FARMER'S MISFORTUNE.

New Zealand Herald, Volume LX, Issue 18563, 22 November 1923, Page 11

FARMER'S MISFORTUNE.

STARVED OF. CAPITAL

CREDITORS' SYMPATHY.

PROPERTY AT PUKEKAWA.

A meeting of creditors in the bankrupt estate of George Palmer (Ms. Thome), farmer, of Pukekawa, was held yesterday, the official assignee, Mr. W. S. Fisher, presiding. , ,

The schedule presented by bankrupt showed that £5310 was owing to unsecured creditors. Secured creditors were owed £8615, tut as the total value of the securities amounted to £7540, a deficiency of £1075 remained. Assets amounted to £1261, thus leaving £5124 as the total deficiency in the estate.' In his statement, bankrupt said he purchased a farm of 543 acres at Pukekawa in 1916, the price being £4400. At this time he had £3000 worth of capital. Mortgages were taken up and money was advanced by the bankrupt's father-in-law, whose death some time later left the bankrupt strycded without further capital. The property was only partly improved, and a six-roomed house was budt upon it for bankrupt and his family. He started milking from 35 bo 40 cows, but prices soon Began falling in every direction. The heavy interest payments, coupled with rates and taxes, proved too much for him, and he made numerous attempts to sell out. No one seemed willing to buy, however, and he called his creditors together last November. The latter expressed their sympathy with him and .voiced their opinion that his unfortunate position was due to the non-forthcoming of further capital. There ware now four mortgages on the farm. The assets included the value, ci the live and dead stock and a £1000 submortgage. replying to the official assignee, bankrapt said he had . had many years' experience of farming at Waingaro. The whole time he was on the farm at Pnkejfcawa the estate was carefully watched, and in March, 1921, shortly before the great slump came, a statement showed he' was solvent to the extent of £3000. The official assignee: It seems a case of real misfortune.

Mr. Thome said the greater part of tho estate was unimproved, and the back country was in a very rough condition. No one could take up the land to do anything with it unless from £6 to £7 an *cre were spent on it. It was generally agreed that it would be of no use expending money on the farm in an attempt to realise. A resolution was passed instructing the officiaJ assignee to take steps to dispose el the stock, implements and chattels by public auction. A further resolution was passed expressing sympathy with the bankrupt and requesting the official as signee to facilitate bankrupt's discharge. It was agreed that the latter should be paid wages for the time he remained working on the farm after filing his petition. '■..•'/..

Before the meeting closed, bankrupt thanked his creditors for their kind consideration. "I have nothing more <o say." he added, "for I think* you feel my position as much as I do."