DUE TO LOW PRICES.

Ashburton Guardian, Volume 51, Issue 127, 11 March 1931, Page 4

DUE TO LOW PRICES.

EQUITY IN SHEEP VANISHES

FARMER, MEETS CREDITORS. A meeting of creditors in the bankrupt estate of Samuel Richard Bryan, of Hinds, farmer, was held before the Official Assignee (.Mr A. J. Ching)/ in the Ashburton Courthouse this morning. There was an attendance of four creditors. Bankrupt was represented bv Mr L. A. Charles. The statement of bankrupt's affairs shewed that the unsecured creditors list totalled £347 Is 4d, the secured creditors £'2ooo, less ( estimated value of securities £1305, 'leaving a deficiency of £IOO9 Is 4d. The only asset was property £33. The unsecured creditors were as follows :

Ashburton—W. H. Hunt £5 2s 6d, R. Totty 13s 2d, L. J. Watt £9 16s, Tucker's Ltd. £1 18s, C. E. 'Bailey £5 14s 3d, Ashburton Transport Co., Ltd. £'24, H. D. Johnston £1 lis Od, W. H. Collins and Co., Ltd. £4 6s Id, J. Coutts Iss, Ashburton County Council £l2 lis 3d, Sutton and Glendinning £6 4s. Christchurch—Warre, Hockley, and Co., Ltd. £2 12s 7d, "Press" Co., Ltd. £5 14s, Booth, McDonald and Co., Ltd. £1 8s Bd, A. S. Paterscn and Co., Ltd. £35 15s, International Harvester Co., Ltd. £4 12s Bd, Commissioner of Crown Lands £145 lis lid. WilloWbv—A. Cass £4 9s 9d. Hinds—W. J. B. McDowell £1 2s 3d. R, A. Burnett £2 8s lid. Eiffelton—E, Soal £2l 13s 4d. Coldstream—G. H. McKenzie £25

Timaru—Canterbury Farmers' Co-op-erative Association Ltd. £9. Lcwcliffe—Coldstream Road Board £7 10s lid. The secured creditors were:— State Advances . Office £6OO, New Zealand Farmers' Co-op Association Ltd., Ashburton £705 for a debt of £I4OO. In his sworn statement bankrupt said that he commenced farming at Hinds in July, 1923, On about 460 acres of Crown* leasehold. He exchanged a house property he had at Timaru for the farm. His equity in the house was £I9OO and all this was sunk in the farm. In addition he spent £360 on stock and for of his stock and plant was financed by> a stock :irm. The rental of the farm was £7l lis 2d per half vear. For the first two seasons lie did well but had a setbnex in the spring of 1925, when he lost about 200 ewes ami lambs through yet weather He found that he needed more land so in August, 1926, together with his brother-in-law, he leased 296 acres at Coldstream from Four.taine's Trustees, for five years and nine months. Each of them took halt ot the prbpertv. The next two seasons were good ones. In 1927 he changed his stcek firm. At the time he had 625 sheep which were theu valued at £2 each and his position was soxind. In 1928 he bought over 300 ewes at 36s each. In 1929 the value of the sheep dropped and he had to sell at a loss. Tne 1930 slump added to his difficulties. He had about 650 sheep which cost him on the average cos each. To-dav they were worth about 6s each. In 1930 he lost over 60 ewes and lambs through storms. The dry weather this season affected Ins crops and the oats grown on the Crown lease was of little value while the wheat was also a light crop. All these things, together with the fall in the priceof wool and lambs, had wiped out his equitv and the stock firm had informed him that they could not carry him on. The rent on the Crown leasehold was not paid. The leasehold was to the State Advances Office to which there was about £6OO owing. He considered that there was no equity in the place. The rent to Fountaine s Trustees had been paid. This lease expired on May 4, 1932, but the lessors had a right to terminate the lease upon his becoming bankrupt, In any case he did not consider that, at present day values there was equity in it for him. All his.stock and plant and crops were under' security to a second stock firm. The only article not secured to them was a thresher which he was purchasing on hire purchase. He had had it three seasons. Its price was £3OO and there was still £6-< owin« He valued the thresher at £IOO. He was a married man with a family of four, the eldest being 8} years. The furniture belonged to his wife. He ascribed his bankruptcy to the tall in price of stock and wool and to the present general depressiop. He had worked hard on the farm in his endeavours to make a success of things. He could make no offer to his crediIri reply to questions, bankrupt said that there was a period of 11 years yet to run in the tenure of his Crown lease He was notified about a month ago that the stock firm could not carry him on any longer. The stock was" taken awav last Saturday, m and had not been sold yet. The furniture was purchased by his wife when they were married ten years ago He was at present working tor the stock firm harvesting the crop on the farm, and after that he intended to go out workfhe Official Assignee said that had prices not fallen, bankrupt would have been in a very sound position. Mr T. S- J. Doherty (For A. S. Paterson and Co., Ltd.) said he had known the bankrupt for a number of vears. He had been strictly honest in all his transactions, and he and his wife denied themselves many luxuries and necessities of life in an endeavour to make ends meet. These sentiments were endorsed by Mr H. IX Johnston. _ ■• It was agreed to leave the estate in the hands of the Official Assignee to wind up.