BANKRUPT BROKER

Waikato Times, Volume 121, Issue 20334, 26 October 1937, Page 7

BANKRUPT BROKER

EXAMINATION IN MELBOURNE MAN’S DEMEANOUR ECCENTRIC ADMISSION BY A PRINCIPAL (United Press Assn.—Elec. Tel. Copyright) MELBOURNE. Oct. 25 When William Cowper Ward, stockbroker. appeared before the Registrar in Bankruptcy for examination to-day medical evidence was given that he was not able to stand a sustained examination. His nervous system had deteriorated and his demeanour was eccentric. Also lie was prematurely aged. The Registrar said he would apply to Mr Justice Lukin later for leave to dispense with an examination. .Clarence Curwen. who was one of the principals of Ward and Company, admitted during examination that more than £40.000 which he had drawn was largely the property of the firm’s clients. The proceedings were adjourned. The creditors in the bankrupt estate of Ward and Company, former sharebrokers. of Melbourne, were told by the trustee on October 6 that the drawings of the three partners, William Cowper Ward, Clarence Curwen, and A. Keith Ward, exceeded the profits by £70.390 between June, 1920, and June, 1937.

The trustee reported that this excess had been financed by the lodging of clients’ share certificates at the Bank of Australasia, or by sale on account of the firm.. It was particularly noticeable, he said, that the majority of the shares remaining in the safe deposit vault at the date of sequestration were either valueless or of such a nature that they could not be readily realised upon.