YEARS OF FARMING

Evening Post, Volume CVII, Issue 26, 31 January 1924, Page 9

YEARS OF FARMING

END JN BANKRUPTCY

A RECORD OP MISFORTUNE.

(•I TEUOIUPH.—PItESI 15S0CIAII0!!.) . ' ASHBURTON, 30th January. The creditors permitted James Roy | Jackson, recently of Cairnbrae, wheatgrower, to retain his furniture, horse, cart, and harness. Jackson possessed about £1200 three and a half/years- ago and to-day Ms deficiency is/ £3355, his assets totalling a possible £560. Jackson, in an official statement, said he bought Cairnbrae,farm of 365 acres from James and Richard M'Lean for £28 per acre, paying no deposit, but agreeing to build a house worth £500. He possessed the cash, amounting to £400, being the deposit on a farm he sold, also £600 received therefrom later, and horses and plant worth £200. His £400 went iri stamp duty, chaff,-seed, and wages. He. also erected a house costing £650. The Farmers' Cooperative Association took his account, ana provided sheep. ' Three years' operations were summarised as follow:—First year: Ploughed 200 acres; sowed 100 in oats, 25 in wheat, and the balance in rape turnips. Sold 475 bushels of wheat at 7» per bushel; required all the oats for horse feed. The annual interest was £588, and at the end of the first year he owed the Farmers'' Co-operative Association £821. All the sheep were sold, and not replaced. The M'Leans held a chattel security over the horses and plant, and £250 was due for mortgage off. the principal. Owing to the slump, had difficulty in arranging 'finance. Second year": Sowed 70 acres in wheat, 60 in oats, and, being unable to get stock, let the balance of the farm,1 and went to work as a bricklayer in order to pay teamster's wages, thus earning £100. The wheat realised £528, which the Farmers' Co-operative Association used "to reduce his account. He owed £1300 the second year, also interest, sundries, the total being £1744, with no assets. Third year': Sowed 90 acres in wheat, 50 in oats, and borrowed a team and implements from his father-in-law. His wife and three young1 children worked in the fields. Just prior to the harvest, last January, James M'Lean obtained a security over all his assets, andpromised to finance him. Bankrupt harvested 3000 bushels of wheat, worth over* £700, while M'Lean kept giving no assistance beyond 350 ewes, which'he seized later.l Four months afterwards he dug potatoes, worth nearly £GO, ' which M'laean kept. Being now without -funds, M'Lean put the bailiff in, and seized the stock and plant. The debtor retired to bricklaying, arid owing to the pressure of a judgment creditor was compelled to file.