A FARMER BANKRUPT MEETING OF CREDITORS.

Evening Post, Volume LXXXVII, Issue 76, 31 March 1914, Page 8

A FARMER BANKRUPT MEETING OF CREDITORS.

A meeting of creditors in the bankrupt •estate of Robert Hastie, farmer, Johnsonville, was held this morning, Mr. A. Simpson, Official Assignee, presiding. The statement of the bankrupt's position showed : Unsecured creditors, £733 5 secured creditors, £8395 ; estimated value of securities £11,090; surplus, £2695. Credit : Property at Government valuation, £11,090 ; estimated surplus, £1961. Mr. Neave appeared for the bankrupt, who, he said, had been unfortunate. The Official Assignee said the estate would have to go into the hands of the mortgagees. There- was no money in the estate.'** The way properties were selling they could get nothing now. Mr. Neave said that Mr. Hastie had been endeavouring for some time past to dispose of the properties, but the market was not at all favourable. I The Official Assignee said that if the creditors did nothing he would place the papers in the hands of the Crown Solicitor, and see what could be done. Mr. Neave urged that the debtor should be given the opportunity of making the usual statement. The debtor was entitled to the greatest sympathy. This was a case of pure misfortune, extending over ten years. Debtor, in answer to Mr. Neave, said that in 1900 he took 1400 acres of Crown lease. To the Official Assignee : He had his accounts, but had kept no books. Continuing, debtor said the country was rough bush, thirty-two miles from Stratford. He was backed by his, father, to whom he gave a mortgage on demand for £2900. He expended the money in stock and improvements, and lived there for twelve years. His father died in 1905, but previous to that his wife took up 598 acres adjoining on the l.i.p. tenure. The security over that was given to his father to secure the guarantee given by him. The Public Trustee, who administered the estate, immediately called up the mortgage, and sold his late father's .estate on terms. Debtor wa« interested under the will in one-seventh of the estate, but could get nothing until the terms were up. He was unable io find the money to pay the mortgage ; he found all but what his share would have amounted to. When he got clear of the Public Trustee he was £3400 worse off than before his father's death. He got £900 out of his father's estate. To clear up the Public Trustee and other liabilities he .had to mortgage his Taurakawa property for £5900. , Subject to that mortgage he exchanged that property for the properties he had occupied near Wellington. That was in 1912. At this stage the Official Assignee suggested that the bankrupt should make a written statement. Mr. N-eave contended that the bankrupt had a right to makb a statement. The Official Assignee said there were only three creditors present, and he wanted a larger attendance. ]\lr. Neave asked, on behalf of the debtor, that he should be allowed to continue, his statement. All he wanted was fair play. The Oflicial Assignee : Xou will get all the fair play you want. Sit down, sir ! Ma*. Neave: I will sit down when I have said what I have to say. The Official Assignee : You will respect the chair. After a brief discussion it was decided that the .bankrupt make out a full written statement by 6th April, on which date another meeting will be held at 11 a.m.

As the result of a rather painful accident yesterday, Mr. J. Marchbanks, engineer to the Wellington Harbour Board, is at present confined to liis home. He was supervising some work on the Thorndon Reclamation yesterday, when a sixfoot beam slipped and struck his shins, iniTicting severe bruises. Mi\ Marchbanks h also suffering from an injury to an ankle, and it will probably be somo few days before he is able to get about. Suggestions that further steps be taken to preserve the bird life on Kaplbi Inland were made in a letter received from Mr. E. J. Sanderson, which was considered by the New Zealand Forest arul Bird p rotocfcion Society this week. Arising out of his recommendations it \ra*i decided lo wnt-e to the Minister, urging that the boundary betweeil tho Native- land und the sanctuary reuerve bo i§n,«;gd