A VICTIM OF SLUMPS

Evening Post, Volume CX, Issue 35, 10 August 1925, Page 2

A VICTIM OF SLUMPS

A meeting o! Creditors in the bankrupt estate of Ernest John August, a farmer of Wainui-o-mata, was to have' been.held to-day, but it lapsed for Want of a quorum. ,■ The total liabilities amounted to £1625, and the assets were nil.

In his statement, th* bankrupt said that he was solvent up'to 1919. In that year he took up farming at Wainui-q; mata, buying his present farm from X>rl W. E. Collins for £6550, the balan.ee of which was payable on 31st ■ Match'j 1926. He commenced sheep-farfflins;,' but the sale of sheepj which cost £1 15s per head, at 7s 6d per head and the disappearance of others caused A serious loss. Bankrupt gave up sheep-farming and went in for dairying, obtaining a herd of cows through Dalgety and Co. Between. 60 and 70 cows, were milked until 1923, when butter-fat prices reached their lowest since the wool stump, and with his losses in stockbuying he had shown an unprofitable year. He saw no chance of redeeming his position, and accordingly filed bis petition. '- The meeting was adjourned sine die.' .'.