IN BANKRUPTCY.

Taranaki Daily News, Volume LI, Issue 84, 28 March 1908, Page 5

IN BANKRUPTCY.

A 1 meeting of creditors ill the bankrupt estate of James Alfred Carr, farmer, Albeit road, near Inglewood, was held in the offioe of the D.O-A. (Mr J. S. S. Medley) yesterday. There were present besidps the D.O.A. and bankrupt, Messrs Blaclt, Price, Ansford, Mr. McAllum (for Mrs. fctock), Mr. H. Thompson (for Messrs vickers and Stevens aud the Moa Fanners' Union), and Mr. Weston (for bankrupt). The statement of accounts showed value* of securities €1412, secured creditors £1237, unsecured creditors t'575. Assetfa were by stock, etc.. £172- 10s; eashf in hand, £5 llis sd; furniture, £10; sSrplus after meeting secured creditors, iJ£l7s; total, £3ti;i 3s od. .The deficiency was £212 13s 2d.

The: secured creditors are: Government Advances to Settlers Department, j £7OOE Mary Ja.ue Stock, £207; TShaildr Weston, £.TOO; total, £1237. Unsecured creditors are: Moa Farmers' Union, £32 10= 3d; Chaa. Ansford, | £4l; Dr. Gault, U)s tiV; 'Taranaki Daily News, 1 " £1 15s; Abel <Jamlin, £4: Newtoil King, £G 4s 4d; Ilr. Fookes. £4 4s: Robiison (Inglewood), £1 lis tid; NX. Dairyman, 7s: tlnglewood), CI 10s; Taylor (Inglewon,'i), Us; Viekers and Stevens (Inglevnod'y, £2i lips aud £6o 5s 3d; Richard Prii'e < hgni'mt Village), £25; .jame~ ' > r.ln: | New Plymonth), £SO: Tar.inaki ( "Vunty toniieil, £4 18s; Waiwakaiho Iloaul Board. L--10a 4d; Harbor Board, Cl'ils sd; l.tranaki School Commissioners, 15s Shi: Mr«. G. A- Houlahan (Kent roadf, CIIKI 1 ; - 3d; Greiner, £1 U)s; total. So"t llis nl. Bankrupt, in his statement, -aid |! went on to the farm in April. i*K)2. u 1 > ■ ing £llOO for it. He borroweu V £.UO from the Government Advances to' Settlers, £2OO on second mortgage from Mrs. Stock, and £2OO from Mr. Khailer iWeston on third mortgage. He borrowed £230 from his sister, and bought stock with it, aud paid the balance of purchase money and costs of eon\eyan<s\ etc. He had "had six milking seasons, and received £709 from the tactory, or

£l2B a yp.ir. Besides that he had tinpig and c-alf money. H»* couldn't cut the blackberries Uy hi?* own labur ulone, I and paid approximately C 34 a year in labor, besides house lal>or. He had lost a number of cows through sickness and accidents. He had had to pay interest on all the borrowed money, and hid n«ver been extravagant in any form. He put down his failure to the fact that hi*! form could not produce enough to pay for labor required, for in cattle, and for interest on borrowed money. He hadn't sufficient money of hi* owu to nuke the farui a success. He had put in *IOO oi his own money winch he had received after he bought the farm, and a further 1100 borrowed from Mr Weston, and about L>•"> that

had borrowed froui other creditor*. la his examination, bankrupt stated that he held a Sell"'1 Lommlssionels-lea-e of nine acres aud p.iid €1 lis lid a year rent. The interest lo Mrs. Stock I vra- 7 Jier cent.

To .Mr. Thompson, bankrupt said lie milked 32 cows and valued his total asset- at £172.

Mr. Price moved that the stock aud equity of the farm be sold by MesfcrsVickers and Stevens on some date to suit them before Easter.—Seconded by Mr. Ansford and carried. On the motion of Mr. Thompson, seconded by Mr. Ansford, bankrupt was allowed to retain his furniture. Mr. Price stated that the horse and trap belonged to .Mrs. Carr. and he lind j.r'-«nted them to her. | Mr I b<..ii],-.jn -aid h- roi.-id.-i .-.1 W:, nkrupl'- po-i'ion wan a '-asv "f insulli'-ient r..|iii;il and hard luck. I Mr. j lost a lot of cattle at different lime-. II Mr- Medley stated that there were shares in the factory fnllv paid up, and thev would probably letch full value. The meeting adjourned sine die.