“SOLD” HIS NAME

Waipa Post, Volume 48, Issue 3471, 26 May 1934, Page 2

“SOLD” HIS NAME

TO SWEEP PROMOTERS. A former member of the London Stock Exchange, who “sold” his name to sweepstake promoters, appeared for public examination in London Bankruptcy Court recently. He was Mr John Hamilton, of Avenue Road, Highgate, N. His statement of affairs showed liabilities £13,813 of which £10,575 are expected to rank, and estimated assets £7058. I-Ie said it was chiefly due to his inability to obtain payment of a book debt of £13,000 that he found he was unable to meet bis own commitments, and he became in danger of being “hammered.” To sare him, other members of the Stock Exchange provided £15,000 which he now treated as a debt of honour, and for that reason had not included it in his statement of affairs. Afterward, however, ho found that he wan without capital, and discontinued the business. He had since worked on half-commission terms with a firm of stockbrokers. In 19 30 lie was approached by an Australian syndicate to use his name as director in connection with sweepstakes promoted at Danzig. He decided to sell the goodwill of his name for £11,500, payable £3500 down and the balance in annual instalments of £2OOO, plus one per cent, of the gross amount subscribed in excess of £200,000. However, lie received no part of the one per cent.. His association with the syndicate came to the notice of the Stock E>; change Committee, although he had thought it would lake no exception to his “directorship.” He chose to resign from the Stock Exchange, and

he received £llO for his nomination.