MEETING OF CREDITORS.

Otago Daily Times, Issue 17657, 21 June 1919, Page 15

MEETING OF CREDITORS.

IN RE M. HOARE. The first meeting of creditors in the estate of Michael Hoaro, farmer! of Beaumont, was held yesterday afternoon. Tho official •assignee (Mr W. W. Samson) presided, and Mr W. L. Moore appeared for tho bar.krupt. Jiankruptfs statement showed that ho had unsecured creditors to the amount of £1440 16s 2d, and secured creditors to the amount of £550, tho securities being valued at £1200, which left a surplus of £700. On the credit side there wcxo: Stock-in-trade, £387; debts owing, £100; proceeds from solo of turnips, £59 19s; furnituro, £50; and surplus from securities, £700; making a total of £1296 19s. The deficiency was £143 17s 2d. Tho principal unsecured creditors were the New Zealand Government, £219 3s 3d; If. H. Clark, Lawrence, £10 Is; D. E. Johnstone, Beaumont, £14 10s lOd; W. H. Hogg, Lawrence, £13; Stronach, Morris, and Co., £44 16s 7d; Todd Bros, and Co., Horiot, £41 3s 4d; Otago Farmers' Cooperative Association, £18 10s 6d; John Thompson, Lawrence, £982 17s Id; Tuapeka County Council, £12 12s lid; John Hoare, £23. [Messrs Todd Bros, and Co. inform us that their name is wrongly included in tho list of creditors.! The secured creditors were: John Beaumont Thompson and Harold Tanton Thompson, Lawrence, £500, tho security being over a leasehold property (lot 9a, Bellamy Settlement, containing 438 acres). Bankrupt's written statement was that he took up lot 9a, Bellamy Settlement, in May, 1915. He had about £150 in cash, and his son Thomas had £100. Ho (bankrupt) had also 11 horses, two drays, one plough, harrows, and 25 head of cattle, all of which he put on the farm. In taking up the property he was financed by John Thompson, land and estate agent, Lawrence, and Mr Thompson had continued to finance him up till about a year ago. The rental payable under the lease was £120. Most of_ the £250 cash was spent on crops and in improvements on the farm, such as breaking up and clearing during the first year. During the second year 35 out of 36 head of bankrupt's cattle and four out of 11 horses died. In 1917 the turnip crop was an absolute failure. Ho had about 300 sheep at tho beginning of 1917, but during the year he lost 200 of them owing to the severe winter and lack of turnips, of which there was a general "scarcity. In June, 1917, he bought two horses, making his total number nine, but three out of the nine died. In 1918 he put 25 acres in oate in October, and later 40 acres in turnips. He cut only about five acres of oats, the rest being levelled by a snowstorm just before last Easter. There was only about half the turnips there should have been. He also lost three more horses In January, 1916, he took up a contract with the Government for £300 for forminc culverts and metalling the road to Bellamy bettlement. Owing to delay in getting a grader from the Tuapeka County Council that contract was only recently finished He undertook the contract because the work was close at hand, and ho reckoned he could work the farm at the same time. In February, 1918, he took up a countv con tract for £200 for metallinf the 3 road to Beaumont, but made nothing out of it otSE* a ha £ der than he estimated: Id October, 1918, he took up a further £f £$> T*? £° Co " ntv co^i for £000, but through bad weather he could do only part of the work, and the money lor that was now owing to him. He also engaged m three ploughing contracts since T9IS oL"£ iml; faXl ? ; one - "■ 1915, one in 1916, and one in August, 1917 He had had to take on these various tt"* 8 f beCanSe * here , w *s not sufficient from the farm, and he had to try to earn something independently to keen sroW On May 27 last Mr John Zf 6btamed judgment against him for £158 It 1919 ' that nf Tfcn^L 3 of w hlS £ e 2 Cral a ? count *M> John Thompson. He had received no account from him for three years at least, Cd consequently had no idea he was so far behind. On June 4 Mr Thompson Issued a warrant of distress against his fWnl rupt's) effects and to Set his ofir creditors bankrupt decided to file He *? <*»" rent »l being too high and. to the loss of stock and al fc° f J Urnip CropS '- Bankrupt was examined at some Wfh by Mr Fletcher (solicitor, Lawrence) X represented some of the creditors as to of moneys and their disburse ' recTonedln'atT./^ 6 CTeditora ' "& *° reckoned tnat £50 a year was amole rent Pim th r pl £?' * a ? d J paS £100. Bankrupt had o-one out +h*™Z?-lZ >t £? otlon wa a carried. l,«, &m moved that the estate