A BAD DEAL.

Press, Volume LXII, Issue 18682, 4 May 1926, Page 7

A BAD DEAL.

FARMER'S LARGE DEFICIT. DEBTS TOTALLING £2674. Not much hope was held out. for the creditors in the statement filed by Francis Garnet Warring, farmer ef Christenurc]i, who recently filed a petition in bankruptcy. The Official Assig-nee,-Mr A. W. Watters.. presided at a meeting of his creditors held yesterday morning. When the statutory time limit had expired, duly' two creditors had filed proof of debt, and the meeting was adjourned until May 17th. The bankrupt' consented to the publication of his statement. He was represented by Mr A. H. Cavell.

The amount owing to unsecured creditors was given as £775 los 2d and to secured creditors £B-335 18s Id, less estimated value of securities, £6636 18s Id, making a total deficit of £2074 15s 2d. The assets other than those under the ' heading of securities were stated to be nil. •>, The unsecured creditors were Appleby and Son, carriers, Kurow, £167; Patkin, millowncr, Kurow, £130; Bigson, contractor, Waimate, £36; Massey, Harris and Co., Ltd., Christehureh, £-51 lis 3d; T. Dodd, hotelkeeper, Christehureh, £4O; Canterbury Farmers' Co-op. Association, Waimate, £3O; Dalgety and Co., Ltd., Christchurch, £37 4s ; National Mortgage and Agency Co., Ltd., Christehureh, £B-3 12s 3d; Bank of Now South Wales, £76 j 18s 7d ; Mason, Struthers and Co., Ltd., £l2 10s 6d; Ashby, Ber.gh and Co., Ltd., £2 18s 7d; Spiers, Saunders and Co.. £IOO. The secured creditors were Arthur Fostyn Drayton, Christehureh, £6036 18s Id, and T. D. Gellatley, retired farmer, Richmond, £I7OO. Bankrupt's Statement. Warring attributed his bankruptcy to the deal he made when he sold his farm at Kurow in April, 1925. In his statement he gave the following particulars of his business transactions: — ''l took over for my equity in the farm a mortgage of the face value of £SIOO and a block of land on the West Coast valued at £ISOO. Against this was a charge for moneys advanced by A. F. Drayton for stock. The completion of this deal was held i\y for six i months by T. D. Gellatly, f*rn whom I bought the Kurow farm previously, refusing to sign the necessary transfer. Through this delay I was unable to protect my interest in the mortgage, and the position is that to-day 18 months' interest is in arrears. • The season's returns obtainable from tho property were lost tli rough my not being able to do anything in the matter. Before this trouble developed 1 had purchased from A. F. Drayton a property situated at Puketitiri, in Hawke's Bay. Through the trouble in connexion with the interest aud the position that has developed with regard to the securities, my arrangements for further finance broke down, and some of my creditors having taken extreme measures, I had no other choice but to file. I am a married man with three children, and have no other prospects or assets. My wife has a small income of her own, and the furniture is hera, having been paid for entirely with her own moneys. All the assets I have are covered by Mr Drayton's security. What tho properties covered will realise it is exeremely difficult to say. I think that if the mortgagee can take sufficient time to realise and is able to handle what I consider to be an extremely difficult position, the final adjustment may leave a small balance for the other creditors. I am sorry that I cannot hold out any further hope to my creditors. I have no moneys owing to me except the interest of the £SIOO mortgage already mentioned, but that interest cannot lie paid, and Mr Drayton has been forced to call up tho moneys due."