HEAVY LOSSES

Timaru Herald, Volume CXLIII, Issue 20762, 24 June 1937, Page 9

HEAVY LOSSES

BIG SHAREBROKING SMASH United Press Association —By Electric Telegraph Copyright (Received June 23, 10.55 p.m.) MELBOURNE, June 23. A bankrupcty petition lodged on behalf of Ward and Company, sharebrokers, Melbourne to-day, set down the liabilities at £79,861 and the assets £2,394, the deficiency being £77,467. The petition was filed by Clarence Royal Curwen and Alfred Keith Ward, two of the firm’s three partners, who state in an affidavit that the firm was now in fact bankrupt, the cause being excessive drawings and losses in carrying on the business. The statement shows that £31,106 is owing to the Bank of Australasia which holds against the debt securities to the estimated value of £33,000. The principal unsecured creditors, are J. A. and M. C. Erskine £37,956 and Edwin Ward £14,454. There is a -long list of smaller creditors. The assets comprise office furniture £5OO, and the estimated surplus over the bank’s security £1,894.