FARMER'S BANKRUPTCY.

New Zealand Herald, Volume LIX, Issue 18040, 15 March 1922, Page 5

FARMER'S BANKRUPTCY.

LOSS ON DAIRY HERD.

PURCHASES AT WALTON.

A petition for adjudication a3 a bankrupt has been filed by Arthur James Withers, of Walton, farmer. The first meeting of creditors will be held at Hamilton on March 22.

The statement of assets and liabilities shows debts to secured creditors of £3932 8s 7d and to unsecured creditors of £471 17s Id. The value of the r-ecuritiea is placed at £4305, stock in trade £106, and cash in hand £10; leafing an apparent surplus of £16 14s 4d.

The bankrupt in a written statement said he purchased a farm of 98j acres in June, 1919, at £45 an acre, the property being taken over subject to a mortgage of £2750 to the previous owner. A milking machine and accessories were included in the purchase price. After taking possession, the bankrupt states, he found that the machine was defective and worn out, with the result that after spending £30 on repairs he had to purchase a new machine costing £40. Bankrupt purchased 22 cows from the previous owner of the farm. They were supposed to be in calf and to come to profit at the beginning of August and September, 1919. Many of the cows, ho asserte, proved to be empty and had to be sold as utores. The cows were purchased at £15 each and the empty ones flO in number) were sold for £5. Besides the direct loss on the sale the milk supply was also lost. The cows had to be replaced bv others at hiph prices. These matters handicapped bankrupt heavily in his :9rst season.