A FARMER'S BANKRUPTCY.

Manawatu Standard, Volume 9136, Issue 9136, 8 February 1910, Page 5

A FARMER'S BANKRUPTCY.

A meeting of creditors in the bankrupt estate of L. W. farmer, Feilding, was held at Feilding yesterday, Mr H. N. Cooke, Acting D.0.A., presiding.

The statement of assets and liabilities was as follows: —Secured creditors, £2118 7s; ' estimated value of securities, £3022; surplus to contra, £903 13s. Assets: Book debts, £10; shares in Moa Dairy Factory, £80; furniture, etc.. £33; estimated surplus from secured creditors, £905 13s. Total £1026 13s. Unsecured creditors : Dannevirke : Wiltshire Bacon Co., £1 Is 2d; J. Neaglo and Co., £3 3s 6d; D.C.A., £3 C* 9d; Hawke's Bay Farmers', 7s lid; Alexander and Beckett, 7s id; T. H. G. Lloyd, 10s 6d. Palmereton North: W. A. Browning, £9 12s 4d; J. Bett and Co.. £3 19s 6d; United Farmers' Co-op., £11 0s 3d; Gas Co., 12s; Keeling and Mundv, 9s 6d; F. Saxton, £2 17s 6d; Clark and Thompson, £10 4s; R. McDowell, £1 Is lOd; Manawatu Auctioneering Co., £56; D. Pringle, £3; Vacuum Oil Co., 10s; A. and A. Jeffries, £31 10s; John Jeffries, £23 10s; C. A. Loughnan, £3; Tiratu Sawmilling Co., £4'lßs; John Balsillie, £3 10s; Manson and Barr, £1 lis; C. Corkery, £2 10s. New Plymouth: Weston and We6ton, £10 10s; Frankleigh Park Extension Land Co., £20; Taranaki County Council (rates), £6 14s lid. Stratford: Moa .Road Board, £13 7s 7d. Feilding: S. J. Jeffries, £10; John Graham, £1 2s; F. G. Williams, 10s 3d; Dr. Johnston, £3 10s 6d; Dr. McAllum, £4; Mrs Robinson, £4 8s; W. Clarksdn and Co., 12s 6d; 0. E. True, lis 3d; F. Flavall, £2 6s. Total, £256 6s 3d. In his statement, bankrupt showed that he had made a series of property exchanges extending over three years. In January, 1909, he took over Stcvenson'6 Stables, Rangitikei street. He had then £8 6s in cash,' and transferred his interest in a farm at Matamau to Stevenson, giving him a mortgage of £1160 over the plant and lease for threo years at s^, per cent. Between January and June he borrowed £95 from his father to keep going. He found the business unsuitable, and had no idea of running it to advantage. On 15th June ho transferred his interest in the stables to Mr F. Yanks for his farm at Himatangi of 245 acres at £22 10s per acre, subject to mortgages amounting to £3350. In this deal bankrupt believed there was £58 in his favour, which by request he allowed to the agents (Brophy and Mowlem) as commission arid solicitor's costs. On the 2nd August he transferred his interest in the Himatangi* property to Mr C. T. Harvey, of Tariki, and £350 cash for his farm of 205 acres and 140 shares in the Moa Dairy Co. To complete this deal he borrowed from his father £458, the difference between the £350 cash to Harvey being exhausted in the apportionment of interest, rates, and Costs. Bankrupt attributed his position to exchanging and going into a business he. knew nothing of. . .' A • Mr Munro (for the Manawatu Auctioneering Co.) considered hie firm could sell the Taranaki property at £12 per acre, and it was decided that he should confer with the D.O.A. on the matter.