IN BANKRUPTCY.

Feilding Star, 23 December 1908, Page 2

IN BANKRUPTCY.

ESTATE OF W. G. SPEEDY. A meeting of creditors in the estate of W. G. Speedy was held at the Courthouse yesterday afternoon. Mr G. J. Scott, D.0.A., presided, and there were present the bankrupt and his solicitor (Mr A. G. Carty), and Messrs L. Gorton (for Gorton and Son) and D. G. Speedy. The bankrupt's statement was as follows: — , , „, , In February last 1 exchanged Wellington property for 1305 acres near Hunterville. At that time I owed Messrs Bethune and Co. about £40, money they had advanced against the rent they "were collecting from the Wellington houses. I gave Messrs Cochrane and Co., who effected the exchange, „ p.n. in payment of commission. This p.n. has been handed on to Mr Greenfield. I arranged for a loan by third mortgage of £250 on the 1305 acres. This money I spnet in paying various accounts and general expenses. I then borrowed £/o from Miss H. Barnes; this was mainly spent in household expenses. Messrs Gorton and Son stocked the farm for me, putting "1495 sheep on, and 100 cattle, also paying a half year s interest, £160. By this time I owed Gorton and Son about £1000. By this time my cash in hand was nearly exhausted. My rent at Terrace End was running on unpaid and other acI counts were accumulating. My overdraft at the Bank of New Zealand, £150, had to be paid off. To do this I had to mortgage sections m Masterton. I was also sued by W. Harvey for the value of a plough he had left on a farm 1 sold on the East Coast about four years ago, valued at £12. I had to go twice from Hunterville to Masterton, and finally had to pay for the plough. This and the usual expenses ran into close on £30. 1 engaged a -man on the farm to repair the fences, etc., but had to dismiss him as, after a few weeks, I could see plainly I would be unable to pay him any longer. Then I had to battle on the farm alone, coming home every Saturday fortnight and returning on Monday or Tuesday. I could not take my family on to the farm as the private road of 80 chains from the main road to homestead had been neglected for some years and was practically washed away. I have put in 30 solid days' toil with pick and shovel repairing fhis road and there are two chains still to complete. I gave my bank book to the D.O.A. this morning, or could have given you date and particulars of money received and paid. 1 attribute my present financial position to going into too large a property without sufficient cash in hand. But my house in ■ Devon-street, Wellington, had proved such & failure that I was glad to go into anything I thought would pay interest on the money I had invested, namely, £3500. Secondly, 1 agreed to purchase the farm on the 20th of December last, but was unable to get possession till middle of February, consequently £500 worth of cocksfoot seed that was ready to cut in January was shaken out before I got possession.. This was a decided loss as £500 was a low estimate of the value of the crop of seed. Thirdly, the tightness of money prevented me raising a further mortgage to fell the balance of the bush on the property of 400 acres, which two years ago I think could have been done without difficulty. Fourthly, had W. M. Read been able to meet his p.n's. due to me amounting to close on £60.0 I could have carried on at least foi* another year and probably have felled some bush. It was resolved that the household effects shouH be handed over to Mrs Speedy, and that the D.O.A 's action in selling a pony, cow, and calf for £17 be confirmed. - It was decided to leave in the .hands of the D.O.A. the debt of £700, owing by A. Read, of Wanganui, for compromise, or to take steps to enforce payment. The D.O.A. was instructed to go into the position of the farm, and if it showed a reasonable interest to bankrupt, the same to be sold. A committee comprising the D.O.A. and Messrs E. O. Mackiay and Gorton and Son was set up to deal with the property. The D.O.A. expressed the opinion that this was a somewhat unique bankruptcy, in that the bankrupt had suffered entirely owing to th© depreI ciation in the value of land and stock.