LAND AGENT'S FAILURE.

Auckland Star, Volume LV, Issue 171, 21 July 1924, Page 7

LAND AGENT'S FAILURE.

CAUSED BY DROP IN WOOL. The slump in the price of wool which resulted in several farmers and returned soldiers abandoning their farms was the reason given by Henry Forrester Leighton I'lcXeill in explaining his present position to a meeting of his creditors this morning at the office of the Official Assignee (ilr. W. S. Fisher). The bankrupt's schedule showed unsecured creditors, f569 12/ and secured £77. Securities were valued at £250, giving a nominal surplus over secured creditors of £173, the only asset. The securities ivcre in the form of assignments of shares to be granted in a prospective company. '■ In his statement bankrupt stated that in 1908 at Wellington he started as a land and estate agent with £50 capital, hnt in 1917 formed the business into « company with a capital of £1000. All Ins interest was then in broad acres, and with a drop in the price of wool the business ceased. He came to Auckland >n 1922, and had since been employed by land agents on commission. He was a married man with one child, and his earning 3 lately had been about £6 per week. Out of this he had paid £50 off old debts and had contracted no new °nes. At the time he assigned his estate in the Wellington business creditors then owed between £6000 and £7000, nut .when the depression came several larracrs and returned soldiers went bankrupt and simply walked off their r?rm s . Just about half his present liabilities were contracted before he assigned hie private assets to his creditors, after he had been obliged to place ™ c company in liquidation. On coming w> Auckland his financial position did not permit him obtaining a land aunt's license, and he had to work on commission for other firms. On the motion of a creditor it was gelded that the Official Assignee expedite bankrupt's discharge. A policeman's lot is not a happy one fc he has discovered "Camp" Coffee. W • t cheers > warms, invigorates, puts r** , ln , to one. Boiling water, a teaspoonful of "Camp," sugar, milk The Crvbod ° f make it everybody will enjoy it.—(Ad.) Ladies' wool-knit frocks, in assorted f/r S r^ SUal P rice 23/e-sells n g at ft*/*,*?? A3 - C Stores ' KarangShap* 'load.-—(Ad.) of- fur-felt hat*-VMMHy sold et 25/, Ad.) 31, 35A Tv dear at 10/.-Fo^vlds.