A STOCK AGENT'S BANKRUPTCY.

Oamaru Mail, Volume XL, Issue 12541, 12 May 1915, Page 6

A STOCK AGENT'S BANKRUPTCY.

Teh Pkess Association-

Christihurch. May 11. At ;•• meetiiur of creditors in the baukny.;-t estate" of. James Edward Davenrjort. a very well-known local -lock agent, bankrupt's financial statement showed tk-.it the only creditor was Mr G.' D. Greenwood, ot Teviotdale. *hecp-fanner (unsecured), .the amount of the debt lining £602 2s (xl. Tlic assets were 3s Bd. The bankrupt's statement showed that in 1910 lie made an agreement with Mr Greenwood to go to .South America for a joint venture. He took with him 20 thoroughbred horses and a number of sheep. This was Insecond trip to South America. He had much difficulty in disposing ot the stock, and the venture was a complete failure. He then went to England t 0 buy stock to the value ol «V" ;,r,^, £ -ItK, 1 tK,0 1 wh'ich he brought out to New Zealand and sold, but there rasii big loss on the whole transaction. The losses were to b? borne, by Mr Greenwood -No accounts had ever been made to him with a-ward to these trans-actions. His hank balance was 3s Sd. and he had no other assets or expectations with the exception of £67 2s (3d annually from an English estate. „ , The creditor's statement cir claim was that Mr Greenwood had advanced approximately £IBOO to Mr Davenport for the purchase of stock and expenses, and of this amount only had been expended or accounted tor. What was wanted was the refund ot the. balance. , The Official asked the bankrupt to explain" his "Australian trans-

action*. , „ . , • ■ Mr Davenport stated that friends m London told, him that- there was impomtat business for him to do in Australia with regard to the purchase ot a station in Xortheni Australia. Actinn- on instructions from his principals he attended the auction of the land and i-.-entuallv bought the station tor £"!S0,000.~ completing the transactions through the .bank. That was the whole of liis connection with the transaction, and all that he .got out of the business was £SOO. which was intended to cover his expenses. ; ctc. The matter was adjourned to allow the Official Assignee to look through tho. bankrupt's papers.