BANKRUPT FARMER

Taranaki Daily News, 29 April 1931, Page 7

BANKRUPT FARMER

LOSS ON LARGE HOLDING. NOMINAL SURPLUS SHOWN. Losses in stock and the low price of wool were given as the chief causes of jiis bankruptcy by Lionel Shafto Chamberlain. farmer, of Hairini, who met his creditors before the official assignee, Mr. V. R. Crowliurst, at Hamilton on Monday, .. The schedule showed debts owing to unsecured creditors at £1277, and £14,982 owing to secured creditors, the securities being valued at £17,096. Assets wefe given as £2393, leaving a nominal surplus of £lll6. In his statement bankrupt said he purchased a farm of 972 acres for £19,926 in 1920, paying £2OOO in cash. He was worth £20,000 at the time. He bought a herd of 145 dairy cows at an average price of £2O a head, but lost considerably during the slump of 1921 and later sold the herd at an average of abopt £3. Owing tp the drains flooding as a result of the wet season, the pasture on the swamp land was destroyed. Blackberries rind gorge proved a. heavy annual liability., Bankrupt then stocked the farm with sheep and experienced two good seasons. However, the stock became badly affected with parasites, and nearly 400 were lost during the past two years. His wool had realised only per lb. this season and the lambs had been most disappointing. Bankrupt’s lyife had invested £5OO in the property, but was riot shown as a creditor. . , Questioned by the official assignee, bankrupt said the lend, which was Swainp, had not proved as good as he had hoped, and his returns had been disappointing. He could make no offer to liis creditors at present. The official assignee said the interest on the mortgages was so great, that the estate could not possibly carry it on. A resolution that bankrupt’s discharge be facilitated was carried unanimously and tile meeting was adjourned sine die.