A FARMER'S FAILURE.

New Zealand Herald, Volume LIX, Issue 18077, 29 April 1922, Page 7

A FARMER'S FAILURE.

i LIABILITIES £30,000. APPARENT SURPLUS SHOWN. A meeting of creditors in the bankrupt estate of E. C Benie (Mr. Durham), j Auckland, was held yesterday. Tho ottiiiai assignee, Mr. W. S. Fisher, presided. ; w.u oauKrupts schedule showed tfiat' •J;e amount owing to unsecured creditors i ivaa Jtwooa and to secured creditors j' i0u.574, a: this latter amuunt jsli6,a-,4 j tiem? secured by hist, second, mira, \ luai'th. tiltc, anu blxUi mortgages on a| larm owned by banKrupt at Waimauku, ictaumg lai)7 acres. 1 lie seeuj'itit's were ,-aiued at ii07,41T leaving a nominal eur- j uius oi £6813. The stock was valued at ] £*00, and this with an unencumbered property vai led at £15 made a total surplus of £7268 (rom sureties, or an esti-, mated surp.us of £z689 16s lOd over and j abi'-'e the bankrupt's total liabilities. Bankrupt a written statement said the i .mineniate cause of his tiling was that ui\ i'. McCunnell, manager of the Waimauku farm, had secured judgment,, is'amst aim ior £1000, representing benus, merest and costs, and Ue hat! issued a writ of sale, under which he attempted 1 to seize and seL ail the iivo stuck on tie farm and also ail the machinery, implements, manure, seed produce and toois. which were absolutely necessary. The ue stock was under mortgage to the Hank f New Zealand, but there was no ! mortgage on the 'lead stock. Bunkrunt. in his evidence, said he had j no interest in any assets other than those disclosed :n the schedule. He had fredtientlv tieured out how he stood, and be'ieved ho had \ marrrin of several thou- ■ -ands nf pounds. He said he had been j lenlini? 'n unimproved lands for many; ears, and had m.-'de a jood Heal of j ; money by these transactlors. The ex- \ tenses incurred in improving the Wai- J mauku farm were for his pro-1 position. There had also been heavy losses on stock. In re" l '- to a creditor, bankrupt said I ; >e had no interest in any houses at Kinesland. These houses had been owned bv his wife for many years, not a of bis money having been put into them. Thev had all been sold. The said bankrupt was interested in 25 pieces of land. " One cannot I heln thinkiriP" on ;oing through the j ti-nres." said Mr. Fisher, " that his pros- ' : pects were net too bright, apart from the mdirraent of the Court. I suppose it may | fairly be said that his position was largely brought ahrmt bv misfortune." A" resolution tvas carried, authorising the assignee to realise "n the free assets, and abandoning tho Waimauku farm to ••he mortgagees.