TARANAKI SETTLER'S TRIALS

Hawera & Normanby Star, Volume LXXIV, Issue LXXIV, 28 August 1919, Page 4

TARANAKI SETTLER'S TRIALS

FARM NOT ALWAYS A GOLD MINE j That sheep and cattle farming are | not always the prosperous occupation l many people imagine them to be (says : the \\ anganui Chronicle) was evidenced i at the nrst meeting of creditors in the ' bankrupt estate of Edward Gerard de ' May, settler, of Awatuna, Taranaki - which was held at the office of the Deputy Official Assignee (Mr E M Silk) on Tuesday. " ; The statement of accounts in the ! estate showed:—Secured creditors £11 - ; in iS S value of eecuriti^ j £11,100; deficiency, £174; unsecured i 7^d° rS» £637 8s ' total debts,. £692 The list of unsecured creditors was I as follows :-Dalgety and Co., Ltd £& los td; Hawke's Bay Dairy Co., (Palmerston North) £164 19s 10d; Mr Gow, Eltham, solicitor, £5; Messrs M Russell, Ltd., £17 12s 7d; Messrs Will ford and Levi, solicitors (Wellington) i £92 10s; Mr C. H. Treadwell, solicitor (Wellington h £24 10s; Mr Charles Furness, farmer, Wellington, £80; Fanning and Co., land agents, Wellington. £36; Matipo Company, £174; total £637 Bs. Bankrupt, examined on oath, said that he started farming at Awatuna in August, 1915.- He had about £200 in cash and deposited in the Post Office Savings Bank at Te Horo. The other asset he possessed was his interest in the sections at Petone. Previous to this he was farming at Te Horo, where he had a dairy farm, which was owned by himself and two others. He sold out and bankrupt received about £150 in | cash, but he did not pay Fanning and ] jCo. £36 nor the Hawke's Bay Dairy j i Co.'s account. Previous to selling the Te Horo property, bankrupt arranged to purchase the Awatuna property on behalf of himself and two brothers for £8847, but paid no deposit. Both of his brothers went to the war and bankrupt had to take pos^ session of the Awatuna Property by himself, and was financed by the Matipo Land Comt)any. The farm was rough and badly fenced, there being practically only one paddock. The farm did not pay. Bankrupt stocked the place with rough cattle, but could not keep the scrub down. In addition to this,'witness was concerned in a J Court case at Te Horo, which involved ■. him in about £400 expenses, of which \he had paid in cash about £280. If his . creditors would pri've him time, he was . prepared to offer 5s in the £, and! if he . received what was due to him he would ; pay 20s in the £. . Mr Wells, on behalf of bankrupt guaranteed the payment of 5 S in the > & to the unsecured creditors, tjPus all ! legal expenses and eommisisons,"onoon- ; dition that the bankruptcy was an- ■ nulled. » , A motion to accept this was carried.