LAND TRANSACTIONS

New Zealand Times, Volume XXX, Issue 6494, 14 April 1908, Page 8

LAND TRANSACTIONS

BANKRUPTCY OF R. J. MCNEO. A LAND DEALER’S FAILURE. The meeting of creditors ia the estate of Robert John Ahinro, cj:u-u in agent, Wellington, caliod lor yostcr u.v morning, lapsed for want of a ouora.n, (i.ly two creditors being present. Mr A. bimpson Ufiicial Assignee, presided, bankrupt being represented by Air ,ew?y. The statement showed liabilities, all unsecured, amounting to .£421 ISs, there being no assets. The creditors are as loiiow : —llrophy and Alowlem (Palmerston North) .£95, K. Harden (Kimbolton), .£7O, T. Parkins (Palmerston) .£65, H. Bryant’s estate (Palmerston) .£65, Te Aro Loan Company <£ss, Tombs and Grubb r£iu, 1). Pringle ..£ll, A. Harrison •£!(), Bell, Gully ami Cooper .£6, B. Gotiiard „£6 Bs, J. Pairburn *£B .Os, T. Kerslake £o JOs, Playie Bros. «£5 10s, A. de Luen In a personal statement bankrupt said that in August, 19U-1, he exchanged one oi liis farms at T'ivzhorbert. comprising 168 acres, subject to a mortgage, for 014 acre.-;, Taonui, also subject; to a mortgage. He took a second mortgage for A9OO over the Fitzhcrbcrt place by way of equality. After that he exchanged tlm 314 acres for 230 acres at Inglewood, l<j acres at Peilding, and a ioase-in-perpetuity section at Ohakuno. No sum pas.-.cd by way of equality. The Inglewood property was subsequently sold by the first mortgagee owing to default under covenants of mortgage, and bought in by the second mortgagee. Ho received nothing out of this transaction. He then exchanged the Ohaknne section and the Kaponga place for 900 acres in Waikato, subject to iirst mortgage .£6OOO, second mortgage «£2OOO, and paid »£SO by way of equality. Being unable to meet the interest, and to avoid proceedings, ho took four sections at Trentham in settlement of interest in the land. About .£IOO was raised on these sections. The interest on this became in arrears!, and the agents who effected the deal with tho Waikato property took the sections over, releasing him from liability on the mortgage. He then'bought a section at . Awahuri, 60 neves, at .£l9 an acre, paying <£lls deposit, the balance being secured on mortgage- He took a second mortgage over the Awahuri place for .£450 by way of equity. In September, 1904, bankrupt exchanged the Ashhurst place and <£9oo second mortgage on property at Fitzhcrbert to Twistleton, for his farm at Fitzherbert. This farm ho exchanged for a farm at Urenui. Taranaki, the vendor leaving about <£4so on second mortgage. Tho Urenui place and 62 acres at Ashhurst, which ho purchased from one Boss in September, 1904, were exchanged to Dean Shute for half-share in a place at Kaponga and a shop at Palmerston North. Ho gave one Allman, who held the other half-share, the 16 acres in Feilding, the shop in Palmerston North, and an amount in cash for half his interest, he leaving .£550 on second mortgage. This place went in the Waikato deal. Tho other farm, the 427 acres subject to mortgage .£2050, ho still held at Fitzherbert. This he leased with a purchasing clause, and was eventually paid on it. With this money he paid on about .£450 due on second mortgage of the Urenui place. The second mortgage on the Awahuri place he exchanged for a section of 3 acres at Hokowhitu, and paid »£6O in cash. This was afterwards sold for .£350. Bankrupt then bought 200 odd acres at Te Wi. paid a deposit of .£SOO, and left the remainder on mortgage. This place fell back into the hands of the previous owner and bankrupt got about .£ls back. Last year he bought 30 acres at Karori for <£l6o an acre, paid c£so cash, .£950 to bo paid m a month, and <£7so in sis months. Before the ■ .£950 became due he sold 10 acres at .£3OO an acre, the purchaser paying .£IOOO in cash. Before the <£"so became duo he sold a half-share for *£looo. Ho was sued for a promissory note for Bankrupt then lot his. partner m this land take over his interest on condition that he paid the .£360. The.bulk of the claims represented commissions due to Cross-examined, bankrupt said he had <£°oo in cash in 1894, in addition to interest in land. He had kept no books. He had simply relied upon his bank- , book accounts for a statement as to his was then adjourned sine die the bankrupt being instructed to furnish the Assignee with s tatement of his affairs as disclosed by the ban* book within fourteen days.