PETITION IN BANKRUPTCY.

New Zealand Herald, Volume LXI, Issue 18827, 30 September 1924, Page 9

PETITION IN BANKRUPTCY.

FARMER'S LACK OF CAPITAL.

NOMINAL SURPLUS SHOWN.

[BX TELEGRAI'H.-—OWN CORRESPONDENT.]

HAMILTON. Monday.

A petition in bankruptcy has been filed by Leonard Harcourt; Peat, farmer, of Tirongia. At a meeting of creditors today, debtor did not appear,' but a statement was submitted from him, showing that his liabilities totalled .£364 19s 10d, : and his assets £790 ss, showing a nominal surplus of £425 5s 2d. Bankrupt said he had been farming acres at Pirongia since 1915. It was then practically unimproved, with only 60 acres in grass, the balance being in bush and fern. There was an existing State . Advances mortgage of £820, and bankrupt said be had borrowed a further £300. He had developed the property, clearing the bush and putting the area down in crops. 'Ho had thought lie could raise further money. Th« freehold value was £5085. A loan of £2000 had been partly arranged but had been withdrawn. He had gone in for dairying, and had spent money .on ■a cowshed' and yards. The butter-fat prices had been insufficient to make the property pay, and on last season's working he had lost £400. Bankrupt attributed his failure, to lack of capital, the failure of his autumn crops, and the slump in butter-fat prices. The meeting was adjourned. ..-;..;