THIRTY YEARS HARD WORK

NZ Truth, Issue 1018, 30 May 1925, Page 8

THIRTY YEARS HARD WORK

Then Bankruptcy

Flaxmiller Financially Flayed

It was a hard ..iale told by little Pat Henry, formerly a large flaxmiller, and a man well known to very many people m Auckland, whither he was wont to make frequent visits on business and pleasure m the years gone by, and up to.- '/'recent 1 times, when health and money both dwindled. Henry faced the Official Assignee, arid some of his creditors at Auckland last week-end with a schedule showing debts owing to secured creditors approximating ■- £ 2700, and to unsecured creditors debts : totalling something over £400. Securities were said to be worth £5200* leaving a nominal surplus of over £2000. Pat put m a plea- that the. creditors' should not make the wreck of his ship of fortune a total loss. "I ask creditors," he said, "to treat my position with the usual leniency which you extend to a decent man who has-been victimised, so that my property may not be sacrificed under a forced sale. By doing so not one qi ! you will lose a shilling, and you will- extricate me, my wife, and five children .from the unfortunate, position m . which . we are placed." The securities ■ comprised a farm of over 200 acres at Ohinewa.i, valued at £4000, and a homestead property of 7% acres, valued at £1200. Bankrupt told the meeting that he ceased flaxmilling at Ohinewai four years ago, as the disti'ict did not suit his health. At that time he was worth £11,000. His farm was then worth £6000, the homestead £2000. and -he had a property m Grey Street worth £1600, which he later sold for thai amount. He also had machinery valued at £1000 and cattle valued at £500. He was unable to dispose of his property, and his bank overdraft soared until his credit was stopped. He eventually sold, the fluxmill, but the buyer went bankrupt two years later. In addition to this, he lost his sight for nine months, 'and during this time disposed of his mill on a "homemade" agreement, by which he had lost heavily. In answer to interrogations, Pat said that he had been reared on a farm, and , had learned the general store- business, among other occupations. For thirty years he worked day and night. In 1912 he took up a block of land at .Ohinewai, and he used it partly for farming and partly for milking. He had made extensive improvements, which largely accounted for his bank overdraft. He had been forced to Hie by. bad luck. However, he now thought he had a likely purchaser for his property, and he felt confident that he would be able to pay every penny he owed. After much discussion, m whiqh it was. manifest thttt there was much sympathy with Henry, it was decided that the realisation of the assets should be left m the hands of the Official Assignee and two of the creditors. ':'■■,' '"■'...■