SICKNESS AND THE SLUMP.

Manawatu Times, Volume XLVII, Issue 2753, 20 September 1923, Page 6

SICKNESS AND THE SLUMP.

A SETTLER'S HARD LtJOK. Charles "William Duncum, a settler of Carnarvon, has filed a petition in bankruptcy, aft'er thirty-four years at farming, attributing his failure to the slump in flax and cattle, as well as to sickness in his family. The financial statement showed debts to unsecured creditors to the value of £721 8/7, no assets being recorded. Tlie unsecured creditors were given as follow:—Abraham and Williams, Ltd., £195 17/6; N Z. Loan and Mercantile Agency Co.,' £4l 18/11; Palmerston North Hospital Board, £2-1 10/G; Adam Burgcs, £lO9 7/2; Hoddcr and Tolley, Ltd., £4 S/5; Millar and Giorgi, £5 15/9; Collinson and Cunninghame, Ltd., £l9; Premier Vulcanising Company, £9 (all Palmerston North); Bryson and McDonald, £l6 2/6; Dr. Gow, £34; J. Milne and Co., £45; Keedwcll, £3 15/; A. McParlane £8; Bank of Australasia, £4; R. McKenzie, £l2; Malcolm. £3 10/; Bull and Co., £l3; Stiles and Matheson, £8 (all of Levin); Andrews and Co CManakau) £9O; Dr. Cameron £1 17/6; H. C. Hogg, £44 14/8; S. A. Parkes, £7 10/; Chappell Bros., £7 15/; F. G. Woolams, £1 4/6 (all of Feild. ing); Glover and Son, £2 8/6; M. H. White, £7 6/6; —Wilton, £3 7/; S. J. Teaz, 17/6 (all of Rongotea); Roberts and Co. (Sanson), £3 1/8. The bankrupt, in his statement, said:

"About six years ago Mrs Duncum mortgaged her own property at Carnarvon, which she had acquired from her father, for £ISOO. This she lent me t'o enable me to acquire a farm of 270 acres at Levin. I gave Mrs Duncum a 3rd mortgage over the property to secure the advance. I gave £3O am acre for the property, which I farmed for about two years. In December, 19IS,Mrs Duncum raised a further loan and advanced mc an additional £SOO to enable mo fa carry on. No portion of this £2OOO has been repaid. During my period of farming at Levin I losf 400 lambs and 15 head o.f cattle, and later, in April, 1919, through illhealth, was forced to sell the property for £37 10/ per acre, receiving, after commission and expenses, £1373 9/7." Continuing, the bankrupt stated that he bought a home at Manakau for £ISOO, and paid Col 7 on account of the purchase money, leaving £I2OO on a'6 per cent, mortgage. He also took up a partly improved farm at Manakau with a partner, but as this did not pay, the balance of proceeds from the Levin property was used in carrying on, A second mortgage of £3OO was raised in 1921, this being required far living and farm expenses. The house was sold in 1922 for £1650, and after interest and commission had been paid ho received nothing. Owing to the slump in flax and cattle, the Manakau farm was handed back to tho original vendor (Mr Bevan) without any compensation for improvements. Bankrupt was now living with his wife on her property of 50 acres at Carnarvon. He attributed his position to the slump and to sickness in hi? family, and could make uo offer to his creditors.