washdyke, £l2; J. 'Marshall, Winton, £24; Wood, £l2; W. McWilliams, Winton,.£s 7s; Cowm and Driscoll, Winton, £2O; H. Grace, Invercargill, £7; Russell, Son- and Meredith, Invercargill, £7 11s; \V. Sloan, Invercargill, £6 9s; JA Ambrose, Washdyke, £3B 10s 6d; E. Cannon, Waimate, £4; C.F.G.A., Timaru, £lb; J. Walsh, Wintori, £6 5s 6d; P. A: Bloomfield, 'Winton, £1 14s 6d. 1 The total assets amounted- to £203 2s 3d, and the liabilities to £460 Is 7d, leaving a deficiency of £256 19s 4d. The bankrupt, ni Ids; sworn statement, deposed that' lie' ivas -a horse trainer residing at Washdyke. Prior to 1919 he had been a jockey, but in the year mentioned he had been injured while steeplecliasing at Invercargill. The accident resulted in his being confined to hospital for over a year. He then took over liis brother’s business. as a horse trainer at Winton, where he was more or less successiul. Hq then entered partnership with his brother, and they had about seven horses in training. In 1922 he dissolved partnership with his brother, and Undertook to pay all partnership liabilities. From October to March, 1923, his receipts were £670, and expenditure £432. One account for £156 was due to him, but in an action to recover the amount lie .lost j the case'. He commenced training at Washdyke in March, 1923, and had an average of five horses a week in trainj ing. The training fee per horse for a ; week was £2. Hoping to reduce the expenditure involved in paying board and lodgings for himself and employees he arranged for the purchase of a house and borrowed £IOO to pay a deposit. 'When ho came to Timaru he owned a horse named Indian Child, which subsequently won £BS in stakes, thus covering cost of feed and expenses. During the past ■ twelve months he had borrowed money Trqm Mr Z. Beri, amounting to £165. In April last Beri pressed for payment, so bankrupt told him he could n °k pay but would sell him the horse for £2OO. Beri accepted and paid the difference between the itmount lent and the £I2OO, namely £35. When ho came to Timaru the amount of money owed by him in Southland was £3OO, with sums of monev totalling £220 being owed to him: "His assets were -1 sulky valued at £lO, 1 sot of harness £5, 2 saddles £lO, gear £B, straw £5, furniture, crockery, etc., £ls. motor cycle £IOO. The latter was subject to a liability of £42 14s 2d to Messrs Wilson ami Fraser, motor engineers. Invercargill. There wore additional training lees owed him to the amount ot £92 16s 6<l. It was decided that the articles to j the value of £25 held by t'v bankruptA,mild be handed over to the Assignee. Mr R. A. Rodgers was asked to , in.-poet the motor cycle and report ns : to its value. . , . The meeting then adiourned sine me.