BANKRUPT ESTATES.

New Zealand Herald, Volume LIX, Issue 18172, 18 August 1922, Page 9

BANKRUPT ESTATES.

LOSSES BY A FARMER.

EFFECT OF FALL IN PRICES.

Four bankruptcy notices vera filed yesterday at the office of the Official Assignee, Mr. W. S. Fisher.

The schedule of Herbert Frederick Billington, farmer, of Matakohe, shows the debts as £444, all owing to unsecured creditors, and the assets as £120, dairy factory bonus, leaving a deficiency of £324. In a statement the bankrupt says he entered into partnership in a farm at Matakohe in 1919, putting all hia savings and some borrowed money, amounting to about £300. into the concern. The first year they lost 11 head of cattle, through sickness, but just about held their own on the year's working. The following year was a bad one, for they lost the use of several cows, and only two-thirds of the herd came to profit, but on account of the high price of produce, they were able to see it through. At the end of the season ho took over his partner's interest in the farm, giving him a mortgage of £2000 on the farm and a bill ■•:>! .ale over the stockAt this time but fcf-fafc was at a high level and everything pointed to another record year. However, prices dropped and he found he could not carry on, but hung on in the hope of produce improving. Eventually the farm was sold by order of the Supreme Court, and 'the herd was then sold up bv the third mortgagee, and bankruot lost everything he had put into it. Had pnce s kept up at a fair level he could have carried on and met all liabilities, but as 'it wart, he had to borrow money to leave the district. The first meeting of creditors will be held in Auckland next Wednesday. In the bankrupt estate of Harold Cook, motor driver, Rotorua, the schedule shows' £2094 as cwiDg to secured creditors, the estimated value of the securities being £1900. The total debts are £337, made up of £194 deficiency from securities, and £143 owing to unsecured creditors. There are apparently no assets. Margaret Newman, fruiterer, 48, Mann kau Road, Parnell, lw s been adjudicated a bankrupt and the first meeting of creditors will be held next Thursday. The first meeting of creditors in' the bankrupt estate of Douglas Stuart Wylie, accountant, Auckland, has been fixed for next Friday.