A FARMER’S FAILURE.

Otago Daily Times, Issue 20290, 24 December 1927, Page 7

A FARMER’S FAILURE.

MEETING OF CREDITORS HELD. VERBAL PARTNERSHIP DISCUSSED, Yesterday afternoon a meeting of creditors was held in the office of the Official Assignee in Bankruptcy to discuss the affairs of Alexander Dick, jun., a farmer, of Portobcllo. The Assignee (Mr W. D. Wallace) presided, and bankrupt was represented by Mr H. Baron. The statement of bankrupt’s affairs showed that his total debts amounted to £242 13s Id, while his assets totalled £54 7s 9d. The principal unsecured creditors were : u_wright, Stephenson, and Co., Ltd. (Dunedin), £143 19s 3d; A. Wilkinson, £2B os; T. Jamieson, £2l 10s lOd; and A. Dick, sen. (Portobello), £2l 17s sd. The only secured creditor was the Waitakx Dairy Company (Dunedin). The amount of the debt was £l4 12s 3d, and the security was £SO. In his written statement the bankrupt said that up to July, 1925, he carried on a partnership with his brothers. One brother took ill, and the partnership was split, bankrupt coming out with a debt of £3B 10s 4d to Wright, Stephenson, and Co., Ltd., and other debts —in all about £SO. He worked as a labourer until February, 1926, when he came to an arrangement with bis father, by which the father was to supply land and cattle, and he was to do the milking. Each was to take half of the gross proceeds from the sale of butterfat. He attributed his failure to starting at the wrong time of the year, to the trouble he had with the cows during calving, and to the poor year with its accompanying low butter-fat prices. In reply to questions, the bankrupt stated that there was no written agreement between himself and his father. When each required butter for personal use he helped himself. The only stock that bankrupt had sold were a few calves. He could not account for his action in selling calves which belonged to his father. To Mr C. J. Payne: He would deny that he was merely working for his father. The partnership was made verbally on his father’s property in a paddock near the milking shed. Pressed by Mr Payne for an cxplanation of his ’position, bankrupt stated that he bought a bull for his father. He expected his father tc pay for it. _ . Mr Payne: Why did you confess jucigment for £26 5s when it was bought for your father? Bankrupt: I can’t follow you. Mr Baron; He is tied up. _ Mr Payne: Of course, he is. Mr Payne asked who would benefit by any increase in the number of cattle. Bankrupt; My father. The Assignee said that the milk was not equally divided, although the bankrupt was working on a share system. A creditor asked who supplied the motor car and petrol for two trips to town each week, and what became of the .boat and net.

Bankrupt: My father had a car. _ After further questioning the Assignee said it was clear that the bankrupt did not know how much milk he got. In evidence, bankrupt’s father who had been absent during the cross-examination of his son, said that the verbal agreement had 'stipulated that each should receive half of the cream. His part was to supply the land, the cattle, and all the working arrangements. The son supplied the milking machines. In his opinion, the arrangement was a fair one. In regard to the bull, he did not buy it, but he did not object to his son buying it. He thought he had made a very fair agreement with his son. . In reply to the Assignee, witness sam he would not make any offer to the creditors. It was decided to adjourn the meeting for a month to give bankrupt or his father an opportunity of making an offer to the assignee.