FARMER'S FAILURE.

Press, Volume LXVII, Issue 20420, 15 December 1931, Page 4

FARMER'S FAILURE.

STOCK LOSSES AND POOR LAND. Attributing his situation to heavy losses of stock and to the unproductive nature of his land, Stephen Mounsey Smith, a farmer, of View Hill, Oxford, was to have met his creditors at the Official Assignee's rooms yesterday, but there was no quorum. Bankrupt's total debts to unsecured creditors amounted to £1069 6s 7d, and his assets were nil. Bankrupt, in his sworn statement, said that he had commenced farming on his own account in 1925, taking uP a lease of 448 acres of native reserve at 14s 6d per acre. He had £750 capital, which he expended in purchase ot stock and implements. In addition ne had , borrowed approximately from the Farmers' Co-op. Association for the purchase of stock. His land was cold and swampy, and every year he had heavy losses of stock and Jow percentages of lambs. In 1-928 he haa lost 60 cattle out of 100, and each year he had got fnrther behind wit' l the firm. After four years the rent had been reduced on a revaluation to lis Gd per acre, but then the fall m prices had made his position hopeless. All his stock and implements were under security to the Farmers' Co-op., who' had sustained a heavy loss after the sale of them. . Bankrupt had a small insurance policy, but this was included in the Farmers' Co-op. security, and had been surrendered. Since going out of his farm, about six months ago, he had been unemployed. for some months, working under the No. 5 Scheme, and lately under the No. 4A Scheme. His living expenses, while on the farm were from £7O to £IOO per annum. He had a car, but could not affordl to «n itHe had a wife and two children He was unable to make any offer to ms creditors. ______