BANKRUPTCY OF FARMER

Taranaki Daily News, 26 March 1932, Page 19 (Supplement)

BANKRUPTCY OF FARMER

LOSSES OWING TO FIRES. STOCK DIED IN WINTER. Creditors in the bankrupt estate of Harbl'd Vincent Revell, farmer, Koru, met at New Plymouth on Thursday. Mr. J. S. *S. Medley, deputy official assignee, presided. The only creditor present was Mr. P. E. Stainton, so that the meeting lapsed-for want of a quorum and was adjourned sine die. A schedule submitted by Revell showed unsecured- debts totalling £7l 10s Id, while £3O 16s Id represented a secured debt and.£Bo 10s the estimated value of securities. The assets were set down at £B7 ' 13s lid, being, stock-in-trade (horses and implements) £3B, and surplus from securities in hands of secured creditors £49 13s Ud, leaving a surplus of £l6 3 s 2d, plus any moneys still to come from the Omata Dairy Company. Unsecured debts were: R. C. Stanton, storekeeper, Omata, £l2; Newton King, Ltd., merchants, £1 6s; Nolan and Co., auctioneers, £9; Stainton and Co., garage proprietors, £2l 8s Id; Mrs. Hurlestone, Australia, £25; G. H. Duke, carrier, Omata, £1 4s; O, George, tyie agent, £1 12s; total, £7l 10s Id. The secured creditor was the Egmont Loan Coihpany, for a debt of £3O 16s Id. In a written statement Revell said he had been farming at Koru for ten years. In 1923 he-look a sub-lease of the property on which he was living, the terms being ten years at £6O a year, with a compulsory purchasing clause for the goodwill of the head-lease at £950. He carried on successfully till about three years ago, when he experienced severe losses through fires that went over prac-. tidally fhe whole of his farm and destroyed most of the winter feed. He was at that time milking abdut 25 cows. During the following, winter, he lost several head and since then had been unable to make any progress. Further losses reduced his herd to nine cows. Owing to prices for dairy produce falling steadily he had not been able to find sufficient money to replace his cows or to purchase materials necessary to copo with weeds that infested the property. His remaining stock was subject to a bill of sale, and as he was pressed for overdue rent and could see no prospect of being able to carry out his obligations under the sub-lease he decided in the interests of all concerned to file before his liabilities became greater.. He was a single man, who for many years \ had provided a home for his parents and contributed towards their support. . - Examined under oath, Revell said there was.-a good deal of ragwort on the farm. .