FARMERS’ BANKRUPTCY.

Hawera Star, Volume XLVIII, 11 October 1924, Page 6

FARMERS’ BANKRUPTCY.

ESTATE OF D. J. HUGHES. UNSECURED CREDITORS GET LITTLE. lli.at there would not he much for the unsecured creditors, whose claims exceeded £4OOO, was the conclusion arrived at by those present at a meetmg of creditors in the bankrupt estate ot Daniel John Hughes, farmer, of Norm an,by, which was held before' the J )eputy-Onicuil Assignee yesterday afternoon. 4 hoie were present at the meeting •’ Mf- A. J. Corrgian (representing Mr. Corrigan), Mr. \V. T. Seamark, Mr. Mathieson (representing Rangiuamalia), Messrs. R l . H. Gatenby and »T. Roulston, Air. Sladden (representing Messrs. Abraham and Williams), Mr. T. Taylor (representng the Farmers Co-op.) Messrs. A. Langford, and C. F’reyberg, .W: Ala-lone (representing the Bank of New Zealand) and - Air. Stubbs (representing the N.Z. Loan and Alercantile Agency Co.). Bankrupt’s financial position was stated as follows: Unsecured creditors £4170 17s 6d, secured creditors £13,831 0s 6d, estimated surplus from securities in hands of secured creditors together with other assets £-1428 3s sd, leaving a surplus of £257 5s lick The D.O.A. stated that on the prices offering it did not appear that there would be much left for the unsecured creditors after the securities had been realised. Unsecured creditors were: Abraham and Williams, £444 4s 6d; Airs. Al. E. Prideaux (P'oliokura), £416; Aliss Hilda Booker (Hawera), £515; Mr. J. R. Corrigan, £500; Bank of New Zealand, £146 9s 8d; Air. Alan Good (Hawera), as guarantor to the Farmers’ Finance Co., £150; Mr. W. Lile (Inglewood), £l6O 4s 2d; Air. R. H. Gatenby (Tataraimaka), £200; Air. G. Gray (New Plymouth), £219 2s 6d; Air. W. Se'amark (New Plymouth), £-50; Air. C. R.undle (New Plymouth), £100; Air. E, Whittle (New Plymouth), £SO; Crocker and AleOormaek (New Plymouth), £S9 5s lid; Air. S. Ki&sick (New Plymouth), £223 9s 2d; Miss Al. Gray, £SO; Airs. John Alace, £110; Joseph Roulston (New Plymouth), £130; Air. J. Dunn (New Plymouth), £24; Air. A. Langford (Alanaia), £160; Goldstone and Patterson (Hawera), £lO 10s; Air. W. Lash (Hawera), £8 10s; estate of Coffey, £l2; Mr. E. Hurliman (Normanhy), £10; Air. A. F. Hughes (Normanhy), £99; Air. F. Gillanders (Hawera-), £ll 12s lid; N.Z. Loan and Alercantile Agency Go.. (Hawera), £22 6s; Bennett and Sutton, £2; L. A. Nolan and Co. (New Plymouth), £44; Taranaki Agencies, Ltcl., £SO 2s 8d; Currie and Jack (Wanganni), £29; Rai-therfurcl, Mae-a-lister and Coleman (Striatforcl), £8 ss; O’Dea and Bayley (Hawera), £6 0*; New Plymouth Borough Council, £2O ss; Hawera County Council, £45; Paten Harbour Board, £ls 19s; Taranaki County Council, £8 ss; Normanhy Town Board, £3O.

Secured creditors with the estimated value of the securities in parentheses were as follow: Alice Mary Turton, New Plymouth, £1926 (£5000); Estate W. A. Parkinson, £270 (£640); Australian Mutual Provident Society, £4260 (£10,902); George Donald AlcGregor and Alary 1. 'J. Peters, Hawera, £3872. 10s (£6642 10s) ; Newton King, Ltd., £14.50 (£2770); Farmers’ Co-op., £1364; Alfred W. Webster and Alexander IT. Stevenson, New Plymouth, £776 15s 6d (£750) ; Mrs. Hikaka, Oeo, £SO 15s.

In reply to a creditor, bankrupt said he was asking £2700 for the New Plymouth property, but buyers wanted to go to auction so that they would be able to. avail themselves of the lowest price. Ho had been offered £2OOO cash for the property without going to- auction. The place had been valued recently at £SOOO, and some time ago he had been offered as much, ’as £6OOO, but buyers would not give those prices now. The D.O.A. said that the New Plymouth property was the only asset which there appeared to be any chance of getting any money out of. Bankrupt said that, during the ]artel oe lion prominent Liberal men m the •Egmont electorate had guaranteed his expenses in connection with the campaign to the extent of £6O. They lrad only paid £l, and he considered that the creditors had a claim for the balance. “That’s the Liberal League for you,” said bankrupt.

With regard to the Normanhy property, the creditors passed a resolution advisihg the transfer of the lease to bankrupt’s son, providing he paid the rent. A telogi'am was received from Air. Newton, King offering to release his security on the New Plymouth, property for the payment of £250. —The creditors passed a- resolution leaving the matter in the hands of the D.O.A. The meeting adjourned after a motion. facilitating bankrupt’s discharge had been passed. m