LAND DEALER’S AFFAIRS.

Hawera Star, Volume XLVIII, 4 October 1924, Page 7

LAND DEALER’S AFFAIRS.

t-v — ! —: SEQUESTRATION DESIRED. “I WOULD RATHER FIGHT IT.” A land dealer’s troubles were ventilated before Mr Justice Hardman at a bankruptcy sitting of the Supreme Court in Auckland. Three creditors petitioned to have Jesse James Hills (Mr Sellar) adjudicated bankrupt. Counsel described debtor as one of the oldest and largest land dealers in New Zealand, who, many years ago, resided in .Christchurch. His assets consisted of mortgages on farms. If he wag now adjudicated bankrupt it was quite possible that his assets would disappear, as the present was a very unpropitious time to realise farm mortgages. If time were given to help debtor to realise, it was possible that lie would be able to come to some arrangement with his creditors. Debtor, in evidence, said that his assets consisted of equities in land. He held a good many second mortgages, and indirectly he attributed his: position to the slump in land values. His own debts Would be a bagatelle. It would be very prejudicial to the'creditors if he were inutile bankrupt now. “I do not like the stigma,” lie said, “and I would rather fight it.” ; He expressed the opinion that lie could right the position in a measurable time. The immediate claims he could satisfy in three or six months. Counsel said lie thought it would take him at least a month to prepare a proper statement. He asked for an adjournment. . Mr Dromgool, for one of the petitioning creditors, said the debt lie was concerned with was for £750. His client, who was a farmer at Te Puke, had a farm worth £6OOO, and debtor arranged with him to exchange 'his farm for a mortgage, which proved to be absolutely valueless. His Honour, iu adjourning the matter until October 17, said he would want a complete, detailed statement showing debtor’s position.