IN BANKRUPTCY.

Otago Daily Times, Issue 19048, 19 December 1923, Page 13

IN BANKRUPTCY.

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of Archibald Morrison, farmer, Lakeside, Kaitangata, was held in the Courthouse, Balciatha, on Monday afternoon. The creditors present were:—Messrs Malcolm Morrison, W. Stephenson, R. Bonisch, J. R. Copland {representing the National Mortgage and Agency Co.), and R. R. Stewart. Mr R. R. Grigor appeared for the bankrupt. Mr Stewart was voted to the chair. The Official Assignee was not represented at the meeting. LIST OF CREDITORS. The estate showed a deficiency of £1484 17s 7d. The amount owing to unsecured creditors was £1627 17s 4d. Assets: Shares in Ka.itangata Co-op. Dairy Co., £45; milking plant. £1C0; total, £145. Deficiency, £1484 17s 7d. The unsecured creditors were:—National Mortgage and Agency Co., £787 14s 6d; Win. Stephenson (newsagent, Kaitangata), £7 Os 2d; R. J. Bonisch (plopghman, Kaitangata). £l6 16s; F. S. Edwards (blacksmith, Kaitangata.), ■£2 Is 9d; M'Gnicr, Taylor and Co., £l7 Os 3d; W. D. Paterson (bootmaker, Kaitangata), £2 2a; P. C. Hislop (Balelutha), £B'9s; R. and T. Espio (drapers, Kaitangata), £l4 9s; Import Co. (Balelutha). £25 ss; Leonard Bros. (Balclutha), £l6 10s 8d; Wtn. Ramsay (blacksmith. Stirling!, £2 9s 6d; Stirling Dairy Factory Co), £1 7s; A. Cohen (draper, Balclutha), £4 2s; J. and J. Arthur (Dunedin), £l2 12s; G. MTCiulay (baker, Kaitangata.), £8; R. Aitchison (carpenter, Kaitangata), £l2; Malcolm Morrison, Alexander Morrison, and Susan Morrison (Stirling), rent of farm, approximate, £700; total, £1627 17s 4d. BANKRUPT’S STATEMENT. “I started on my lately acquired farm in August, 1913. I was then solvent. I had a herd of 36 dairy cows, 15 other cattle, and eight horses, and the usual range of implements. I owed only a few small store accounts. The farm was leased for 10 years from September 1, 1913. I erected a dwelling house costing £360, and a dairy and cow shed costing £59. The lease allowed me to receive £350 valuation for buildings, hut this has been swallowed up in arrears of rent. As soon as I started I had to buy hay and turnips for my cattle, and this was immediately swept away by the 1913 flood. This also forced/ me to cultivate the hill portion of my farm, which proved most unprofitable. I then started an account with the National Mortgage and Agency Co., and had to got advances from time to time to carry on. In 1917 during May another severe flood caused me to suffer a loss of over £IOO through destruction of turnips and hay and loss of milk. In January, 1919, I again suffered through the severest flood in the last 40 years. My loss was estimated at £856. Even after this loss I fell I could see my way through, as flood protection works were in progress, so I carried on. The harvesting season of 1922 was so wet that I made nothing out of it. The year 1923 promised to yield a good refurn, but in April there was another flood, and I lost my whole harvest, together with other losses, the toal of which I estimate would bo £SOO. In addition to the various losses I lost £195 10s worth of cattle. These different floods, besides the direct loss, made it impossible to proiierly farm the land for some time after. The ground was soaked, and English grasses wore killed. I gradually got further and further behind, and the company, who had a security over my assets, had a clearing sale. Everything was sold at a disadvantage, the stock being poor after tile winter, which had been preceded by a flood in late autumn. My agents’ ‘ statements of account, together with my bank book, dairy factory returns, and store account, show all my dealings." Bankrupt, cross-examined by Mr Grigor, said be bad about £440 left him about live or six years ago. The legacy was to be divided between himself and his wife. His £220 went into the farm and part of his wife’s £?2O was also sunk. He gave (ho National Mortgage ami Agency Co. statements of his accounts from time to time. He gave statements of his assets only, and not of his liabilities. The Chairman (Mr Stewart) said bankrupt’s assets were practically nil. The hanhrunt had £45 in shares in a co-opera-tive dairy company, and these shares were only good to supnliers. If the creditors were not. satisfied with the bankrupt’s statement thev could have him examined by a judge of the Supreme Court. The meeting was adjourned sine die.