FARMER'S FAILURE.

New Zealand Herald, Volume LIX, Issue 18170, 16 August 1922, Page 6

FARMER'S FAILURE.

RESULT OF MISFORTUNE.

TRIBUTE' FROM CREDITORS. [BY TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON. Tuesday.

A meeting of creditors in the bankrupt estate of Samuel Mercep, of Puketaha, was held before Mr. V. H. Sanson, deputy official assignee, to-day. Bankrupt's statement showed secured creditors at £3044, as against; which the value of the securities held by them war estimated by bankrupt to be worth £6140. Bankrupt said be bought a farm at Puketaha from one Chapman for £1484. There were two subsequent mortgages on the land for £250 and £150. During the past three months he executed a mortgage to the Farmers' Trading Company for £827, representing the amount of his indebtedness to the company. The company had now seized the milking plant, leaving £480 still owing to them. At the time of the bankruptcy there was stock on the farm, but a bill of sale was held over most of the animals. Bankrupt added that he had had a run of bad luck owing to the slump, because time was against him in regard to mortgages held by him, and on account of his inability to get work. His creditors had been very kind to him, some by advancing him goods and others cash, and he regretted very much that ho found himself unabhi to pay them. He had filed on the advice of his solicitor, bufc if the first mortgagee on the farm would agree to a certain reduction of the mortgage and interest bankrupt would be prepared to continue to work the farm on behalf of the creditors, for Kis desire was to pay each one every penny he owed. A committee consisting of the four principal creditors was set up to realise on the assets. Various creditors spoke in the highest terms of Mercep's honesty, and ascribed his present position to pure misfortune. Ho had to their knowledge always been a thoroughly conscientious and hard working man, who had tackled a proposition that was almost hopeless from the 6tart. ~,'.', motion of sympathy with bankrupt was passed, and the deputy official assignee was asked to facilitate his discharge. ___—