HEAVY LOSSES.

Press, Volume LXVIII, Issue 20612, 30 July 1932, Page 3

HEAVY LOSSES.

FRUITGROWER'S FAILURE. POOR CROPS AND PRICES BLAMED. There were no creditors present at thi* Official Assignee's office yesterday morning at the time appointed for their meeting in connexion with the bankrupt estate of Essie Kenric Banfield, of Rangiora, a fruitgrower, so it lapsed. Bankrupt, whose estimated deficiency was £2223 lGs Id, attributed his failure to poor crops and poor prices. Bankrupt's Statement, Bankrupt's statement set out that he took over'from his father a fruitgrowing property at Rangiora in 1914. The land had been planted with apple and pear trees for about five years. He borrowed on first mortgage £650, erecting a house at a cost of £407. Soon afterwards he built a large fruit shed, stable, and other outbuildings, in 1919 the first mortgage was increased to £I2OO. At that time crops were promising and prices good. In 1920 with prices high he made additions to the house costing £629, Several bad seasons about that time compelled him to raise a. second mortgage of £6OO to pay the builder and other working expenses. In 1928 he gave a third mortgage for £3BO to R. J. Wilson, being the balance due to him for building the house. At that time crops were indifferent and an exceptionally heavy frost in October, 1929, completely destroyed the most promising crop Jie had had. He obtained a special frost relief loan of £4OO from the State Advances Department, giving as security a fourth mortgage over the property, and security over his implements and stock. In i 931 he had an exceptionally heavy crop, hut owing to lack of finance to do thp necessary thinning, spraying, and cultivation the sample was so poor that much of the fruit was not worth picking and the balance was so small that the returns failed to pay marketing expenses. In November, 1931. he realised it was impossible to carry on without more assistance He got a further advance of £7O made by the second mortgagee to meet urgent payments. In May. 1932. it was again necessary to obtain further assistance, which he was unable to do. The . accumulation of interest on the mortgages and the succession of poor seasons had combined to make it impossible for him to carry on. He had to file. He attributed his failure solely to poor crops and poor prices. He was a married man with four sons, the eldest 19 years of age and the youngest 12 years. The eldest boy was in work. Financial Statement. The financial statement showed that bankrupt owed £844 16s 6d to unsecured creditors and £2878 lis Id to seoured creditors, the value of securities being £1519 There were other liabilities totalling £l4l 17s lid. The assets, consisting of stock tn trade, cash, furniture, and tools, amounted to £122 9s sd, lenving an estimated deficiency of £2223 i6s Id.