FARMER’S BANKRUPTCY.

Thames Star, Volume LVII, Issue 15120, 5 January 1922, Page 8

FARMER’S BANKRUPTCY.

AN UNFORTUNATE VENTURE, A meeting of creditors in connection with the bankruptcy of Francis Railton Brightwell, farmer, Tahuha. Road, Morrfnsville, was held in Mofrinsvilla last week, and the figures quoted are of interest. In his statement bankrupt said; “I bought a farm on the Tahuna Road, near Morrinsville, in 1919. At that time my capital was about £6OO, of which £441 was paid on deposit for the farm. The rest was used for the purchase of furniture, stock, and current expenses. I stocked the farm through Dnlgety and Company, who hold a bn 1 of sale over my. stock. The. farm had not paid its way, and the first mortgagee is pressing for payment of his interest, which is in arrears. My capital is now exhausted, and I am compelled to hie this petition.”

It was stated that there were three mortgages on the property, the first, held by L. Elmiger, of £2685 11s; tho second, held by J. Bjorvik, of £62B* 8s 7d; and the third held by H. JVRogers, of £1127 10s; a total of £3841 9s 7d. Dalsretiy and Company hold a bill -of sale over stock to the value of £427. Tho property comprised a tworoomed cottage and an area of 121 acres, which bankrupt valued at £36 per acre, or £4350. The property was mortgaged to the value of £3l 14s per acre. The debts owing to the several creditors amounted 0 to £4480 V3s 7d, and the estimated value of too securities was £4817 14s, a surplus of £337 Os sd. The money owing to inseoured creditors was £175 13s Sd, while the assets were set down at £524 16s 5d Bankrupt said that he had been farming all his life. His 'Operations had not been at all profitable. The Deputy - Official Assignee agreed that they had not-. In the first season he made £324 in butterfat, and had to meet £228 in interest, while labour, cartage and goods to the value of £233 had to bo found from the balance, £96. <- next season he did worse. He made £275 17 in butter-fat and had ro pay £205 in interest. He lost on his pigs and calves, and he lost a number of cows, which died. * loss ,of £503 was shown on last season’s operations. Bankrupt s posi tion was a hopeless ono.^ Bankrupt attributed his position |tb the fact that he stared with insufficient capital, that seven of ins cows died, that there was a- shortage of feed, and that the farm required to be heavily top-dressed to carry the cows required to make it pay. He did not think £36 per acre could be got for the farm to-day, although that was the price other people near at hand were asking for their land. He was milking L« The representative of Dalgety and Company raid land to-day was worth only half what it was last year from a purchasing point ct view, even if that could be got tor it. . Tho Deputy-Official Assignee >ani ho thought bankrupt had been unfortunate. It was refreshing to find a farmer who kept books as bankrupt had done. B first farm bankruptcy with which le had dealt in which books had been kept. ~ . A. resolution was passed author.'Sing bankrupt to retain furniture t o tlio value of. £25 and instructing the Deputy-Official Assignee to facilitate his discharge. Dalgety and Company agreed to pay bankrupt £3 per week until the date of the clearing sale, which will be held on the property early in tho New Year.