PIHAMA FARMER’S FAILURE.

Hawera Star, Volume XLV, 26 August 1925, Page 3

PIHAMA FARMER’S FAILURE.

ESTATE OF DAVID CAMPBELL

MEETING OF CREDITORS

A meeting of creditors in tlie estate of David Campbell, farmer, of Riverlea, was heidi by the Deputy-Official Assignee (Air. R. S. Sage), yesterday afternoon. The total liabilities) showed that bamkmpt had jio secured creditors, hut accounts to unsecured creditor® amounted to £998 14s Bd. Assets were' valued alb very little above £llO book debts. The D.O.A. said that there were 158 fully paid .up shares in the Pihama. Dairy Company for .Which the company had 2s 6d per share. There were three ishares in the Farmers’ Co-op. Society, and there should. be a surplus of about £BO over 'the saile of chattels which the Farmers’ Co-op. were bolding, and there was also a< milking machine plant less the reileaiser. Bankrupt’s written statement was as follows: “I have been farming at Pihama for the last six years. I bought the farm containing 871 acres from the native owners in or about 1919. For this I paid £SO an acre for 66 acres and £BO for 21 acres, and about two years ago 1 bought- a house and six acres troui Mrs Simsoii for £1660. On purchase of the 661 acres, 1 put in £I3OO cash, but [ gave a mortgage to tlie Native Land Board for the balance of purchase money. On the purchase of the 21 acres 1 did not put any cash in, but l gave the vendors a mortgage for the unpaid purchase money and collaterally secured by a mortgage of £2249 owing by one Tosland to me, and I also gave the vendors security over my stock. Later I bought the house and six acres. nut no cash in, but gave a mortgage back to the vendors for unpaid purchase money collaterally secured by second mortgage over the remaining 874 acres. /Tosland failed to pay the mortgage due to me and I was unable to meet Simson’s mortgage when it fell due. and lie sold me up. I have lost everything I possess. I consider I have lost ‘ £4OOO throughout, the farm. I am unmarried.”

The list of secured creditors as submitted bv bankrupt, was as follows: — 3. J. Richards, Pihama, £412; S. Campbell, Hawera, £200; Farmers’ Co-op. Hawera, £B2'l6s od: C. Kelly, Otakeo, vages, £l9O 10s; E. I. Rogers, Te Kiri, 9s: Barraclough, Opunake, £3 9s 3d; J. B. McEvven and C-0., New Plymouth, £3O: Bank of New Zealand, £80; total, £998 14s Bd. Bankrupt’s statement of assets showed that he had book debt R to the value of £llO, which he estimated to produce their full value. Bankrupt’s affairs were watched by Air. J. Bailey, and there were also present: AleSsrs. 3. J-. Richard'S (Air. J‘. Houston), E. K. Fyson (Farmers’ Co-op.), R. O. Hlay-AicKenzie (Bank of New Zealand) and C. Kelly, and S. Oaiiupbell.' Questioned by the'D.O.A., bankrupt said that six years ago S. J. Richards made an advance to him for which he was to obtain security. He never received security, but obtained ai promissory note under which he sued in Julylast and obtained judgment. The D.O.A. questioned C. Kelly's claim for wages, .and regarded it as rather strange -that a mian should work for two years without payment. A creditor said that bankrupt was pushed and he could not get any money. The bankrupt was then put on oath and examined by Air. Houston regarding racehorses which bankrupt had kept during the last twelve months. Bankrupt had owned Gold Rangi, and in January had raised £IOO on the security of the horse, which was taken possession of .some three months Liter by Mr. O. Kelly, the lender of £IOO. Uncle Dave had never been owned by bankrupt, but Iliad been nominated and registered in bits name on behalf of bis uncle. He could not keep up the expeuseks. Air. 3. Caimpbell here explained that lie bought the horse and liiis ilepbeu ran it and they shared tlie profits. ' Proceeding,' in reply to Mr. Piouston’s questions, bankrupt said he never kept books) -regarding lany racehorse tnanslacti oiiis. The keeping of the horses had never paid, for the expenses were greater than the wins. With regard to istiock, at the end of last clearing sale twelve months' ago bankrupt had about 20 heifers, 50 oowis, five bouses and implements and machinery. These had since been -sold. The Pihamia Dairy Company would owe some money to bankrupt if it puid, a bonus. Bankrupt bad received £730 during the year for liis butter-fat.. Included iin the Farmers’ Co-op. account was feed for the racehorses. Bankrupt siaid he bald no furniture, being a single man. Tbe book debt of .-.110 WBUS for :a riacehons© bankrupt bad .sold when lie wais to .receive £l5O on the house-’fi first win. He had only 7 received £4O, which left a balance oi £llO. , . , It was agreed that the chances at getting anything further were very remote. . . iii After some -discussion it was de-ciue-cl that Air. -Campbell’s offer of £3O for tlie milking plaint be -accepted. The question of disposal of tlie shares was left to the D.O.A. Til© meeting then terminated.