BIG TURF FAILURE.

New Zealand Illustrated Sporting & Dramatic Review, Issue 1454, 7 March 1918, Page 2

BIG TURF FAILURE.

HARRY NATHAN’S BANKRUPTCY.

BUYING HORSES FOR GERMANY.

£lO,OOO WON ON, SYDNEY CUP.

A remarkable story of successes and losses with racehorses was told by Lewis Henry Nathan, racehorse owner, boxing referee, athlete, and art dealer, in the Bankruptcy Court in Sydney the other day, before the Registrar (Mr. Salisbury). Examined by Mr. W. H. Palmer, Official Assignee, Mr. Nathan said he had never been bankrupt before. The cause of his bankruptcy was chiefly through contracts he had made before the war with the German Governjnent to purchase blood stock. He had the stock that he could not place. He kept them with the idea of winning, but lost several thousands of pounds. He had been largely connected with various branches of sport during his many years’ residence in Sydney. He was also a fine-art dealer, and had carried on business in Castlereagh Street, Sydney.

As a young man he was a good amateur rower jand boxing champion. In after years he had refereed in some of the big boxing contests at the Stadium. He came to know Mr. Hugh D. Mclntosh, intimately, at that time one of the proprietors of the Stadium, Witness said he bought "a racehorse named Cadonia in 1912. The late Mr. J. C. Williamson was the owner. He bought the horse at auction for about £9OO. He had nbver been without racehorses for 30 years, and he raced under the name of “J. Birks.” Cadonia won the Sydney Cup at the end of 1913. There was a valuable prize of £4,000 odd —nearly £5,000. He started at a long price, 25 to 1. Witness won nearly £5,000 in bets, and, altogether, won nearly £lO,OOO. but later on he lost a terrible lot of money on Cadonia. Witnes said that he backed Cadonia for races that looked certainties, but lost more than he won.- Besides the Sydney Cup, Cadonia won a small handicap at Rosehill. He sold him to a representative of the German Government named Schmidt, who he understood was a captain in the German army. He also understood that the horse was -to go to Germany for stud purposes. Schmidt brought witness a letter from some German baron expressing satisfaction with Cadonia. Schmidt came to Australia on several occasions. I JUST BEFORE THE WAR. Schmidt told witness the class of horses that the German Government wanted, and witness went about looking -for stock, and bought several horses. He laid out between £9,000 and £lO,OOO in this way. That was just before the war broke out. A New Zealand horse e he bought cost £l6OO, and he sold him to the, German Government for £3500. He did not ship the horses. He was to be paid for them when they were handed over. Before he could deliver the horses the war broke out, and he was left with them on his hands. He believed that Schmidt was interned. As "he could not get the prices he paid for the horses, he thought the only way was to make them pay by racing. DEEPER INTO THE MIRE. Witness said that unfortunately he got deeper into the mire. He owned Cheribeene, Virginie, and others. The latter was a brood mare. He was getting a big price for her. He. turned her out, and she was bitten by a snake and died. He also owned Zimrose. She was turned out and got her eye knocked out. Then he had two Positano mares. One died and the other was sold a little while ago by the mortgagee. He raced Cheribeene and St. Medoc. He gave 900 guineas for the latter at auction. He lost money on him. There were other horses he raced. He had different trainers, but most of his horses were trained by C. O’Rooke. He also raced Lady Graveairs and All Hoiirs. They were sold by the mortgagee for £lOO and £2OO. TRAGEDY OF ARDIMA. With agistment and training expenses it cost witness nearly £lO0 a a week. He owned a horse named Ardima, which he bought in connection with the German Government scheme. He was really a three-

year-old when he bought him, unnamed, unbroken, and untried. He had him broken and trained, and he showed great promise. He named him Ardima at the request of Mr. R. D. Meagher. Witness hoped to retrieve his fortunes with the horse. He had a very bad day at the races, and he had a very heavy settling, which he could not meet.

It was more than £l,OOO he had to meet. He went to Mr. Sam Hordern and offered him Ardima for £l,OOO, so that witness might have money to settle. Witnes thought that the horse was honestly worth £lO,OOO, but he also thought he must sacrifice him to get the settling money. Witness explained the reason to Mr. Hordern, who said: “I could not take him from you, but if you are in trouble, and you want the money for settling, I will give it.” 'Mr. Hordern then gave his cheque for £l,OOO. Witness repaid him £250, and then anther £250, and there was a balance of £5OO owing. Mr. Hordern didn’t want this known, and declared that witness owed him nothing. Shortly after Mr. Hordern had given witness the £l,OOO Ardima hopelessly broke down, and . wrfs not worth anything. Witness owed the trainer £BO. He wanted witness to take the horse away. He believed the trainer turned the horse out somewhere to get rid of him. He owed Mr. Theo. Marks £350. That was a similar case to that of Mr. Sam Hordern.

Witness was acquainted with the bookmaker Hackett. There was a possibility that he might owe Hackett some unpaid wagers. Witness said he would not admit that legally he owed £llOO to Sir William Cooper. His attorney sued him for that amount after Sir William Cooper had gone to England. That amount was alleged to have been paid by Sir William Cooper to the City Bank under his guarantee on witness’ behalf.

Sir William Cooper. wanted to buy Ardima, and witness would not sell hinj. One day he told Sir William Cooper that he owed some money to the bank, and he said he would fix witness up, but he had no idea that Sir William Cooper secured-the overdraft for him until Mr. Henderson told him. He was going to repay it when able.

Sir William Cooper went and paid it off without witness asking him to do so, but directly Sir William Cooper went to England demands were made. Sir William Cooper’s act was voluntary.

Witness said he had owned a motor car, a Regal. He was run into buying it by a solicitor named Arthur Deery. He said it belonged to him. He told witness he wanted money, and he gave Deery £225 for the car. Deery only asked £2OO, but witness gave him £25 more because he said he had refused £225 for it. Deery also borrowed £l5O from him on the security of a bond, which he forgot to leave with witness before he left for the U.S.A. Deery still owed him that money. At the time Deery borrowed the money witness was not in a position to lend it, but Deery rushed into the shop and said' he wanted it till Friday. That was on a Wednesday. Deery did not leave the bonds with him. They were supposed to be bond warrants which witness did' not see. He never saw Deery afterwards. BETTING TRANSACTIONS. Witness, in conclusion, said he had been made bankrupt on the petition of Harry Brisbane Jamieson, who got a judgment against witness for money .lent. Mr. Jamieson had given witness certain money for the purpose of backing a horse on three different occasions, and it lost. Jamieson knew, that when witness was in a position ha Would pay ( the money. Jamieson had promised witness he would not go on with the action. Relying on Jamieson's word, witness put in no defence, and judgment was signed. The first witness knew of it was when he received a letter from the mortgagees telling him. He was turned out, neck-and-crop. He could have put in a defence to thd’ action, because it was a gambling transaction. He told Jamieson that the money would be returned to him. He knew Mr. Jamieson in connection with the Stadium. He, thought he had been the auditor there. He told Jamieson that he was astounded that he had got a verdict against him. The examination was adjourned.

The King has granted Polar Medals or extra clasps to the members of Sir Ernest Shackleton’s expedition aboard the Endurance and the Aurora.