DEFICIENCY OF £529

Dominion, Volume 26, Issue 302, 16 September 1933, Page 21

DEFICIENCY OF £529

Farming Venture Fails Falling prices for dairy produce was the reason ascribed by William Thomas Hildreth, junior, yesterday morning before the official assignee, Mr. S. Tansley, for his failure in a dairy-farming venture at Woodville. The only creditor present was Mr. William Thomas Hildreth, senior. The total debts amounted to £4849, and the assets, which consisted of farm property valued at £4250, plant at £3O, and book debts at £4O, leaving a deficiency of £529. The secured creditors were: Mrs. A. Skinner (Woodville) and Mr. Bernard Hooper (England). Mr. Hildreth, senior (Wellington), was only partly secured. Bankrupt, who was represented by Mr. M. Luckie, in his statement said that in 1925 he purchased a farm property at Woodville consisting of 70 acres, for which he paid £72 an acre, which included stock, plant, and machinery valued at about £5OO. He paid £l5OO cash, and gave mortgages for the balance of the money owing. At that time butterfat was 1/8 a lb. Since that time dairy produce had fallen in price, and although last year he had been compelled to seek assistance under the Mortgagors’ Relief Act, there had been no improvement, in his position up to the time of his filing. It had been apparent that for the last six months that had he continued farming the property he would only have been getting further into debt, without any prospect of ever making a living for himself, his wife, and family of four children, all of whom, had been and were entirely dependent upon him. In May last he gave up the property, and the mortgagee went into fiossession. He was now working for his father In Wellington, but had lost everything that he had had when he bought the farm. On the behalf of one of his creditors he had been sued in August for interest, which was enforced on a small sum of money due to him, and he had found himself compelled to file. Mr. Luckie applied for bankrupt’s immediate discharge, of which, he understood, Mr. Hildreth, senior, was in favour. The meeting was adjourned sine die.