OVER £1000 BEHIND

Manawatu Times, Volume LII, Issue 3577, 7 April 1927, Page 5

OVER £IOOO BEHIND

OHAU FARMER BANKRUPT. MEETING OP CREDITORS ADJOURNED, A meeting of creditors in the bankrupt estate of Thomas Harry Colpman, farmer of Ohau was held in Levin on Tuesday when the D.O.A. .(Mr. C. E. Dempsey), occupied the chair. Others present were Messrs. P. Larcomb, rep. Abraham and Williams, IT. P. Wilson, rep. Manson and Barr, J. McCaw, rep. N. Z. Loan and Mercantile Agency* G. Marriott, rep. N.Z. Distributing Co., D. Todd, rep. Parker and Vincent and P. S. Easton, W. Smith, J. Davis and F. Wilson, rep. Otaki Dairy Co. The financial statement showed there was a debit balance of £lll6/5. The unsecured creditors are:— Manson and Barr, £4OO, Abraham and Williams £2OO, Hoddcr and Tolley (Palmerston North) £4; N.Z. Loan and Mercantile Agency. £155; J. G. Balder £75; Veitch and Allen £5, Laery and Co. (Wellington) £27; Booth McDonald (Christchurch) £26; Parker and Vincent £36; W. Bull Ltd., £25; Horowhenua County Council (Levin)-£18; N.Z. Farmers’ Distributing Co. (Peilding) £26; Farmers’ Lime Co. (Mastcrton) £6; J, Davis- (Ohau) £7o.—-Total £1073.

The secured 'creditors are as be:°w:—J - B. Brandon (Wellington) £325; P. L. Young and K. Sleeker (Harton) £500; Otaki Dairy Ce. £lO2 —total £927. *

Bankrupt's Personal Statement

The bankrupt’s written statement read as below; “In the months of .August 1920 I purchased from Mr. P. S. Easton, a property at Ohau containing about 106 acres at £45 an acre, subsequently reduced to £42. I paid, in cash, about £SOO and spent a further £2OOO on improvements and since the date of occupation have continued to spend money on the property, in the way of , fencing, stumping, ploughing, grassing, manuring and putting in groynes and willows to prevent erosion by the stream. “I found that the land did not come up to my expectations as regards production and further that

the land tailed to respond to the time and manure of which there was a liberal supply. Moreover I have been unable to drain a piece of swamp land containing about SO acres and the position regarding this pieces of land has become worso.owing to the adjoining owner lowering' the level of a lake nearby about seven feet and not opening the mouth ol the drain leading into the river. On March 22 last, the first mortgagees of the farm offered the property for sale by public action under conduct of tho Registrar of the Supreme Court and bought in. I attribute my failure to the foregoing circumstances and tho drop in tho value of farm products. Owing to failing health 1 am unable to cope with the present state of affairs. I can make no offer to rny creditors.” 1

Creditors’s Examination

Replying to Mr. Larcomb, bankrupt stated that ho had included the property in Rikiiorangi in his assets. There were two mortgages on the property totalling £602 and he sold it for £llOO. Tho occupant would not give possession and subsequently lodged a caveat against' the lease. Thomas, the occupant, married bankrupt’s daughter and was told that if he gave bankrupt £2OO he might eventually be given the title. It was a family arrangement and there was £26/19/- still owing. Bankrupt estimated the stock at £550, the £227 shown on the schedule representing implements, pliant, and hay which were not under , security. '

To Mr. Wilson: “I have no assets in shares. 1 had to let £IOOO of Midland shares go for £SOQ which I put into the farm."

To Mr. Parker: “The second mortgage on tlie Bdkiorahgi property was given to tho Otaki Dairy Co. on March 6,. 1925. My return from the 106 acres at Ohau from August 1925 to July 1926 was £302/18/9 in butterfat.”

To Mr. Todd, bankrupt stated that he could not remember what stock he sold during that period, it was about £B6. Bankrupt wa s supposed to pay his son £lO a month, in wages and gave him some pigs as part payment. He did not bank all his returns, sometimes using tho cash to pay accounts and wages. Tho money borrowed from Mr. Breedon was spent on law costs in connection with an action which had been dragging on for yearg in England. Bankrupt received £4OOO as a result of , the action, this money being invested in tho pi’operty at Ohau. To Mr. Uarcomb: “I lave no Interest in any property in the United Kingdom."

Mr. Adams, acting for Messrs. Breedon, Ward and Hislop, stated that he Svas instructed to protest against selling the stock at present and that they had offered to pay £3 a week either to bankrupt or his son to stay oh the farm and look after the stock until the Spring., 'Mr. McCaw moved /that Messrs. Larcomb and H. Wilson’s 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 he ‘ made with the holders of the bill of sale and mortgagees. • ;

Mr. Parker second the motion which was carried. . : ‘ '

The meeting was adjourned sine die. ' ’ * '