FARMER'S FAILURE.

Press, Volume LXVII, Issue 20302, 30 July 1931, Page 5

FARMER'S FAILURE.

FALL IN STOCK PRICES BLAMED.

There was no quorum at the meeting of creditors of Thomas Kennedy, sheepfarmer, held before Mr J. H. Robertson, Official Assignee, .yesterday and aftor bankrupt had been examined by the Official Assignee and two creditors the meeting was adjourned.

Debts to unsecured creditors were shown as £1975, and to secured creditors £I7OO. The estimated value or securities was £I6OO, leaving a total deficiency of £2075. There were uo> assets.

Bankrupt's statement showed that for several years he had been farming and dealing in stock. For some time he was successful, but three and a half years ago the fall in prices affected his operations. He then leased a 100 acre farm at Halswell for £BllO a year to use as a reserve for keeping stock if sale prices were unsatisfactory. He was later further handicapped by the fall in prices. The stock firm with which he was dealing demanded that an existing guarantee from his wile of £SOO be increased to £IOOO. Finally it was decided that he should carry on provided the guarantee was increased to £6OO. Then his stook had been seized and sold hy the firm. He blamed the general depression and the very serious fall in stock prices for his failure.

Dr. A. h. Haslam appeared for bankrupt.