UNPROFITABLE EXCHANGE.

New Zealand Herald, Volume LIX, Issue 18171, 17 August 1922, Page 5

UNPROFITABLE EXCHANGE.

URBAN TO RURAL PROPERTY. STARTS T^^JJ^JffOß". - - b.fc.a of £300 under his. mother '!a.will paused him. to.realisa, » bankrupt, John Penny,, at a meeting of creditorsy-' helcl yesterday. ' The 1 official assignee; Mr/W. S. Fisher, presided* The 'schedule showed.unsecwred .creditora in tie Sum of £ASI i» Id. Dabtg to sbsured creditors amounted to £378, against securities, valued at £1250, giving a nominal with other'properiyi gave assets valued at £307 9t 2d,4eayiag In hw sworn dated the oommeineemant x>f Ufa troubles back to 1915, when he exchanged two houses in Onslow Boad, Epsomj_for a farm at Pukekohe Easti."The.Tatter "turned offiE sTbad investment,, -being infested with blackberries and r&bbitg and the equity" was'further encumbered by the bankrupt having * to erect a house.. Other ventures wers not successful and at preeaat the bankrupt' was out of work. The creditors were of opinion that the chief asset, ;-a h<^us«; ? in r ;Waliew Koad, Mount .TSden," ahowd realise considorabiy above its:estimated ;valtiß in'the schedule, in which case the estate would show asurplus. The first mortgagee ■ expressed willin-mess to allow,big interest in the prot»ei|y;;i to the official . assignee was instructoj arrange'for it» ' nate," §rid,also 'to en'dteav^w-to obtain the second'^mortgagee's bis mottiey : remaining in the property. -;