FARMERS FAILURE

Poverty Bay Herald, Volume LX, Issue 18208, 2 October 1933, Page 9

FARMERS FAILURE

estate of $. McDonald - TINY! OF CREDITORS An explanation of the circumstances k leading up to the filing of his petition I in bankruptcy was given by Mqrdo McDonald* of KTanakanaia, sheepfarmer, this ‘ afternjjpp, when a meeting of creditors in fhe bankrupt’s estate’ was held. The'QffidarAksigitpe, Mr. J. M. Nalder, pressed, and Air. N. H. llull appeared on shp babhyppis behalf. The following cfeaifoi’s ‘were present or represented. Tlie Commissioner of Crown jLanc||i (Mr. p. R. ARdl???! -New Zealand Loan and Mercantile Agency Company, Limited (Mr. 0. 0. Hansen), W. Carrington Miller (Mr. H. E. Briglit), the Public Trustee (Air. D. H. SmaUJ. Th£ assignee read to the meeting the followjng~fAatement made to him by the bankMpti^'' ’ “Bijr fta lg§t 2,\ years I.hayg been farmpng a 'Crown kase&old property at Kanqsanaia. In "the course of my farming operations J. incurred fairly large capital cnarges against my property, but had it not been for the slump 1 had e|ery expectation of meeting all my liabilities, (tying to the slump conditions existing’ during the last three years, I KaVe been unable to make the property pay, and although 1 fanned •>. my property as economically as possible 1 found myself gradually getting deeper into debt, and 1 can see no prospect of retrieving my position. I have no alternative but to file in bankruptcy, and have'handed over possession of the property to, the first mortgagee.” Upder examination by the assignee, the bankrupt sutedlhat in addition to the list of creditor's supplied to l the assignee, recently published, he was indebted to'F. hX Krause to the amount of £io3, and the Gisborne Harbor Board to the amount of £4l. The Crown lease- * hold which he had been fanning contalined 745 ac., and there was owing to tpo Crown Lands Department in respect on rept £1326 7s 4d. There was owing to Yf. Barrington Miller on mortgage the sum of £32H3, and £4074 to the I/jan Company, which held a second mortgage over the land and had a security Cser i|ie wjiole of the stock. The bankrupt gave a list of the stock on the propjjtipp Continuing, the bankrupt stated that the tyan Company handled all the produce of tty farming operations, and had dope so ever since lie commenced JarmraaU Mij. Bright announced that the first mortgagee vyas willing for the furniture to be handed back to the bankrupt, and he moved that that step should be taken, the motion being seconded by Mr Hansen and carried without opposition for confirmation at a special meeting. The' meeting was then adjourned siue die.