A Gay Bankrupt.

Gisborne Standard and Cook County Gazette, Volume II, Issue 299, 16 May 1889, Page 3

A Gay Bankrupt.

Wellington, May 9. A lively meeting of the creditors of John J. Ingram, tobacconist, was held to-day. The assets showed a deficiency of £225. The assets included £155 put down for stock. The Official Assignee said that, as soon as the debtor’s petition was filed, he got possession of the premises from the bailiffs in charge. He could assure the creditors that on the whole of the shelves he could not find a single cigar or a stick of tobacco. There was nothing but a few cigarettes and a few walk-ing-sticks. A valuation ot stock showed a result of £44.

Replying co a question, the debtor said he could not remember making a statement before entering business that he was free from any liabilities. Mr Franklyn said the debtor had evidently received £468 for the stock, leaving a deflcency of £262. Then there was a difference of £166 between the present value of the stock and its value when purchased, making £428 of hard cash that would have to be accounted for. This was a very serious matter, and it was his (the speaker's) intention, if possible, to prosecute the debtor criminally; and he believed that most of the creditors would assist in doing so—it was such a glaring case. Here was a young fellow who started in business, and remained in it four months, spending £lOO per month of his creditors’ money, and which be did not think it necessary to account for. An example should certainly be made of him. The debtor : Most of the money you are talking about was spent before I went into business.

The Assignee : How, and in what manner ? The Debtor: In paying off old debts. Mr Duncan: How did you incur those debts; in gambling ? The Debtor : No, I never gambled. Mr Franklyn : Is it true that you allowed gambling on your premises nightly ? The Debtor: No, they played cards for cigarettes, but that’s all, Mr Franklyn: Is it not true that you treated your friends to a drive out to Island Bay 1 The Debtor: No. Mr Duncan : I have seen you. The Debtor: You might; but I have been shares with others at about ha’f-acrown each. Mr Dunean: Where are thise expenses accounted for ? The Debtor : In the account of moneys I spent on myself. The Assignee: What! at a guinea a week? Mr Duncan : That will stand a lot of cabs ! When pressed as to the purpose tor which the loans were raised, the debtor said : It may he that I had not sufficient salary to live in ths manner I was living, That is the only way I can account tor it, to speak straight out. At this stage the debtor admitted that he was bankrupt when commencing business. He could not remember giving a promise that if Levin and Go. would advance him money, he would not give anyone security over bis stock. Mr Duncan (member of the firm), hereupon produced and read a document containing the following words And I further undertake that during the time the said loan or any part thereof remains unpaid, I will not give any security over my stock without obtaining your consent iu writins.” The debtor said he must have signed that without knowing what he was signing. Mr Duncan: I think, Mr Assignee, you see the necessity ot having this gentleman publicly examined. The Assignee : Yes. Without a resolution of the creditors I should certify to that on my own account, Mr Duncan ; I think it is one of the grr-asest oases I ever came across. Mr Franklyn : AU the statements he can make will only make matters worse. He has undertaken deliberately to deceive all the friends who chose to trust him for a few shillings or pounds, and then comes here and hopes by prevaricating to save himself. On the motion ot Mr Franklyn, seconded by Mr Duncan, it waa resolved that steps be taken to employ a solicitor with the view of criminal prosecution, and that it was desirable that the bankrupt should be publicly examined.