FARMER'S FAILURE.

Press, Volume LXVIII, Issue 20620, 9 August 1932, Page 5

FARMER'S FAILURE.

MEETING OF CREDITORS LAPSES. 'I be meeting of orciiitors in the estate of William Woods, a bankrupt farmer of Christcliurch, which was called at the office of the Official Assignee (Mr J. H. Robertson) yesterday, lapsed for want of a quorum. In his statement bankrupt said that lie was 7.1 years of age. In 1920 lie left his property at Feriisido and brought his 15 cows, pigs, horses, and implements to Ilalswell, where he leased 75 acres from Garforth's Trustees at £!) an acre. He got on fairly well for two years, but then his cows began to die on account of a poisonous weed which grew on the property. Altogether ho lost 33 good milch cows in this way over a period of five years. lie bought 40 tons of seed potatoes from Walton at £4 a ton, and to pay for them gave Walton an assignment of his share of the possible winnings of tlio trotting mare, Ilalswell Queen. This mare, which had won one race, was now leased to Walton aud Davidson. When tho lease was up. the mare would be practically valueless. When ho got further behind in the rent he was pressed by the landlords and gave them a bill of sale over everything. They took possession on February 11th, 1932, sold up almost everything, and got judgment for £1302. On the petition of the trustees in Garforth's Estate he had been adjudged bankrupt. He had no creditors other than Garforth's Trustees and his family (wages). Bankrupt attributed his failure to three causes:— (1) That he was paying twice as much rent for Garforth's property as it was worth. (2) The loss of cows. (3) The fall in the value of dairy produce aiul the failure of his potato crop. His debts were shown at. £l3Bl 17s 3d, all owing to unsecured creditors. Assets wore estimated at £94 10s, leaving a deficiency of £1287 7s 3d.