EXPENDITURE ON FARM.

New Zealand Herald, Volume LXVIII, Issue 20986, 24 September 1931, Page 11

EXPENDITURE ON FARM.

REASON FOR BANKRUPTCY. AREA OF VIRGIN BUSH BOUGHT. [BY TELEGRAPH. —OWN CORRESPONDENT. ] WHANG AREI, Wednesday. "Bankrupt would have been in a sound financial position to-day if he had not been encumbered with a, farm," said Mr. A. L. Tresidder, the official assignee, today, when examining John Joseph Powell. junior, shop manager, Ivamo, in bankruptcy. The schedule showed assets valued at £5 and liabilities totalling £3Bl. In his statement, bankrupt said he bought 513 acres of virgin bush at Mamaranui in 1919 for £770. under the discharged soldiers' settlement scheme. At the time he was in partnership with his brother in a butchery business in Dargaville and was doing well. In 1921, owing to ill-health, be left the shop and went on the farm, which used up all the money made in the business. He walked off tile farm in 1929. He estimated he spent £3500 on the farm in all. In 1929, he purchased a butchery business at Kamo, which was later taken over by a company, and he was at present employed as manager at £4 a week, The meeting was adjourned as there was not a quorum present.