LAND SPECULATION

New Zealand Times, Volume L, Issue 11657, 23 October 1923, Page 6

LAND SPECULATION

LEADS TO BANKRUPTCY

OFFICIAL. ASSIGNEE AND THE CREDITORS. “SPECULATION APPLAUDED.’* (Special to “N.Z. Times.”) AUCKLAND, October 20. Some twenty creditors were present yesterday at the examination in bankruptcy, before the Official Assignee, of Albert Henry Goodwin and hxs wife, Emma Mary Goodwin, for whom Mr Jacobsen appeared. The achedule of Goodwin, who was formerly a farmer, showed debts to nnseeured creditors as £2750 4s Id, and to secured creditors £6855 3s 9d, secured principally by mortgages over various properties. The value of the securities was shown as £10,040, leaving an estimated surplus of £3184 16s 3d. This was the only asset, and gave a surplus of £434 12s 2d over the total liabilities of the estate. Mrs Goodwin’s schedule showed £1452 7s owing to unsecured creditors. The estimated value> of the securities was £6915, leaving a nominal surplus of £3185. This amount, with other assets, £3OOO money owing, gave a nominal surplus of £5032 13s in the estate. LOSSES IN LAND SLUMP. Goodwin stated that he purchased a farm at Te Puke three years ago, putting all his money into the property, which he proceeded to crop. This did not pay, and lie was compelled to leave the farm and his equity of £3OOO. Since then he had liquidated some of his debts, all of his creditors receiving something, including money obtained on the maturing of bis son’s insurance. Bankrupt said he sustained heavy losses in the land slump, and Mrs Goodwin had a second mortgage of £4500 on a farm property which was “sold up,” the matter being still “in the air.” Pressure by two secured creditors was the immediate effuse of his bankruptcy. Most of his creditors were land agents. Replying to the Official Assignee, bankrupt said his proper occupation was that of a farmer. He estimated the To Puke farm to he worth £6BOO, but there were mortgagee on, it to a total of £4600. His wife had no interest excepting an equity of £l5O in a house at Te Puike. She had been speculating in properties, nearly always making a profit, and' he had also been buying and selling properties, probably 50 or more, both m the city and the country. “ALL ONE.” To a creditor, Goodwin said hig wife’s property and his were really one, as she had agreed to apply any of her assets •to liquidate his liabilities. On the moving q£ a resolujjott , questing that bankrupt’s discharge he facilitated, Mr Fisher declared his opinion that it should not go out to the public that a body of creditors applauded the actions of a man who had speculated in the manner of Goodwin; but this opinion notwithstanding the motion was carried with but one sentient. It was decided that the two estates should be wound up as one.