MEETING OF CREDITORS

Southland Times, Issue 19590, 11 August 1922, Page 2

MEETING OF CREDITORS

. A FARMER’S FAILURE. A meeting of creditors in the estate of Henry Cox, senior, farmer at Tussock Creek, was held at. the office of the Deputy Official zkssignee yesterday, when there wire present the following:—Messrs Owen (Southland Farmers’ Co.-op. Association), J. Mehaffey (J. G. Ward A Co.), W. T. But er, W. E. Taylor (National Mortgage & Co., Ltd.), Haggitt, and W. P. Hodgkns (Bank of New South Wales), (Southland Farmers’ Co.-operative Association). Mr Robertson appeared for the bankrupt. Bankrupt’s statement showed the amount owing to unsecured creditors at £879 7/1 and assets at £ll9O, including equity and stock on farms, leaving a surplus of £3lO 12/11. The chief unsecured creditors were: Southland Fanners’ Co.-operative Association, Ltd., Invercargill, £525; New Zealand Loan and Mercantile Co., Ltd., £B7; J. H. Tattersfield, Dee street, £6O; National Mortgage and Agency Co., £5O; J. G. Ward & Co., £25; Bath and Sons, £22; and other smaller amounts. The st tired creditors were Bank of New South Wales (amount of debt £4260 and security £5050). hi his sworn statement, bankrupt, said he was a farmer at Tussock Creek where he had been for the last 32 years. The farm consisted of 480 acres and there was a mortgage on it to the Bank of New South Wales of £4260 which also included the stock, valued at £250. Throe years ago he bought a property al Hedgehope in the joint names of himself and his son Henry James Cox. While there they dealt chiefly with the Farmers’ Co.-operative Association who financed them, witness ran the Tussock Creek farm entirely by himself, being financed by the. Loan Company. A man named Laidlaw had a first mortgage of £l5OO on the Hedgehope property and the Southland Farmers’ Co.-ojierative Association for £lB5O. Two years ago Mr Simpson suggested that his son should take over the Hedgehog)© property in his own name and the firm would continue to finance him. Witness understood thereafter that he was finished with the property until he got a letter two weeks ago from the Farmers’ Co.-operative Association’s solicitors demanding £2750 on account with Cox and Sou. He had received • no notification between the dales mentioned. Shortly before his son's bankruptcy they each were notified to pay on the Hedgehope farm or the pro[>erty would be seiaed, but witness thought that had isimplj r been done to get possession of the crop at Hedgehope wliich his son had promised to his unsecured creditors. About two years ago the Bank of New South Wales made an advance to pay off the first mortgage and he then dealt with the Farmers’ Co.-operative Association. Two years ago he bought another farm at Hedgehope from Coster Bros., 178 acres at £l3 per acre. He had paid £5OO on it. H® had done no good with tins farm, which he believed Coster Bros, would take back at the amount owing. There were 33 acres of turnips on the farm. Witness said he considered his failure was caused by the slump both in regard to stock and produce. He had gone in heavily for oai» during the last two seasons, but the price did not pay the bbour. Last year he sold al 2/7 per bushel and. this year at 1/9. Hfo furniture was all fairly tdd and it was (juestk)liable if it would kmnp; £5O, the value shown in his statement. Bankrupt wai< then put through a search ing cross-examination regarding certain stock on his property. Witness said there h ad been only two homes sold in the last six months. These had brought £75 each. He knew they belonged to the bank, but did not anticipate that he would go bankrupt. He did not think he had sold any cows since the bank got security. Two years ago he bought a Maxwell car at £425, which he had reduced to £9O. It was decided that the plant should be sold by aJJction together with the stock, arrangements to be made with the bank aocordiQgtF • Bm qWd

be allowed to have their Hodgehope farm back in full satisfaction of all bankrupt's liabilities, to include turnips, but not stacte; and that the furniture be handed to bankrupt's wife.