ORCHARDIST'S FAILURE

New Zealand Herald, Volume LXIX, Issue 21248, 30 July 1932, Page 12

ORCHARDIST'S FAILURE

PASSION-FRUIT VENTURE I PROPERTY AT KERIKERI EARTHQUAKE LOSS AT WAIROA "TIT TELEGRAPH —OWN CORRESPONDENT] WHANGAKEI, Friday A meeting of creditors of Harold Edward Stanton, journalist; and orchardist, formerly of Wairoa and Kerilceri, and now of Mount Albert, Auckland, was held to-day. The official assignee, Mr. A. L. Tressider, presided. , The schedule showed that the amount owing to secured creditors was £3058, the value of the securities being £5970. ' Unsecured debts totalled £B2B. Assets were valued at £1992, leaving a surplus of £1164. In his statement, bankrupt said in September, 1929, ho purchased a property of 24 acres at Kerikcri from the North Auckland Land Development Company, now in liquidation. The object was to use the land for a citrus and passion fruit plantation and also for poultry farming. There was a certain amount of planting done on the property at the time of the purchase, and the company agreed to complete with all the necessary trees and fencing, and also to cultivate, maintain and supervise tho plantation for five years, supplying all tho labour and material during the period. Bankrupt stated he was not to take over any part of tho working of the property himself. At that time bankrupt was editor of the Wairoa Star at a salary of £SOO a and later at £6OO a year, and he con- ' tinued in that employment. Ho agreed to pay £1250 for the property, paying £SOO deposit, £350 spread over four years and tho balance on mortgage. He did not expect any return from ,tho property during the first season, and in the second season no profit was made. In February, 1931, bankrupt lost heavily in Wairoa through tho earthquake and liacl to borrow several hundred pounds to repair his house. 111-health compelled him to resign from the editorship of the Wairoa Star, and ho came to Kerikcri and purchased another 16 acres for his son-in-law, who had also lost everything in the earthquake. Tho price was £1650. Bankrupt paid a deposit of £l5O. 'H 110 attributed his failure to loss of income, inability to raise a second mortgage, and also the loss of passion fruit returns. Bankrupt considered the equities in the two properties were worth £IBOO. Under the contract with the company, bo should have received about £3OO for passion fruit sales, but the fruit rotted on tho ground. The Official Assignee: You were not living within your income, and when you came to Kerikeri why did you buy a second property when you were already in a messT Bankrupt said the prospects seemed so bright for passion fruit, but ho recogynised now that he should not have done so. A creditor was appointed to act in conjunction with the official assignee to realise any assets.