FARMER'S FAILURE.

New Zealand Herald, Volume LIX, Issue 18195, 14 September 1922, Page 9

FARMER'S FAILURE.

ATTRIBUTED TO SLUMP. [BY TELEGRAPH. —OWN CORRESPONDENT.? HAMILTON. Wednesday. A petition to be adjudicated a bankrupt has been fded by Thomas Palmer, farmer, of Oto'rohanga. His schedule sets down the amount due to unsecured.creditors as £389 13s 7d. Other creditors are securod to the extent of £3210, the securities being valued at the same amount. The only assets are furniture, valued at £25, leaving a deficiency of £364 13s 7d. In a statement the bankrupt attributed his failure to the slump, coupled with the fact that he had no money to buy stock. Out of a loan raised on his farm bankrupt obtained the freehold, paid off existing, mortgages and bank overdraft, and bought 20 heifers for about £60, also a milking plant. He then had only a few pounds to carry on with. The largest cheque he had got from tho factory for the season was £9 14s. Eight of the hoifers he purchased last winter he lost owing to shortage of feed, and he also lost five of his best cows. On being pressed by the mortgagee for interest, and by tho bank for the overdraft, bankrupt held a clearing sale last August and tho proceeds of this just cleared the mortgage over the stock and the bank's claim, leaving him £2 6s 3d with which to carry on. He accordingly decided to file.