MEETING OF CREDITORS

Lyttelton Times, Volume CXIV, Issue 16354, 25 September 1913, Page 5

MEETING OF CREDITORS

A meeting of creditors in the estate of Joseph M'Connell M'Clelland, farmer, of .Kaiapoi, was to have been held at the office of the Official Assignee, Mr G. A. Smyth, yesterday, but lapsed for want of quorum. Mr R. Ward represented bankrupt. Bankrupt's statement unsecured debts amounting to £223 ss, the principal creditors being W. Harvey £6B 7s, Russell and Anthony £49, J. Lamb and Son £l7, J. H. Blackwcll £l6, Kaianoi Shipping Company, Ltd., £l4, Papprill and Conlan £l2, W. Guye £ll, nnd W. Banard £lO. There wero no assets.

. In his sworn statement, bankrupt said that lie was sixty-four years of age and had brought up a family of eight children. For fifteen or sixteen years he had farmed in the Kaiapoi district. In 1909 he leased a property near Kaiapoi for a term of four years and a rental of £136 per annum plus rates and insurance. The farm comprised 135 acres of first-class land, but was liable to flood from the Eyre River. At the time his capital, including live and dead stock, was about £3OO. He paid £2OO for the goodwill of the lease. Of this amount he borrowed £l5O from a moneylender, the rate of interest working out at something like 40 per cent, and his wife provided £SO. He paid his' way until two years ago, when lie lost by drowning twelve cows and six .horses, and had eighteen acres of potatoes ruined. He had to borrow more money. Two or three mouths ago his landlord took action against him for breach of covenant. The moneylender, to whom ho owed in all £'475,

pressed for payment, then he sold the security and realised enough to pay the debt. The landlord then terminated the lease. Bankrupt had no assets and no expectations or any kind.