GIFT OR LOAN?

Evening Post, Volume CX, Issue 10, 11 July 1930, Page 3

GIFT OR LOAN?

X FARMER'S FAILURE

A meeting of creditors, in the bankrupt estate of William Tilton-Mist, farmer,-ofi Makara, was held to-day at the office o£ tlie Official Assignee,. Mr. S. J. Dudsoa Deputy OfScial Assignee) presided. Mr. Stewart Hardy represented th< bankrupt, and there were present Messrs* J. B. Moody (Dalgety and Co.), V. Jervi^ J. J. Robinson, T. H. Robinson, J. H< Mahoney, and Mrs. K. G. Hollis. The statement of accounts showed th4 amount owing to unsecured creditors as £8$) 19s 9d; other liabilities, £.24;, stock* in-trade at farm, Makara, estimated at £225; book debts and cash in hand, £19 3s lid; deficiency, £620 15s lOd. In his sworn statement the bankrupt said he arrived in .New Zealand:, about four years ago, with .no - money, and obtained a position aa secretary to the Av* tillery Queen campaign, and subsequently temporary work with the Vacuum Oil Company and'the Itfii Cross Society. H« took possession of a farm at Makara in February last, on the understanding that he would not be called upon to pay rent until new bails were erected, as he could not, unless this was done, dispose of hi« milk. There was delay in the comply tion of the bails, and-he was unable ttt start delivery of milk until 10th ApriL During the interval his small capital haa been used up in outgoings. A creditor attached his banking account, and the banls* nipt was compelled to incur debts. HHI milk supply fell short, and he had to spend money for feed, paying wages, ex* penses of car in working up a new round* and keep for himself and his famjly. H« was not able to increase his round owing to shortage of milk. He could not meet his liabilities, and was compelled to UM. in bankruptcy. He had secured a post* tion with another farmer, at £4 a weelu and had to pay £1 a week rent. He conld | not make any offer to his creditors at ta« ! present time. , . .- In reply to questions,' the bankrupt said he had some farming experience before taking over the farm at Makara. Aparl from the cattle and the dairying utensil*Ihe had no assets. Up to February laf he was supplying ten gallons L.o*^*"*^ he subsequently supplied fifteen gallons * day for a time.. Recently the supply had decreased. .-. i. ' i v*.-^ Several creditors asserted that debtor, had led them to believe that he had n<» outstanding liabilities, and tharne wat receiving a remittance of £450 from nii father in England. It was further^ sorted that the debtor did not say tna| amount was a loan. . Tlie bankrupt denied that he told am creditors that the £450 was a remittance, Mr. Moody said his firm would not hav« advanced money for the purchase of cows if the debtor had truly disclosed his potv The Deputy Official Assignee said he did not think there was much probability o« the father claiming against the estate whea! he was informed of the position. If the father's claim was withdrawn it would make a difference of 10s in the £, an<J would increase the dividend by tha* amount. , The meeting was adjourned sine die. ,