BANKRUPT FARMER

Hawera Star, Volume L, 19 February 1931, Page 9

BANKRUPT FARMER

CREDITORS’ MEETING’ ADJOURNED.

A meeting of creditors in the estate of Herbert Joseph Budkin, farmer, of Okaiawa, was held before the D.O.A. (Mr B. S. Sage) at Hawera yesterday and was adjourned sine die following questions as to his stock and financial dealings.

The financial statement showed unsecured debts totalled £1220 13s 9d and the stock and chattels on the farm were valued at £6OO, leaving a deficiency of £620 13s 9d. The amount of secured debts was £6400, the estimated value of the securities being the amount of the debts, which are to the Now Plymouth Savings Bank £4BOO and to H. 0. Budkin £I6OO.

The principal. unsecured creditors were: Newton King, Ltd., £987 6s 4d; Farmers’ Co-op., £6B; It. H. Leece and Co., £l3 16s 6d; Hawera County Council, £35 9s Id; G. R. Horsbrugh and Sons, £lO 15s 3d; Gyde and Co., £5 10s (all of Hawera); A. Robertson, £53; J. Barclay, £26; G. Good, £5 11s 6d (all of Okaiawa). In his personal statement bankrupt said that in 1926 he purchased a farm of 137 acres at Division Road, Okaiawa, where he was at present residing. As he had no money when he went into the farm his father financed him. For the first three years he did fairly well and then began dealing m sheep and cattle. About February, 1929, he purchased 800 sheep from Hawke’s Bay, on which, owing to falling prices, he lost considerably. About May, 1929, he rearranged his mortgages, increasing his first mortgage, with his father’s consent as second mortgagee, from £3400 to £4BOO. This was done with a view to renovating the dwelling, which was in a bad state, .and erecting a new dwelling so that the farm could be subdivided. Part of the mortgage money was expended on renovating the house, when it was destroyed by fire. He had to expend the balance of the mortgage money in erecting a new dwelling and sheds. Bankrupt had continued to deal in stock' with little success. He had been unfortunate with his herd during the present season. part coming in late and the milk yield being affected bv vaginitis. His two largest unsecured creditors were pressing, and as lie was unable to pay be was reluctantly compelled to file.