BUILDER AS FARMER.

New Zealand Herald, Volume LXII, Issue 19156, 23 October 1925, Page 15

BUILDER AS FARMER.

UNFORTUNATE LAND DEAL. HEAVY LOSSES SUSTAINED. The misfortunes of a builder who turned farmer were detailed at a meeting yesterday in the bankrupt estate of William T. Burret. No creditors were present, the meeting being attended only by bankrupt and his solicitor, Mr. Tole, and counsel for one of the creditors. No resolution was passed. The estate showed a deficiency of £2015, the only asset being three sections at Onerahi, valued at about £l5O, upon which there was a mortgage of £52. Bankrupt, aged 60, said lie was born on a farm, and although a builder by trade embarked on a farming enterprise which ended in disaster as a result of the land depression of 1921. The particular transaction responsible for the bankruptcy was the sale of 0 100-acro property at "Wellsford about seven years ago." He worked on this farm for over two years, milked 42 cows, and put a lot of money into improvements. On disposing of the property, he left £1650 on a second mortgage, which later on was transferred by bankrupt in exchange for a farm at Hunna. The mortgage was subsequently bought by the petitioning creditors at a substantial discount. "The owners who signed the mortgage to me," continued bankrupt, "and all subsequent purchasers, have, I understand, failed, and the mortgagees consequently sued rne on my guarantee and forced" me into the Bankruptcy.Court. My private liabilities are no more than nominal. I have absolutely nothing at present, and alter my last sale was not left with enough money to purchase a kit of tools.'' Bankrupt stated under examination that he was now working as a carpenter by the day. He had lost £llOO on his land, and about .£SOO in stock, during the slump, which was solely responsible for his failure.

Details with regard to the transfer of the mortgage and the possibilities of disposing of the property at Onerahi were discussed, and the meeting then lapsed.