LAND SPECULATION.

Waikato Times, Volume 104, Issue 17502, 8 September 1928, Page 8

LAND SPECULATION.

OTHER PEOPLE’S MONEY. % BANKRUPT’S DISCHARGE REFUSES. CASE OF FINLAY JOHN McLEAIf. At the last sitting of the Hamilton Supreme Court Finlay John McLean received a term of imprisonment for a breach of the Bankruptcy Act, in obtaining credit without disclosing the fact that he was an undischarged bankrupt. At to-day’s sitting of the Hamilton Supreme Court, McLean asked through his solicitor, Mr. N. Thopias, Auckland, for his discharge from bankruptcy. His Honour said it appeared from the report of the Official Assignee that bankrupt had been engaged in highly speculative land dealings. In such cases, commented His Honour, it was usually the case that if the deals succeeded the speculator won, but if they did not it was somebody else’s loss. Mr. Thomas said the land deals referred to in the recent criminal proceedings were quite irrelevant to the bankruptcy. His Honour said that bankrupt had been punished for his offence against the Bankruptcy Act, and he did not intend to visit further punishment on him for this. Ile’asked, however, what bankrupt’s business was. Was he a farmer or a land speculator? Mr. Thomas said McLean was at present outside organiser for the Te Aroha Dairy Company. A Nice, Safe Job. ITis Honour; Then he has a nice, safe job where he cannot lose much of other people’s money. Mr. Thomas said McLean had no means with which to enter into further speculation. His Honour; It is other people’s money he does it with. Mr. Thomas said he could quote the names of half-a-dozen men who had been ready to become directors of the syndicate which Mr. Gillies at the last Court described as a swindle. ITis Honour: The speculator usually comes along afterwards and says it was a perfectly sound proposition, but that there was not enough capital to finance it. “ A lot of people seem to think,” said His Honour, “ that they can float these propositions on water, but they won’t float.” Mr. Thomas: evidence was given that £3OOO was spent on the King Country properties. His Honour: Yes, other people’s. (Laughter.) Discharge was suspended for IS months.