STOCK BUYERS BANKRUPTCY

Dominion, Volume 20, Issue 244, 12 July 1927, Page 6

STOCK BUYERS BANKRUPTCY

MEETING ADJOURNED SINE DIE,

. Feilding, July 11. A meeting of creditors in the bankrupt estate of Patrick O’Connor, fat stock buyer, of Feilding, was held to-day, the Deputy-Official Assignee, Mr. C. E. Dempsy, presiding. Bankrupt’s statements of accounts showed that he owed .£1702 Bs. Id. to unsecured creditors, and £3932 4s. 4xl. to secured creditors, making a total of £5631 12s. sd. The estimated value of his securities was £5016 6s. 4d., leaving a deficiency of £6lB 6s. Id. Bankrupt stated in reply to questions that he had always kept his own books, and that nearly all his money had gone through the bank. His salary was £5OO a year, less 7 per cent., for superannuation. He had been receiving that salary for about two years. _ Most of his debts were for stock which he had bought, not as an agent, but for himself. His property in Pharazyu Street was valued at £3200, and was worth £BO per acre if it were farmed properly and buildings put on it. He had no chance, he thought, of selling at that figure, but he had for abo_ut 18 months been trying to sell it at £7O per acre. He had received an offer at that figure, but at the time was asking £75 per acre, and would not have offered the property at that had he had time to farm it proper?.?. He had spent a lot of monev on draining and similar work. He had paid £3OO down for the property, the balance being on mortgage at 5 tier cent. 'The meeting decided to allow bankrupt to retain the furniture, and adjourned sine die.