FARMING EFFORT FAILS.

New Zealand Herald, Volume LXIX, Issue 21136, 19 March 1932, Page 14

FARMING EFFORT FAILS.

LOW PRICES FOR STOCK. " CASE OF PURE MISFORTUNE." [BY TELEGRAFH. —OWN CORRESPONDENT.] WHANGAREI, Friday. "This seems to be a case of pure misfortune. Here we liave a man with nearly £IOOO who makes an attempt to succeed with a farming proposition, but fails through the slump," said Mr. A. L. Tresidder, official assignee, at a meeting of creditors to-day of Edwin George King, farmer, formerly of "Wayby, and now of Parakao. The schedule showed the sum owing to secured creditors to be £3921, the value of the liecurities being £3500. There was nothing owing to unsecured creditors. In a statement, bankrupt said he bought 1120 acres at Wayby three years ago for £3700, on which he paid £6OO down find the balance was secured by mortgage. After taking possession and paying all costs he had £2OO, which was used in purchasing stock. During the first year lie dealt in buying and selling stock, and also took in grazing, and thus managed to pay his way. In "the second year ho got little grazing and the stock he bought dropped in value soon after. Bankrupt attributed his failure to the depression, which prevented him from selling his stock at profit or disposing of his property. He was now milking at Parakao.

The meeting was adjourned. The assignee said there would be no opposition to bankrupt obtaining his discharge.