BANKRUPT SHAREBROKER.

Gisborne Times, Volume XXX, Issue 3440, 3 February 1912, Page 3

BANKRUPT SHAREBROKER.

PROCEEDED ACAINST FOR HAZARDOUS SPECULATION. LIABILITIES OF OYER £6500. [PEE PRESS ASSOCIATION. I3 AUCKLAND, Feb. 2. At the Police Court this afternoon James Scott Lennox, till recently a sharebroker in Auckland, was charged that being a person who was on August 9. 1911. adjudged a bankrupt, he had by rash and hazardous speculations brought about the said bankruptcy. Accused was proceeded against on the information of the Official Assignee. Mr. W. S. Fisher. Official Assignee, said that the accused’s schedule showed liability at £5506 and assets £1950, leaving a nominal deficiency of £3556. As far as could be ascertained accused's liability amounted to £6552 and the realisable assets to £1269. while his seat on the Stock Exchange, though a doubtful asset, might be put down_ at £SOO, leaving a deficiency of £5783. The estate under the most favorable circumstances would not pay more than 7s 6d in the £. Accused had been doing a profitable and legitimate brokering business, but he had apparently embarked on a. character of speculation which had resulted in heavy losses. Overselling was also alleged against- the accused. Lennox, who reserved his detenee, was committed for trial.