UNSUCCESSFUL FARM.

New Zealand Herald, Volume LXII, Issue 19027, 26 May 1925, Page 12

UNSUCCESSFUL FARM.

HUSBAND AND WIFE FAIL. VICTIMS OF MISFORTUNE. [by tkucgrat-h.—own correspondent.] HAMILTON. Monday. A meeting of creditors in the bankrupt estate of Walter Pitcairn, farmer, Morrinsville, and his wife, Mrs. Ethel Pitcairn, was held in Hamilton to-day. Mr. V. H. Sanson, deputy official assignee, presided. The schedule showed that £3826 was owing to secured creditors and £9 10s to unsecured creditors. The estimated value of tho securities was £I6OO. Tho. assets wero nil, and a nominal deficiency, of £2236 12s was shown. A written statement was submitted in which bankrupts said that ®they bought a farm of 80 acres at Morrinsvillc for £45 an acre. They paid £llsO cash and gavo tho vendor, Mrs. Esther Wright, a first mortgage for tho balance of £2450. Mr. J. Chitty, father of Mrs. Pitcairn, lent them £3IOO to pay the deposit and make a start, and they gavo him a second mortgage for tho amount duo to him. Further advances wero made by Mr. Chitty, and in September, 1925, bankrupts paid off their bank overdraft of £lO2. Mr. Chitty was given a bill of sale over tho stock for £4OO. 'Hie milk cheques had gone to Mr. Chitty and he bad paid their housekeeping accounts. Bankrupts said they had no money with which to pay tho first mortgagee and action was taken to make them bankrupt. A clearing salo was held on May 6, 1925, and £lls was realised. These proceeds had been paid to Mr. Chitty. Bankrupts attributed their failure to the high price they paid for the land and the difficulty they experienced in meeting their interest. There was no quorum present. .After bankrupts had been examined, Mr. Sanson mentioned that they had been victims of "misfortune.