BANKRUPT FARMER

Manawatu Times, Volume XLIX, Issue 3286, 4 March 1926, Page 5

BANKRUPT FARMER

GIVES POSSESSION OF FARM. A meeting of creditors in the bankrupt estate of William Henry Brown, farmer, of Aokautere. was held yesterday, when there were present: The D.O.A. (Mr C. E. Dempsy), bankrupt and his solicitor (Mr Grant), and Messrs Anderson and Lancaster for the estate of the late S. R. Lancaster. In reply to the D.0.A., bankrupt • stated that he was a married man with t%vo of a family. His brother had been grazing stock on the farm since December 1, 1925. paying £2O per month for such right. The amount, however, his brother had been applying to the reduction of his account, ho having advanced bankrupt an odd pound or two from time to time. Continuing, bankrupt stated that he had sold his hay for £2O while he had received £ls to £2O from his brother prior to December. He had been milking 45 cows and had been supplying the Kairanga Dairy Coy., the last cheque having gone to the Lancaster Estate, while the previous payments’ had, been banked. He had not, however, paid any interest on the mortgage for a year, with the exception of the milk cheque. Neither had h e paid any accounts for th e past three months, but had paid cash for his requirements. He had not been prepared to go off the farm until flic present tim o as the estate had had his deposit of £SOO, in addition to th e improvements. He was, however, now prepared to give possession. His brother’s stock was still on the farm, they being about 300 head of sheep and 10 or 12 head of cattle, in addition to calves and yearlings. H e had not kept any books. He had had several advances from hist brother, some of which had gone into the bank, while some had not. The bank book was consequently not a complete record of his transactions with his brother, nor had he any books showing a complete record. His brother had held the bill of sale over the stock under which he had soldthe amount forthcoming being £BOO. The amount of (h c bill of sale was advanced from time to lime since ho had commenced farming in 1918, the bill of sale having been given in May, 1 925, for a past debt. Hc had been awar e that ho .could not pay the trustees of the Lancaster Estate unless he could come to some satisfactory arrangement. Ho was prepared to draw up a complete statement of the transactions with his brother. The £SO paid to his father had been for a promissory noto from him three months previously. He had not received the summons for arrears of interest when the payment to his father had been made. He had been aware at the tim c > of his making the arrangement with his brother that hc could not pay the amount duo to the Lancaster Estate. He had not been offered to release from his arrears provided he gave up possession of the property. The meeting was adjourned,