FARMER FAILS

Northern Advocate, 13 June 1931, Page 6

FARMER FAILS

met with misfortune. LOW PRICE OF BUTTEBFAT. Only two creditors wore present at the meeting held yesterday, presided over by the Official Assignee, Mr A. L. Tresidder, to inquire into the bankruptey of Percy Cooke, a, fanner of Maimgahnramca, Bankrupt had as his solicitor Mr H. G. Oarruth.

The schedule showed unsecured creditors at £B7 18/7 and secured creditors £2OOO 0/11, less estimated value of securities £1973 4/. The total debts were £720 1/0. The total assets were shown at £79 0/0, leaving a deficiency of £O4l I/-

In his statement, bankrupt said he took over a farm of !*7 acres as a going concern'for £3225 on. a £725 deposit. The seller of the farm accepted an equity, in. an. Auckland .property and business in payment of the deposit. The balance of the purchase money on the farm property was made up as follows.— Government mortgage of £I4OO, and a second mortgage and collateral bill of sale of £llOO. He had had a big uphill tight against blackberry, the stony nature of the ground and the big enemnberanee on the property, but he was making steady progress until fhe price of butterfat fell last season. He had to cull the herd when he was caught with the low price of bntterfat. His herd was not sufficiently improved to compote with the fall in prices, and it did not take him long to realise that his ready capital was expended. He started with approximately £IOO in hand, but this had gone to make up his losses on the last three years’ operations. Realising some time ago that he was “up agaidst it,” he thought there might be a chance of pulling through if he had better cows anti if the land were heavily manured, but the past season had been a left one for him, as his herd, through cold weather followed by a drought, went 25 pet cent, below its average. Ho attributed his .failure to the low price of butterfat and the bad season.

Under examination, bankrupt said he had no idea what his private expenditure was. He had had hard, work to make ends meet. The money he received from the sale of stock was used for buying new stock.

The assignee said it appeared that what the bankrupt stated was correct, and that he had tried to the best of his ability to make the farm a. success. It seemed to be purely a ease of misfortune.

Bankrupt was questioned as to the value of. various goods on. the property. Arrangements were- made for bankrupt to remain on ttie farm for the time being, pending disposal of the assets.

As there was no quorum, no resolution could be carried, and- the meeting was adjourned. The -creditors present said it appeared .to be a case of’ bad luck, and they would not oppose bankrupt’s discharge.