BANKRUPT FARMER

Manawatu Standard, Volume XLVII, Issue 111, 7 April 1927, Page 4

BANKRUPT FARMER

CREDITORS' MEETING AT LEVIN.

A meeting of creditors in tho bankrupt estate of T. H. Colpman, farmer, of Ohau, was held in Levin' on Tuesday, there being present the bankrupt and his solicitor (Mr Adams), Messrs P. Larcomb, H. Wilson, McCaw, G. Marriott, W. Smith, J. Davis, D. Todd and.F. Wilson (representing various creditors). The „ unsecured creditors were: Messrs Manson and Barr, Ltd.., Palmerston North, £400: N.Z. Loan and Mercantile Agency Co., Ltd., Wellington, £165; Abraham and Williams, Ltd., Palmerston North, £200; J. G. Falder, Wellington, £75; Booth, McDonald, Ltd., Christchurch, £26; Parker and Vincent, Levin, £36;' W. Bull, Ltd., Levin, £25; Horowhenua County Council, £18; Hodder and Tolley, Ltd., Palmerston North, £4;' Veitch and Allen, Wellington, £5; Laery and Co., Ltd., Wellington, £27; N.Z. Farmers’ Distributing Co., Ltd,., Feilding, £26; Farmers’ Lime Co., Masterton, £6; and J. Davi6, Ohau, £7O, a total of £1073, while the secured creditors were Messrs J. B. Brandon, Wellington, £325; F. L. Young and K. Bleeker, Marton, £500; and Otaki Dairy Co., Ltd., £lO2. Bankrupt’s assets consisted of 48 acres approximately situated at Kaitawa, held under L.I.P. and subject to first and second mortgages of £SOO and £lO2 respectively. The estimated value of the property was £HOO. , , In his sworn statement bankrupt stated that, in the month of August, 1920, he purchased from Mr. F. S. Easton a property at Ohau containing approximately 106 acres. The purchase price was to be £45 per acre but this was subsequently reduced to £42. He paid about £SOO in cash, and spent a further £2OOO on improvements, included in which were a dwelling and cowsheds. Since this he had been spending money continually in the way of fencing, stumping, ploughing, liming and in putting in groynes and willows to prevent erosion by the stream. He found that the land did not come up to expectations as regards productiveness, and, further, that the land failed to respond to the lime and manure ho put on in liberal quantities. He had also been unable to drain a piece of swamp land containing about 30 acres, and the position regarding this piece of land had become worse owing to the lowering of the level of a lake about 7 feet, and the mouth of the drain leading into the river not being opened. On March 22, 1927, the first mortgagees offered, the property for sale by public auction and bought in. Bankrupt attributed his failure to the foregoing circumstances, and to the drop in the value of farm products. He said he would be 79 years of age on April 24tli, and, owing to failing health, was unable to cope with the present state of his affairs. He concluded by saying that he could make his creditors no offer. - Mr Adams, acting for Messrs Brandon, Ward and Williams, said, he had a message that the firm he was representing were against selling the stock at present, and offered to pay £3 per week either to Mr Colpman or his son to stay on the farm and look after the stock until the spring. On the motion of Mr McCaw, seconded by Mr Parker, it was decided that Messrs Larcomb and Wilson act with the D.O.A. in arranging to defer the sale of the stock and implements until about the middle of July, provided arrangements can be made with the holders of the bill of sale and the mortgagees. . ~ The meeting then adjourned sine die.