SHEEPFARMER'S FAILURE
DROP IN STOCK PRICES PROPERTY MELD FOR 22 YEARS [FROM OUR OWN CORRESPONDENT] HAMILTON, Tuesday The drop in tho values of stock during tho last year is given as the cause of the bankruptcy of Charles Day, sheepfarmer, Te Akau. ' In a statement submitted to the official assignee, Mr. V. R. Crowhurst, to-day, bankrupt stated that £419 was owing to unsecured creditors and that his assets, consisting of furniture, were valued at £SO. Bankrupt stated that 22 years ago he took up 494 acres of land on lease at To Akau and he had been farming this land ever since. His equity in the property six years ago was £IOOO, representing the value of sheep and improvements. Three years ago the value of stock began to drop and ho lost his equity in his stock. Ho also got into arrears with his rent. Ho had previously made a reasonable living from the holding. In March last the Crown cancelled his loase and his stock was disposed of at a forced sale. He could make no offer to his creditors. There was no quorum at tho meeting that was convened and no action was taken.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21293, 21 September 1932, Page 12
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196SHEEPFARMER'S FAILURE New Zealand Herald, Volume LXIX, Issue 21293, 21 September 1932, Page 12
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