A BANKRUPT.

Hawera Star, Volume XLVIII, 9 July 1924, Page 4

A BANKRUPT.

FAILURE OF FARMER. Walter Weaver, lately a farmer of Otakeho, and now of Rahot-u, was adjudged a bankrupt on June 26. Only two creditors attended the meeting of creditors called for yesterday, and the meeting lapsed for want of a quorum. The unsecured creditors totalled £B6 11s 9d. The only secured creditor was the Manaia. Building and Investment Company, the amount of the debt being £1246, and the value of the security estimated at £6OO.

The bankrupt’s statement showed unsecured debts totalling £1246 (less the value of -the security £600), leaving total debts of £732 11s 9d. The assets, made up of furniture £lO, Kaupokonui Dairy Co. shares £ls; and Joll’s Dairy Company shares £2O, totalled £45, leaving a deficiency of £6S7 11s 9d. “On July stated bankrupt, “1 took over the balance of a- five-year lease of two years then existing between J. C. Cameron and Albert Riley. The Manaia. Building and Investment Company advanced me the necessary capital for 'stock, etc., at 8 per cent., allowing me £lO per month out of my milk cheques. During the first year of ray tenancy I was approached by Christie and Co. to buy the goodwill, which I did, the Loan Company nayihg ai deposit of £lO3. In July, 1920. I signed a lease of seven years with Cameron, with a. purchasing clause at 436 per acre, paying £6OO and agreeing to pay the balance of the principal at the rate of £IOO per year. Cameron did not obtain the consent of Guthrie to sell the place. I paid my interest as it came due, but Cameron, did not pay Guthrie, who then applied to the supreme Court for the right to sell. He eventually obtained this right and exercised it in January, 1924. At the sale he bought the farm in and at once gave me notice to give up possession. -In 1 the April following, the Loan Company instructed me to have all my stock off the farm by that date, which 1 did. I was encouraged to improve the place up to the very last, the direotors of the Loan Company saying they would buy the place for me. I cannot see how I can carry on under the circumstances. My main causes of failure have been diseases in the herd, the slump in butter-fat prices, and the low prices ruling for store cattle. My indebtedness to the Loan Gompany rose to. £I6OO, but m 1923, after a good season, I reduced it to £4OO. lam confident I could have carried on if Cameron had paid his interest to cut line. I have no assets and I eanno,VTiake a . n N offer to my creditors.” Ihe creditors present expressed synipathy with the bankrupt and a desire that he. should secure his discharge as soon as possible. They also expressed