COSTLY ERROR.
LEADS TO BANKRUPTCY. By Tolejrrnpli—Pres* Association AUCKLAND, August 13. An error in recording the investments on the race won by .Toy Ilido at the Arondale Spring Meeting lust year cost Francis Sinclair Amies, tho totalisator proprietor £I6OO, and was the chief cause of his bankruptcy. The schedule presented to a meeting of creditors showed debts amounting to £2186 and a deficiency over tho estimated assets of £842. The amount invested on Joy Hide in the commission book was ±1386, but in recording tho amount on .the tote figures they were read as 38, and only the amount of comnwsrion money against Joy Ride was recorded. He had to pay the dividend 300 times out of his own pocket. Asked how much money would pass through his hands in a year at the totalisators lie managed, tho bankrupt replied £300,000. He admitted having lost £2OO in a certain gambling place. A resolution- was passed instructing tho assignee t-o ascertain whether ceitajn payments were preferential.
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Bibliographic details
Timaru Herald, Volume CXXIII, 14 August 1926, Page 2
Word Count
165COSTLY ERROR. Timaru Herald, Volume CXXIII, 14 August 1926, Page 2
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