FARMER'S FAILURE.

Press, Volume LXI, Issue 18508, 9 October 1925, Page 6

FARMER'S FAILURE.

MEETING OF CREDITORS LAPSES A meeting of creditors in tho .bankrupt estate of Anthony Robert Andrews, farmer, of Staveley, which was to have been held yesterday before the Official Assignee, Mr A. W. Wattors, lapsed for want of a quorum. Debts owing to secured creditors were. £395 15s 9d, which, less the estimated value of securities, £420, left a credit balance of £"24 4s 3d.

The total amount owing to unsernred creditors was £825 6s Gd, made up us 'follows:—L. R. Tetnpleton, farmer, Ashburtoti, £25; J. W. Dart, solicitor, Methven, £0 2s Gd; R. W. Wightman, farmer, Methven, £704 4s. The chief secured creditor was lite Government, which held a chattel security for £3lll 2s 3d.

In liis statement, bankrupt .stiid that when lio had arrived buck from the war he had tried several ballot;; for land, but was. 1111Kiiccessful. In March, 1920, in partnership with Thomas A. Carleton, lie bought, a farm of 520 acres lit Stiiveley from U. W. AViici\tman, paying him the boom price of A'ls an acre, with I'iOOO deposit, bankrupt's .--hare of this being A'GOn. There was a tirst mnrtgage of A-IUUO, and a second of £2-'; Hi (is, and Wiglitmiin held a third of £585. They soon found that they had paid too much for the land, and when the slump came Carleton left the farni in September, 1922, and bankrupt took the transfer of his share. Bankrupt decided to carry on, and AVightmau, to givo him a chance, promised to cancel (he third mortgage of £585. As t.me went on, bankrupt found it incrcasiiijTly difficult to make both ends meet, so he abandoned the farm to Wigblman and came to the place on which be was at present—a section op the Wairore Settlement—bringing his stock and plant with him, as everything was secured to the Government under a chattel security. "Wightman did not cancel his mortgage, nnil was pressing for payment, so bankrupt hart been forced to file. He paid n rent of A'!,'it a year, but as yet had not obtained a transfer of the He was to pay £SO for the lease and arrears ot .rent. He had paid £25, and was to pay another £25 when the lease was transferred. The Land Board had .not yet approved ef the transfer.