LAND SPECULATION.

Auckland Star, Volume LVI, Issue 251, 20 October 1923, Page 11

LAND SPECULATION.

LEADS TO BANKRUPTCY. J FARMER AND WIFE INVOLVED. "THE APPLAUSE OF CREDITORS." Some twenty creditors were present ] yesterday at the examination in bank- • ruptcy, before the Official Assignee, of Albeit Henry Goodwin and his wife, : Emma Mary Goodwin, for whom .Mr. ; Jacobsen appeared. The schedu's of t Goodwin, who was formerly a farmer, i i showed debts to unsecured creditors as i £2750 4/1, and to secured creditors £0855 < 3/9, secured principally by mortgages i over various properties. The value of ' the securities was shown as £10,040. leaving an estimated surplus of £3184 16/3. This was the only asset, and gave a surplus of £434 12/2 over the total liabilities of the estate. Mrs. Goodwin's schedule showed £1452 7/ owing to nn- ' secured creditors and £3430 to secured creditors. The estimated value of the ' securities was £6915, leaving a nominal surplus of £3485. This amount, with I other assets, £3000 money owing, gave a nominal surplus of £5032 13/ in the estate. Goodwin stated that he purchased a farm at Te Puke three years ago. putting all hie money into the property, which he proceeded to crop. This did not pay, and he was compelled to leave the farm and his equity of £3000. Since then he had liquidated some of his debts, all of hie creditors receiving something, including money obtained on the maturing of j hie eon's insurance. Bankrupt said he j sustained heavy losses in the land slump,' and Mrs. Goodwin had a second mortgage of £4500 on a. farm property which was "sold up," the matter being still "in the air." Pressure by two secured creditors was (he immediate cause of his ' bankruptcy. Most of his creditors were land agents. Replying to the Official Assignee, bankrupt said his proper occupation was that of a farmer. He estimated the Te Puke farm to be worth £6800, but there were mortgagee on it to a total of £4600. His wife had no interest excepting an equity of £150 in a house at Te Puke. She had i been speculating in properties, nearly always making a profit, and he had also been "buying and selling properties, probably 50 or more, both in the city and the country. To a creditor, Goodwin said his wife's property and his were really one, as ehe had agreed to apply any of her assets to liquidate his liabilities. On the moving of a resolution requesting that bankrupt's discharge be facilitated, Mr. Fisher declared his opinion that it should not go out to the public that a body of creditors applauded the actions of a man who had epeculated in the manner of Goodwin; but this opinion notwithstanding the motion was carried with but one dissentient. It was decided that the two estates should be wound up as one.