BANKRUPT FARMER.

New Zealand Herald, Volume LXIII, Issue 19405, 13 August 1926, Page 13

BANKRUPT FARMER.

"HAVE LOST ALL MY MONEY."NO OFFER TO CREDITORS. MARRIAGE CONTEMPLATED. "I have simply gone into these farming ventures and have lost all my money," stated Hugh Gamble McCrea,, a farmer, now of Auckland, at a meeting of creditors yesterday, Bankrupt, who gavo bis jge as 62, added that hn was not Dptimistic about farming, and ''was sick :>f the whole thing." The schedule showed that £I3OO was swing to secured creditors. The value of the securities"was assessed at £2OOO, leaving a surplus of £7OO. The sum of £1960 was set down under the heading of other liabilities, leaving a total deficiency o{ £I2OO. In his statement, bankrupt said ho had interests in a 63-acre farm at Wiri, in a 425-acro farm at Tauranga, in a 300-acre farm at Ratikati, and in a property a€ Northcoto. .Ho had paid out £ISOO ill connection with these places and had had no return. His reason for filing was that" farm matters were a constant; worry and ho had no prospect of becoming clear. In reply to the official assignee, Mr. W. S. Fisher, bankrupt said Ihe was onco in the Civil Service. Twelve years ago he and two other men purchased a farm at Tauranga au a speculation. They were offered £2OOO i'or it in 1921, but declined to sell on account of the excess profits law brought, in by the 'Government., Recently, 200 acres of this farm were exchanged for the farm at Wiri, This farm was now tho iTnly one producing. Bank* rupt said ho was receiving a pension of £295 a year, and in addition was working at a salary of £4 5s a week. In reply to a creditor, bankrupt said he had put no money into tho farms since 1920. Asked by tho assignee if his could make any offer to creditors, bankrupt said ha was contemplating marriage. Tho Assignee: I do not want you to think of this as a millstone around yonr neck, but I re illy think you should make somo offer. Bankrupt: 1 am getting an old man now, and will not be good for work much longer. Creditor: Oh; you aro good for anotlief 30 years. (Laughter.) The Assignee: Wo may all sympathise) with you in your marriage, but a certain amount should bo paid off, at any rate. I will have to put the facts of the case before tho Supreme Court for your discharge, and I do not think the Judge will take the same view of it as .you do» Bankrupt suggested there might bo an equity in the properties. A creditor siaid there was no possibly chance of that. A committee was appointee! to act with' tho assignee foe the disposal (jf the Northcote property, aud tho meeting then adjourned.