A GRAZIER'S BANKRUPTCY.

Auckland Star, Volume LV, Issue 169, 18 July 1924, Page 7

A GRAZIER'S BANKRUPTCY.

EFFECT OF THE SLUMP. The first meeting of creditors in the ! bankrupt estate of Arthur G. C. Glass, farmer, of Mercer, was held this morn- , ing, the Official Assignee, Mr. W. S. Fisher, presiding. He said it would not be possible to pass any resolutions at that meetWg, as only one proved creditor was present. i Mr. Bier'nacki and Mr. Nutsford were present on behalf of creditors. Nine other creditors were also represented. The bankrupt' 3 schedule showed unsecured creditors, £1462; secured, ill,005; estimated value of securities given, £13,764, leaving a surplus, to contra of £2740. The only other assets were book debts, estimated to produce ' £8, and furniture £25. Mr. Fisher remarked th.it the furniture waa pro- : tected to the extent of £25. The . bankrupt gave tho following reasons for his bankruptcy:—(l) Taking up land j that has not proved payable (2) slump in cattle, making this class of country valueless for running young stock; (3) ■ losses sustained in trying to drain the ] t swamp area south of Mercer; (4) his < sons leaving him to manage these properties by himself and (5) paying I, interest on unproductive properties. I > .Bankrupt said he had been grazing practically all his li/e. He thought he , understood farming on rough country.' but apparently he did not. When he left Te Kauwhata he had about £2500 in securities. He took up 1200 acres at Whangamarino. He thought he cou'd drain it, as he had five sons. He intended each son to have a piece of! the land. Two sons went to the front.! The others left afterwards. Before the i slump came the properties were worth ' much more than could be got for them to-day. He called his creditors together on July 4, 1022. He placed his position fully before the creditors, and they had agreed to let him carry on. The meet- ] ing was held in Buckland and Sons' ' office. His wife had 686 acres of land at Meremere. It was, however, mortgaged to its full value, and would probably be surrendered. The meeting was then adjourned to a date to 'be fixed by the Assignee.