MEETING IN BANKRUPTCY

Otago Witness, Issue 3494, 22 February 1921, Page 13

MEETING IN BANKRUPTCY

MESSRS MURCHISON BROTHERS. I Mr W. W. Samson (the Official Assignee in Bankruptcy) on Tuesday morning presided over a meeting of creditors in the estate of Messrs John and Christopher Murchison farmers, of Lawrence, who have 1 been adjudged bankrupts. I The statement ol liabilities and assets was as follows: —Unsecured creditors, £656 13s 2d; secured creditors, £2351 8a I 8d; less estimated value of securities, ! £2375; total assets, £392 16s lOd; deficiency, 1 £263 16s 4d. j The principal unsecured creditors were as follow: —J. G. Ward and Co. (Invercargill), £170; J. A. M’Raa (farmer, Browns), £165 12s lOd; Archibald Chisholm (labourer, Limehills), £52; M‘ William Bros. (Winton),£42; Herbert and Co. (Lawrence), £39; Reid and Gray (Dunedin), £3l 13s lOd; Booth, Macdonald, and Co., £3l; Commissioner of Taxes (Wellington), £27 i 7s 2d; Mason and Co. (Lawrence), £2l 13s i 4d; and Tuapeka County Council, £l4 8a 2d. ! The secured creditor® were as follow: — George Caldor, £1325 18s 6d; Mrs Austin, £150; Mrs H. M. Moore, £6S4 7s 4di New Zealand Loan and Mercantile, £IBB 2s lOd. In the course of their statement the bankrupts stated that about three years ago they exchanged a farm near Lawrence with one they had at Springhills. in Southland. On taking over the place they also took over a mortgage on it of £llOO, and they borrowed a further £950, Out of that £950 they paid £BSO to clear off | debts and second mortgages on the Springi hills place, leaving them with about £IOO, I whioh was all they had. The first year ehey I started to put in 60 acres of crop, which j turned out a failure, as well as 30 acres of turnips. They also bought 380 sheep, and had to keep them for nearly two years. These sheep were shorn twice, and the bankrupts scarcely got what they paid for them wool and all. They lost seven horses worth about £2O each during the time they had the place. The second year’s crop was fair, and was represented by the chaff now on the farm, but they did not get any turnips sown on account of the loss of the horses. Last year they put in grass and rape, but these were both failures. I Bankrupts were examined at length as to t what they had lieen doing on the farm ! during the last nine months. In reply to ; questions, John Murchison said that about 30 acres had been ploughed. They had mostly been keening down tho rabbits after the place was offered for sale in August last. Mr Samson said it appeared that the bankrupts had been very poor farmers. Apparently they had done little else besides rabbiting during the last nine months. All that remained to be done, apparently, waa i to cle-ar up the assets. On the motion of Mr J. Bows, seconded by Mr J. D. Blyth. it was decided to leave | the matter of realising on the farm and the j stock in the hands of the Official Assignee. 1 —— -, —,