A FARMER'S TROUBLES.

Auckland Star, Volume LIII, Issue 99, 28 April 1922, Page 2

A FARMER'S TROUBLES.

BANKRUPT CLAIMS A SURPLUS. A meeting of creditors was held in the Official Assignee's office this afternoon in the ibanknipt estate of Ernest tuft on Beale. farmer, of aAuckland. The statement of assets and liabilities showed that the unsecured risibilities amouanted 'to £4568 3/2. and the secured liabilities to £30.574. The estimated value of the securities was £37.417, leaving a surplus of £6543. The stock-in-trade at the Waimauku farm was set down as £400, and unencumbered property £ 15. This ! together -with £6843 surplus from securities made a total of £7255, leaving an estimated surplus of £2659 16/10. The bankrupt, in his statement, said that the immediate cause of his filing was that Mr. P. MoConnell, manager of the Waimauku farm had obtained judgment against him for £1000 bonus, interest and costs, and had issued a writ of sale under which he attempted to Eeize and sell all the live stock on the farm, and also all the machinery, implements, manure, seed, produce and tools, which were absolutely necessary for the carrying on of the farm. The live stock wa6 under mortgage to the Bank of New Zealand, hut there was no mortgage over the dead stock. Bankrupt considered his position was good, and that there was a considerable margin of assets over liabilities when McDonnell was put in charge of the -farm as from April 1; 1920, ■with the one object of improving the farm for aalefi and on September 9, 1920, he and a land agent met on the farm and put their separate values on .it in four sub-divisions, totalling over £30,000, and the rand agent confidently expected to sell the place before the end of 1920. The Hump came, and prevented sales | being made. Daring the past two years I the outlay for improvement of the farm and expenses had been very heavy, and the income had been very much reduced owing to the bad state of the markets for wool and stock, and the necessity for short stocking while improvements were being made and to allow the paddocks to •recover from the effects of injudicious overstocking. While the income had been considerably reduced the rate of interest charged by the bank and mort' I gagees had been raised. I The meeting is proceeding.