A FARMER'S MISFORTUNES.

Auckland Star, Volume LVII, Issue 110, 11 May 1926, Page 8

A FARMER'S MISFORTUNES.

ENDS IN BANKRUPTCY. "HE DID HIS BEST." The misfortunes of a battle-scarred returned soldier, who took up farming at Karaka on land that required much manure to make it profitable, were reI lated at a meeting of creditors in the I bankrupt estate of Charles George j Deans this morning. Only two creditors > were present, and the Official Assignee (Mr. AY. S. Fisher) said it would not ■be possible to pass any resolutions, as there was not a quorum. j Bankrupt's total debts were scheduled at £1003. His total assets were shown as £113. The total deficiency was set down as £802. Considering the nature of the soil, ! too high a price was paid for the farm, , said bankrupt, in a written statement. j While in partnership with one F. | Meuli, too high a price wag paid for ! stock and manure. Loss through dis- ! ease of stock and horses, insufficient , water supply, crop failures, and the I burden of too high a rate of interest .on the property contributed to the j failure. Bankrupt took up the farm of 103 acres at Karaka in September. 1920. t paving a deposit of £150, leaving a (balance of £1700. secured by mortgage jat 6 per cent. Although he* had £500 ]on starting, he soon ran out of cash. ! and got behind to the extent of £300 I with his manure and. seed account. Sub. • sequently he took in a partner, and a j joint account was opened with £550, 'and the sum of £725 was borrowed at 7 per cent. The partnershiD was dis- ! solved in March. 1022. and bankrupt 'took over all the liabilities, amounting jto £1800. . I Questioned by the Official Assignee, bankrupt stated on oath that he had 'confidence in himself as a farmer. After the partnership had been dissolved, he had gone on working the place in an i endeavour to get his money back. On dissolution of the partnership, all unsecured creditors were naid. Bankrupt filed on a doctor's advice. A creditor said that he was quite ■satisfied that bankrupt bud honestly done his best to make the farm a profitable concern. Mr. Fisher said he supposed they must regard it as a ease of misfortune. ! The probability of arrangements being made with the mortgagee to allow ' bankrupt to go on working the farm was discussed. Tt was agreed that, should these arrangements not be made, a clearing sale be held on fhe farm in ' i.Tnlv. Creditors exnressed themselves in, 1 favour of bankrupt's discharge being | facilitated.