IN BANKRUPTCY.

Hawera Star, Volume XLV, 18 June 1925, Page 4

IN BANKRUPTCY.

GGODSON BROS.’ ESTATE. The meeting of creditors in the bankrutp estate of Louis Cluis. Goodson and Dawson Trevor Goodson! was continued in the office of the Deputy Official Assignee. Mr 11. S. Sage, yesterday afternoon. . ■ , 'The secured creditors m the estate were • H.M the King £4BOO (estimated value of security £4000); C. Goodson, Hawera. £1771 ‘7s; S. McDonald, Hawera, £I43S; tota’, £BOOS> .7s. Mr McDonald said that after his money had been loaned lor six months he went to Mr C. Goodson, and that gentleman promised to pay him part of a bonus, and said he could pay the whole if McDonald would only hod off until November. After nine months ho waited on Mr C. Goodson again, hut could get no satisfaction. Air Goodson being greatly annoyed. * After 12 months he put the matter in the hands of his solicitor. Mr C. Goodson said the statement was absolutely false. ■ Mr O’Dea: Unfortunately Air McDonald aiul Air Goodson .were the only people present when this conversation took place. In rep'v to further questions by Air O’Dea. D. T. Goodson said that he and liis brother had taken a holiday, which had cost them £2O. “That would have paid nearly a quarter’s interest, to Air McDonald,*’ said Air O’Dea. “You can’t expect a. man to go on for ever. You want a holiday or you will break down like one of these racehorses,’’ replied Air D. T. Goodson. Mr AlcDonald said that it was ridiculous to say that the farm was worth only £l4 per acre. In 1920, when ho and Mr C. Goodson put in £9OO and £llOO respectively on second mortgage, the* place was valued at £32 per acre. The Crown then took a collateral third mortgage, Air B. Lysaglit took a fourth mortgage of £IOOO, and Air Southcombe. of Patea, took a fifth co’laterial mortgage. As far as the ragwort on the farm was concerned’, there was none- when he left- the place in 1915. Everything was then in good order. The D O.A. said that there was no doubt that there was something m Air McDonald’s argument when a. -valuation had been taken in 1921, which .set the farm own at £32 per acre. Mr T. G. Goodson .said that the valuation was worthless, as it had been taken when prices wore at the peak. Air 'McDonald .renlied that even if land values were high then, the place had been- sold in 1912 for £25 per acre. There was no suggestion of a boom then. The creditors passed a resolution emhpowerhiff the D.O.A. to deal with Air C. Goodson in the purchase of the stock an'd chattels c-n the leasehold farm. ;

It was left in the hands of the hO.A. obtain a valuation of the farm on which Air AfcDona’d held the mortgage. v 'evolution that the debtors' discharge be facilitated was massed. Air McDonald having his objection noted. “T qo r Uardlv vote in favour of such a resolution when 1 am losing the money I lent them, and wheif they did not pnv even one quarter’s Interest,” said Air AlcDonald.