A BANKRUPT ESTATE.

Otago Witness, Issue 3882, 7 August 1928, Page 14

A BANKRUPT ESTATE.

A meeting of creditors in the bankrupt estate of Richard J. V. Cragie, farmer, Tahakopa, was held on Tuesday afternoon before the official assignee (Mr W. D. Wallace). Mr J. O’Shea appeared for the bankrupt. There was a sum of £1366 5s 8d owing to unsecured creditors, and on the assets side was £2O value of furniture.-

The following is a list of the chief unsecured creditors: —Commissioner of Crown lands, £1060; Richard Cragie (Anderson’s Bay), £200; Hugh B. Calder, £57 Is lOd; National Mortgage, and Agency Company, £32; South Otago Hospital Board. £5O; Co-operative Fruitgrowers of Otago. £2l 18s Id; W. J. P. M'Culloch, £2O; E. A. Choo Quee, £2l; Dr Kenneth Ross, £l5; J. B. Hislop, £l5; Dr Stenhouse, £l3 2s 6d; Wright, Stephenson, and Co., £10; Donald Reid and Co., £26. The bankrupt, in his statement, said that he had started farming in 1921 at Tahakopa. He had roughly £4BO of his own. He received an advance of £l6BO under the Discharged Soldiers’ Settlement Act, and also an advance under the same Act for stock amounting to £750. The farm was a bush farm, and he carried on a bit of dairying. He could not do any good from the start. The farm had been bought just before the slump in butter-fat, when prices had fallen from 2s 6d to 9d per lb,. He carried on until 1926, when he had to walk off, and the Crown took over the place. He went off the place with what he stood up in and a little furniture. He shifted to Campbell’s, and worked in the neighbouring mills. He started logging for Mr M'Culloch in 1926, but he had no sooner started than both of his horses died. Since then he had been struggling on as best he could. However the sawmilling business had got into a very bad state, and he was faced with a lot of sickness in his family. He had had to file in consequence of a succession of judgment summonses served and threatened to be served on him. In the past year but one Mr Calder had been in ■ partnership with him in the farm. The money, he owed Calder was for his share, and a dissolution of the partnership, for stacks which had been burnt about a fortnight after he purchased them. He could make no offer. Bankrupt said that be had a wife and five children. He had no prospects of any permanent employment. For the past two years he had averaged about £l4 per month. To Mr W. Ward (who appeared for Mr Calder and the Co-operative Fruitgrowers’ Association): He had kept no books.

Bankrupt was examined at length to discover the manner in which he had paid for a motor car, which he had since handed to his father--

The official assignee said v he did not like this transfer of the car to the bankrupt’s father. He thought Mr Craigie, sen., should return it or pay something for it.

Mr Craigie, sen., said he would not do so unless he was forced to.

The official assignee said that the Crown Lands Department had written stating that it had written off its loss, and that it did not intend to make any claim, lie added that the bankrupt bad a 'wife' and five children, and the best thing would be to clear up the business as quickly as possible, to allow him to make a fresh start. The father might see his way to pay £65 for the car. This was half its cost when it was purchased. The bankrupt might also pay weekly , instalments and bring the total amount to give his creditors up to £lOO. It was decided to adjourn the case till August 14, to enable the bankrupt to make an offer on the lines suggested by the official assignee.

(For continuation of “Farm and Station,” see page 19.) .