MEETIING OF CREDITORS.

Otago Daily Times, Issue 17465, 6 November 1918, Page 8

MEETIING OF CREDITORS.

EERJ. SCA_NLAN.

A meeting of creditors in the bankrupt estate oi Jirnest J. bcanian, oi Beaumont was neid beiore ivLr iv. N. H. Omcial As&gnee, yesiemay. Ihere were lour creditors present, aau Mx J3, Brascii appeared ior tho banJurupt. The bankrupt's statement showed that in May, lbj.o, be drew a section in tho Beiianiy settlement, containing 4.3iJ acres, m a Government baliot, and took possession m June. He had then iJbIAJ —about £040 cash, and otuer asseta consisting ot a cottage and section at KumurJy, and a motor cur. He had no practical experience oi lorming. He was deceived by mnaieaoing survey marks, and lound that the property was cut in two by an adjoining larin, whioh made his property less vaiuaDio and more dilhoult to woru. in July, 1915, lie purcu.isod «w ewes, and in August 494 ewes, costing over iios per head landed on uhe farm. They were turned out on land that contained tutu, uuder-runners, and lawyers. Within a week 48 ewes died. The boundary tenoe was bad, and he lost a number ot the sheep, so that he shore only 656. At the lambaig he had 343, out ol which he lost many, ihe 1916 clip consisted of seven bales, and realised £i 64 Is 7d. frosty weather hindered plouglung with hired horses, and killed 90 lambs. He attributed his position to misiortuiie, high rent, bad survey, spending too mjcti money 01. improvements, loss of stock, and failure of crops. The amount due to unsecured creditors was £212 12s 7d, and estimated surplus irorn securities in hands of secured creditors ±1112 i a sd; value of furniture, £25. The prit. cipa.l creditors wero Lands Department, £201 li 6d; The National Mortgage and Agency Co., £341 7s; Bristol Piano Company. £34; Mrs M 'Galium, £■)(); J. B. Scanlon "Milton £20; Mrs E J. Scanlon, £27 13s; J. M'Ara Lawrence, £24 19s 4d; and small creditors making a total of £506 14s 6d. The bankrupt explained his position in answer to questions to the satisfaction of the creditors present, after which Mr Bray said his company (National Mortgage and Agency Co.) would fall in with the veiws of the other creditors. It secmod that tho bankrupt had done his best on a poor place. He moved: " That it is believed that the bankrupt had done his best and that his position was mainly due to misfortune, and that ho receive his unconditional discharge —Tho motion was seconded -by Mr Todd, and car. led. —It was further resolved that the bankrupt bo allowed his furniture.