HEAVY LOSSES.

Auckland Star, Volume LXIII, Issue 260, 2 November 1932, Page 8

HEAVY LOSSES.

FARMER HIT BY SLUMP. DEBTS TOT AX, OVER £6000. iaiI^^ODNaNQN>MORTGAGE,; [CBj^lPelegraipK^—Own Correspondent.? this day. showing debts totalling and assets comprising a half sharfrin a.motor car valued at £20, Cecil Lindsay Baird Hall, farmer, Te Uku, , neairjßaglan, met his creditors here today. Ltk*.lengthy statement bankrupt said farmingrin 1927, purchasing 1570 acres, 1200 of which were grassed. The purchase : - • price was £7 10/ an acre. The property >as carrying 2100 sheep and 240 head of cattle. He paid i£2oo cash, the remainder being left on mortgage at 6 percent. The stock cost ,£3285. In December, 1930, when prices slumped he realised he would be unable to meet his commitments. He attributed hia bankruptcy to losses sustained in the early stages of his farming operations and to the financial depresIsion and the drop in land and stock values. In addition, he considered he paid.f 2000 too much for the land, which did'not reveal the carrying capacity represented. In.reply to the acting-Official Assignee, L.i. Roberts, bankrupt said he had"seven,'years' experience before going to He started with no capital of his ownland made a loss each year. He kept-;booka-carefully. ■ The Assignee remarked that there was little, in.: the estate for the creditors. The meeting-lapsed, for want- of~ a k quorum. > . • „,..:,, *ti