A FARMER'S FAILURE

Dominion, Volume 11, Issue 203, 16 May 1918, Page 8

A FARMER'S FAILURE

.'' -; '"LOSS OF STOCK. Tho extent to which loss of Block can hinder a fanutir in his operations was told by Henry Galley, tarmei, of- t&ura ..Valley, Ongarue, at a meeting of his oreditors, presided over by the" Official : .Assignee (Mr. Fisher) in Auckland. Five creditors were represented. Bankrupt's schedule was set out aa follows;— Liabilities: Unsecured, £2lSo lfo. fid.; secured, .£5500; value, of securities, .£11,400. Assets; Stook, i! 385, surplus from securities .ioSOOj'total assets, M 285. ...snt! renewing his position, bankrupt eaid that he wont to Ohura about twolvo • 'years ago and worked for a while at a butchery. ■ After twelve months he had about .£4OO capital, and he then took up a 1187-aore Maori lease at Otajigi-,-wai. Two years later he cut off 480 acres and sold it for about 853. per acre. Tho rest he stocked with 101 cowe. This pro- ■ perty (he mortgaged to tho Union Bank for v≤l4oo, About Mil- lie took up a ' 790-aore native lease, and Mrs. Qailey took Tip 388 acrea about eight miles from the old place. Four years later lie exchanged the Otangiwai property for a property at Henley, and paid off the bank's mortgage. The mortgage to the hank on the present had accrued during the last, tliiee years for Stock and improvements. Ho attributed his present position to his failure last jear. He felled 400 acres of bush and . put in grass, then stocked up 1700 lambs, •. and of these lost 300 or 400. He also put ■ on 200 head of cattle and lost 101!. He estimated his loss from these two sources 1 at nearly .£IOOO, where he anticipated a profit of .£ISOO. He was married, -with eix children, tho eldest being 8} years ■ old. After bankirupt had been examin- ' ed at length and • answered the queries " put to him, Mrs, Gailey came forward with an offer to guarantee uajnnent 'of her husband's liabilities in consideration ' cf the creditors refraining from' taking, ' any action until 6ix monthe' after the. termination of the war. This was accepted and it was eventually agreed to . adjourn the meetins till a later date, to be fiiod by tho Official Assignee.