A FARMER'S FAILURE.

New Zealand Herald, Volume LX, Issue 18387, 1 May 1923, Page 8

A FARMER'S FAILURE.

NOMINAL SURPLUS SHOWN. EXCHANGE OF PROPERTIES. [BT - . telegraph.— correspondent.] HAMILTON, Monday. .: A meeting of creditors in the bankruptcy estate of George . Graham, farmer, of Hinuera was held in Hamilton to-day. The ■ deputy-official . assignee, • .Mr. •V. H. Sanson, presided over a large attendance of 'creditors. Assets were stated at '£2717 15s 4d, and the debts £1794- 12s 9d, leaving a nominal surplus of £923 2s 7d. The : estimated value of the securities was £7383, and the amount of debts to oreditors holding securities was £5010 5s 7d. ._ ■ The bankrupt said that 'from July, 1903, to April, 1015, he. was farming a. property at Karapiro. In April, 1915, ho sold ; this farm v for. £4315. It was sold subject .to a mortgage for £2200 bo that his equity in it was £2115. There .was no cash paid down in connection' with : this sale, but he received V; other.; properties, valued at £1850 in exchange. On completing this sale, bankrupt purchased 681 acres at Hinuera at £6 per aore. : Bankrupt attributed, his failure to .the involved state of his affairs following the sale of the Karapiro property; the difficulty of financing the Hinuera property the expenses of breaking up unimproved coun-1 try, and the high cost of all farming re[.quisites; the slump in the stock market ; casualties • among nis stock; the' damage i suffered from rabbits "on neighbouring places; arid his failure to effect a sale of ■ the Hinuera property. I ;. It was decided to realise the assets at I a clearing sale. ■ .' j A creditor said it appeared the failure j [ was due to the bankrupt endeavouring to i I cany on dairying on unsuitable property, j A resolution wag passed instructing the official assignee to facilitate, the bankrupt's discharge.