IN BANKRUPTCY.

Hawera Star, Volume XLVII, 2 June 1928, Page 10

IN BANKRUPTCY.

ESTATE OF A NGAERE FARMER. The meeting of creditors called for I yesterday in the bankrupt estate oi John August Borcihart, farmer, of vAieal Road, Ngaere, was held at the oil ice of Mr. li. S. Sage, DA).A. Only one creditor was present, Air. C. Godason, who was represented by Mr. A. K. North. Mr. E. S. Rutherford, of J'lltham, acted on behalf of bankrupt. The liabilities were set down at £1343 2s 7d, and the only assets were shares estimated to produce £79, leaving a deficiency of £1264 2s 7d. Furniture at the house in which bankrupt is living was the property of Airs. Borehart. The secured creditors were as follow : State Advances Office £BOO, Charles (Godson (Hawera) £4293 18s lcl, Eltliam Drainage Board £7B 4s, Stratford County Council £7O, Taranaki Electric rower Board £3O. The unsecured creditors were: Farmers’ Co-op. Organisation Society (Hawera) £9l 17s 6d), United Distributers Ltd. (vVellington) '£2 2s Bd, A. Chrwstal (Eltham) £5 10s, Harriet Borehart - (Ngaere) £3OO, State File Office (Eltham) £1 10s 4d. In his personal statement to the D.O.A. bankrupt said that he bought the Cheai Road farm, comprising 217 acres, in August, 1913. He bought same by way of a Straight-out sale at the price of £26 an acre. He paid £250 cash, with the balance to be left on first and second mortgages. The Drainage board spent on the property the sum of £750 in making drains. Bankrupt said he spent £65 in cash in catting drains besides putting in his own time on drains, which would run i into a period of many months. The j swamp was very badly infested with ragwort, of which he was not aware, 1 as the swamp was tco wet to go ali ! over it. When the swamp was drained and became dry, ,the ragwort sprang up, and when in flower a fire in the swamp prevented his cutting it. The seed blew across to the hill country, and it became one mass of ragwort. Ln the first season lie took 16 dray loads of flowers and 26 dray loads of plants off one paddock. Bankrupt said he attributed his ins.Lency to three reasons: (1) Being pressed by the second mortgagee, Mr. I C. Goodson; (2) the prevalence of rag- , i wort on the property preventing the; ( running of dairy cows exclusively on j the property, which compelled him to I _o in mainly for sheep, witli a few dairy cows; (3) the large area of swamp, comprising about half the farm, being several times swept by fire, thereby destroying the winter feed. One fire alone destroyed eight cows on the swamp. His wife had lent him £350 to buy sheep ancl to pay interest to the second mortgagee. “I have lost everything after fifteen years’ hard work on this farm, as Mr. Goodson has exercised the power of sale under his second mortgage,’’ said bankrupt. “I have a wife ancl one child, and I have no offer to make my creditors.” Borehart was then examined on oath hv Mr. A. K. North as to dealings with stock and plant. It was ascertained that bankrupt had disposed of certain stock through dealers, and the proceeds had gone to meet a bill of sale held by Messrs Newton King Ltd., anti the balance had been handed over | to Mis. Borehart. i The meeting was adjourned.