FARMER'S FAILURE

New Zealand Herald, Volume LXIX, Issue 21295, 23 September 1932, Page 10

FARMER'S FAILURE

PROPERTY AT TE AWAMUTU SICKNESS AND LOW PRICES [from our own correspondent] TE AWAMUTU, Thursday A meeting of creditors in the bankrupt estate of .Allan W. Signal, farmer, of Frontier Road, was held at Te Awamutu this morning. Bankrupt's schedule showed that there was owing, to unsecured creditors £438 19s Bd, and to secured creditors £28&7 15s lOd. The estimated value of the securities was £2OBB 10s, fhe total estimated deficiency thus being £I2OB 5s 6d. Bankrupt said he was a returned soldier, assisted by the Crown, and he purchased a farm of 50 acres in 1919, paying £IOO deposit and borrowing £750 through the Crown Lands Commissioner for stock and implements. Improvements absorbed a good deal of. tlje money. lii the first year 30001b. 'butVfer-fa.t was produced, but now he had 36 cows, with butter-fat production of over 10,9701b. In one year he lost 12 cows out of a Jicrd of 28, said bankrupt. In an eijdeavour to retrieve his losses he leased a Domain Board property at a low rental and spent £3OO improving this property find _ purchasing additional stock. His family had suffered a greet deal from Ri'-kness over a* long period and his position was made worse by having bought sand at too high a price, considering its ■productive value, and the big drop in produce prices.'' He valued the property Jo-day at £32 an acre and stock at £4OO. He had put the whole of liis energies and Cash into the property. » w ? s decided to recommend that bankrupt's discharge be facilitated.