A BANKRUPT CASE.

Star (Christchurch), Issue 6873, 7 June 1890, Page 3

A BANKRUPT CASE.

• SOME PLAIN SPEAKING. [Pbb Pbebs Association.] "dUNEDIN, June 6. At a meeting of creditors of Thomas Lindsay, of Palmerston, stock-broker, the statement showed the liabilities to be .£2515 and the assets £172, leaving a deficiency of .£2343. The bankrupt was stated to be ill. Mr Donald Eeid stated that the bankrupt had within the last three months obtained £1080 worth of stock from him, and there was nothing to show where more than half of it had gone. It was only a few weeks since the bankrupt had been trying to get him to deliver another thousand Bheep to him. If they met a highwayman on the public thoroughfare the law prosecuted him, and they knew how to protect themselves against such; but when they met a man who urged on them that he was doing a safe business, and by false pretences got hold of their money, they had no protection. It was time that the law should be put on such a footing that it should not be a terror to the man who did well, and a prize to the man who did wrong, but the reversei There seemed to be\ no prospect for anyone in business in the community unless he was prepared to enter on a course of deceit and low trickery that any fair person would avoid. He was aware that the Assignee could not alter the law, but it was not reasonable that creditors were to meet there in solemn farce tc see their money taken from them, and to see the man who took it being respected, while the creditors spent anxious days and nights. Here was a man keeping a Btud of racehorses, while he (Mr Eeid) had hard work to keep a hack. Yet the bankrupt got £1000 worth of his money, and he was not to get a thousand shillings in return. There was a better remedy required than an order of the Court for the disoharge being kept back. What did these bankrupts care for that ? They went on trading in their wiveß' names next week, and were taken by the hand by the highest in the land (always provided the latter had not suffered throiigh them), and carried on as high as ever. He wished to draw particular attention to this case, on the eve of the session of Parliament, and hoped the legislators would deem it time to consider how the law could be revised. The only way waa by devising some adequate means of punishment. Other creditors having mentioned similar transactions, the Assignee was requested to take steps to ascertain the amount of Btock bought and sold during the last six months.