LAND BOOM VICTIM.
RETURNED SOLDIER FAILS.
CHIEF JUSTICE'S SYMPATHY.
In granting Frederick William Mills, a discharged soldier, who had failed on the land, his discharge in bankruptcy in Wellington, the Chief Justice, Sir E-obert Stout, commented on inflated land values.
" I feel great sympathy with such men who have taken up land." said His Honor. "Is is amazing to me that there are .so few bankruptcies in New Zealand, considering the land inflations that have gradually increased since 1917-22. This man was one of the many not knowing anything about land. He had taken land up at great values with mortgages amounting to" £7000." Mills purchased a farm of 307 acres at £18 per acre at Reikoranrri. borrowed £2500 under the Discharged Soldiers' Settlement Act, cave the vendor a second mortgage of £5048. and borrowed £750 under the discharged soldiers' settlement scheme. He did not put any cash into the purchase. At a meeting of his creditors on July 19 all creditors were sympathetic, and would have come to any arrangement to carrv on. but the Crown did not agree. Creditors generally described Mills as' " a sticker."
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Bibliographic details
New Zealand Herald, Volume LX, Issue 18396, 11 May 1923, Page 5
Word Count
187LAND BOOM VICTIM. New Zealand Herald, Volume LX, Issue 18396, 11 May 1923, Page 5
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