BANKRUPTCY.

Poverty Bay Herald, Volume XXVI, Issue 8415, 14 January 1899, Page 3

BANKRUPTCY.

Is his sworn statement before, tlio Official Assignee in Bankruptcy, William Alfred Hodge, of Te Knrakii," station manager, stated : — "I was a storekeeper at Awanui up to about the year ISilO, when I gave up business and took up a farm from the: Crown, being lot 2 of tbe Mnungataihiko 'block, Waiapn Valley, containing u'S2 acres, and I btartcd to improve the same. I had some means in cash and bonk debts at the time, about .£3OO or so. My improvements went on until I bad cleared of bush and grassed fully 400 acres. I bad a (hawing account at my bank, but about ISO 2or 1593 times became bad, and the bank was pressing. I then obtained a loan of .iotiO from Mr K P. Joyce to enable me to pay off tbe. purchase money of 10s per acre to tbe Crown, and subsequently T raised a second loan of £250 on second mortgage on the properly. With these moneys I paid oil' the purchase money and the bank, and went on with improvements. The loan from Mr Joyce was for a period of only IS months. When the money became payable the money market was extremely tight, and although I made every effort I failed to raise money to pay off Mr Joyce, and he foreclosed on me and bought in tbe property at sale under his mortgage for £100. I reckoned the liind, which was first-class undulating country, to be worth about £2 per acre all round, and Mr Joyce having foreclosed I was thus completely stranded, having nothing with which to meet claims against, me, which claims are almost wholly Mr Joyce's for the balance of loan money, £420 or so, and Mr Neville's claim as second mortgagee, about 4250. Since then I have endeavored to earn a living as a farm band — that is, since 1895, or thereabouts, but with the liabilities above mentioned hanging over me I am not able to eugage in any profitable occupation. All my books and papers were burnt, in a fire which happened, and I am therefore unable to give any schedule of debts owing to me, although I am sure there are a number of judgments against debtors in the Awanui district which might be traced from the Magistrate's Court books, but it will no doubt be difficult to reeovef on such at this date. The secured creditors are Edward P. Joyce, of Gisborne, £420, and M. Neville, of Arukihi, sheepfarmcr, £200. The unsecured creditors consist of a few small sums, which the debtor is unable to specify, but which do not amount to more than £10. The first meeting of creditors will be held on Monday afternoon, January 23rd, at half past two.