IN BANKRUPTCY.

Press, Volume LX, Issue 17985, 31 January 1924, Page 6

IN BANKRUPTCY.

ESTATE OF J. R. JACKSON. A meeting of creditors in the bankrupt estate of James Hoy Jackson, of Cairnbrae, farmer, was held at the office of Mr J. B." Christian, DeputyOfficial Assignee, Ashburton, yesterday afternoon. Mr A. K. North appeared for the debtor, arid Mr W. J. Sim for Mr "J. McLean, a. creditor, and Mr W. H. , Woods appeared' for Tuckers' Ltd., creditors. Bankrupt, in his sworn statement, said, he : purchased the Cairnbrae farm of 365 acres from James and Richard George McLean at ; £2B per acre, the whole of the money remaining on mortgage. He built a house f at a cost of £OSO. His crops were poor and all he received was £152. All of his sheep having been sold, he let portions of the farm for grazing, and worked at his trade when not required on the farm. Air the money he received from his second crop of wheat went to the Farmers* Co-op. in reduction of his account. .In January, 1923, just prior to the harvest, James McLean came to the farm and told him that the Farmers' Co-op. was going to close on him and put' him off the farm, but that if be would execute a fresh securit" in McLean's favour over everything on the place—stock, plant and growing crops —he would carry him on and supply him with the necessary stock. Bankrupt signed the security. McLean urged him to include in the document everything of value on the property. He harvested the crop which produced' over 3000 bushels of wheat. James • McLean sold the wheat and held the whole of the cheque—over £7OO. Bankrupt asked him for a few pounds to help him to pay wages, etc., but he refused. Immediately after harvest James McLean let him have 350 ewes which he eventually took possession of under his chattel security. About May 1523. bankrupt dug about 12 tons of potatoes, which he sold for £BO or £9O. The whole, of this sum was taken by McLean, who refused to give him any portion of it. Bankrupt was now seriously handicapped, being unable to get any" assistance whatsoever from McLean. He paid off the teamster and stopped the team. McLean, immediately put a bailiff in and took possession o'f the stock and and plant, with the exception of a few articles valued at about £3O. Bankrupt had pone hack to his trade and was working for wages. Pressure by a creditor, forced him to file. He attributed his failure to having purchased the land at the top of the land boom, and to the slump that followed; to be hampered hnr.=iciallv and unable to get stock. He was married and had three children. The amount owing to unsecured creditors was £2263, made up as fol-lows:—-New Zealand Farmers' _Cooperative Association, Ltd., £ISOQ; Tuckers,' Ltd., £599; Pyne, Gould, Guinness. Ltd., £94; Thompson Bros., Highbank, £25; J. McD. Anderson, Methven. £25 ; ltalph Holland, Methven, £ls; Duncan, Cotterill and Co., Christchurch, £5. The amount owing to the secured creditor, J. McLean, Methven, was £1229 19s 2d, mailing a total deficiency of £3354 19s 2d

In reply to Mr Sim the- debtor said he began to get in arrears almost at the. commencement, and his position became such that Mr McLean, would not make any further advances. He had-given instructions to have a stack of chaff cut. The cheque was to go to Mr McLean, but he had not ad-

!Lean was entitled to a cheque for £45, 'the proceeds of the sale of potatoes sola in March last. He had sent fifteen bags of potatoes to his sister in Ashburton, and alsp two bags of wheat. He had always made a point of helping to support hi 3 mother. - In reply to Mr Holland, the debtor said that half a dozen sheep which -had got mixed up with-'-his own had gone with the sheep Mr McLean,had taken possession of under his chattel security. He had made a practice of .grazing other-people's sheep when he had none of his own. He had now no interest in the property he sold to Mr Whiteman, but there was a balance due from. .Mr Whiteman which, would bfe available in March next. His furniture he valued, at' £3O only, and ,-it was all twelve or thirteen years' old.':

On the motion of Mr Woods, seconded by Mr Holland, the debtor was allowed to retain his furniture and a horse and cart.

.The Deputy Official Assignee vrfxs authorised to wind up the estate.. .