LAND PRODUCING NOTHING.

New Zealand Herald, Volume LXI, Issue 18888, 10 December 1924, Page 12

LAND PRODUCING NOTHING.

WAIMAUKU BANKRUPTCY.

A RESULTLESS MEETING.

The case of a man whose money was locked up in land which he stated was producing nothing was ventilated yesterday at a meeting of creditors in the bankrupt estate of Franklin Gladstone Eugene Cullon, landholder, Waimauku, before the official assignee, Mr. W. S. Fisher.

The amount owing to unsecured creditors was stated to be £83 16s 3d and to secured creditors £758, making a total of £841 16s 3d. The assets,' for the most part tied up in land, amounted to £1100.

In a written statement Cullen said that owing to an order of the Court that, ho should pay one of his creditors in full or go to gaol for six weeks, he had been compelled to file.

In reply to Mr. Fisher, bankrupt stated !ho was a farmer by inclination and a butter factory employee by occupation. Including a war pension of 7s 6d per week he received altogether £4 ss. He commenced farming at Waimauku about three years ago and endeavoured to make a teatree farm. a working proposition. However, ho had to take on the extra workto keep things going. In addition to the farm ho commenced selling nursery stock on commission. That paid a little but the farm paid nothing. His wife was interested in the nursery side of the business. She had a 30-aere section near the Waimauku Railway Station, but it was producing no money. ■ Mr. Fisher: You put down all your troubles' to this Court case ?—Yes, I think that otherwise I could have scraped through, or .my wife could have managed Ui tide us over.

Mr. Fisher stated that if Cullen's land produced nothing and nothing on it, was of saleable value he coula do nothing in the matter.

The meeting then adjourned.