STRATFORD FARMER FAILS

Taranaki Daily News, 17 December 1926, Page 15

STRATFORD FARMER FAILS

UNSECURED DEBTS OR £316. PRACTICALLY NO ASSETS. The slump and the fact that he was imprisoned for six months subsequent to a charge of manslaughter were the reasons for his financial failure given by John Thomas Martin, recently a farmer, of Stratford, when he appeared before the Deputy Official Assignee (Mr. J. S. S. Medley) at New Plymouth yesterday. An examination of the bankrupt revealed the fact that there were practically no assets in the estate, but on the application of Mr. W. Wilson, the chief creditor and the only one present at the meeting, bankrupt agreed to supply a statement showing what monies were received from the sale of land and stock, and how that money was expended. Bankrupt also agreed to forward his bank books to the D.O.A. for inspection. Bankrupt’s financial statement showed that a sum of £316 4s Id was owing to unsecured creditors. The only assets were furniture valued at £7O, leaving a total deficiency of £246 4s Id. The unsecured creditors were as follow, all being of Stratford, except where otherwise stated: —Charlqs Martin, ironmonger, £7 3s 4d; Sanderson and Judd, plumbers, £5 8s; Dr, D. Steven, £7 10s; H. Brooking, carrier, £3; A. L. Rawles, draper, £lO 6s 7d; E, G. Foster, bootmaker, £5 2s 3d; Harston and Sommerfield, butchers, £25 5s 4d; W. G. Liddell, stationer, £5 0s 9d; R. RKuewstubb, electrician, £8 Ils; Lamplough, butcher, £2O 8s Id; Egmont Coach and Carriage Company, blacksmiths, £l2 2s 9d; Stratford Motors, Ltd., £l2 Ils; Mcßean and Childs, blacksmiths, £3 las; Rogers and Co., motor mechanics, £l5; F. Flintoff, farmer, Kai Iwi, £5O; W. Wilson, farmer, Inglewood, £125. For about 21 years he had a farm on the Pembroke Road at Stratford, said bankrupt in his written statement. It was practically standing bush when he took it, and when he sold it, it was nearly all cleared and stumped. At the time it was sold, it was mortgaged for about £4OOO. When things were booming in the district he also purchased a leasehold property on the Warwick Road. This farm was paying until the slump came, when on account of there being no buildings on it he was forced to give, it up, and it was sold by the mortgagee. Lack of finance made the Pembroke Road farm a constant trouble, but he kept it until he had the misfortune to have an accident and he was arrested on a charge of manslaughter. As a result, matters began to look black for him. He was unable to arrange for a renewal of the mortgage, and one of the mortgagees threatened to sell him up. Bankrupt was able to sell the farm subsequently at about half the price at which it was valued, but out of the cash received from the sale there was nothing left after paying arrears of interest, legal costs in connection with the Supreme Court trial and commission. He was sentenced to six months’ imprisonment. Upon being "released he returned to Stratford, but was unable to obtain employment. He was new working at the lime wo£ks at Toko and was receiving 14s a day. Recently his largest creditor obtained judgment against him, and another creditor had issued a summons against him. He attributed his present position to the slump, and to his being put in prison. He thought that if he had not hud the unfortunate accident, he could 'have carried on the farm and been able to pay his debts.