BANKRUPT FARMER.

Poverty Bay Herald, Volume L, Issue 16495, 30 July 1924, Page 8

BANKRUPT FARMER.

O. WAIDE’S FAILURI

The following petition of bankruptcy has been filed with the Deputy Assignee by Charles Waide, of Gisborne, farmer : ‘ “On May 1, 1920, I purchased from Mr. John Mackay, at native leasehold property for £3200, paying ,£ISOO cash and leaving the balance of £I7OO on mortgage. I had dairy stock valued at £240 when I took over the property, and purchased further dairy stock through Common, Shelton and Co. to the value of £SOO, averaging £l7 per head. To pay for this stock I arranged an overdraft at the Union Bank, Tolaga, giving a lien over all of my stock and chattels as .security. The rent, interest, rates and taxes on this property was approximately £SOO per year. At the time butter-fat was worth 2s to 2s 6d a lb., and I was making a fair profit from the farm. From time to time I bought small lines of sheep, paying high prices for them. When the slump came I had to sell the sheep at less than half what I paid l for them. Prior to taking over this property I was engaged .in wool carting, and doing well. 1 purchased a motor-truck from the Gisborne Sfieepfarinei'U Company for £I2OO, paying £2OO deposit on it. I was carting to and from Gisborne, having a contract with the dairy company for the carting of their butter, to Gisborne and hack loading from Gisborne. When I found 1 could not attend to the carting Business and the' farm, I arranged with Mr. G. Ancell to take over the'truck and my contracts. Mr. Ancell did not make a success of his venture, and the truck was seized by the mortgagees. I, however, was still liable for the balance due to the Slieepfarmers’ Company, and a writ was issued against me. This action was settled by my losing the truck and judgment being entered against me for £SOO. I then found that I was quite unable to keep the farm going. The rent and interest is much in arrear, and as the place is quite unsaleable I have had no option but to give it up to the mortgagee. Under the circumstances I consider the best and only course to adopt is to file, so that my creditors will all share equally in my estate.” An examination of the financial statement shows total debts owing to unsecuredl creditors amounting to £707 16s Bd. The total assets amount to £564 (property), leaving a dcfibiency of £143 16s Bd. v The following are the unsecured creditors :—Gisborne : Gisborne Sheepfarmers’ Co., £500; Gisborne Motor Service, £1 ss; L. Richardson, £2 5s 4d; Primes, Ltd., £6 8s 9d; Common, Shelton and Co., £lB 19,s 7d; T). J. Barry. £l3 16s 6d. Tolaga Bay: J. D. G. Thornton, £2 14s lOd; B. V. Hickey, £6 12s ;*G. M. Colebrook, £97 3s lid ; Mitchell and 'Morrison, 11s; G J. Morrall, £4 14s 6d; Di\. IT. Weeks, £l4 4s 6d ; Tolaga Bay Motor Garage, £5 8s; J. R. Lincoln, £ll 10s; W. Farrell. £l3 11s 6d. Auckland : Brett Publishing Co., £3 8s 9d. Wellington : Osmond and Son, £5 2s 6d,