A TIMARU BANKRUPT.

Star (Christchurch), Issue 5461, 13 January 1896, Page 2

A TIMARU BANKRUPT.

AN UNSUCCESSFUL RUSE,

John Murray M'Naughton, farmer and stock dealer, of Kakahu, an insolvent who left the district, and before doing tso is alleged to have prepared an imperfect '/plant," to mislead people into the belief* that he had been drowned while bathing, was brought before a meeting of his creditors and the DeputyAssignee at Timaru, in custody, on Saturday, and, examined as to Ms means. He attributed his. bankruptcy chiefly to having had a very bad lambing last season, only 50 per cent, when ho had anticipated 100 per cent. He stated that he held a farm of 326 acres freehold and 60 acres leasehold. On the former he had paid 10s an acre, owed .£294 on bills now overdue, and there was a further ,£IOOO on it on mortgage at 6i per cent. He had some 930 sheep on the place. He left the district because he did not like to face his creditors.

It was ultimately decided that the bankrupt should be released from custody on entering into his own recognisance and undertaking to report himself to the Deputy- Assignee once a week for the next two months ; and the Assignee Avas authorised to engage him to search for stray sheep and any other property belonging to the estate. As to the latter, three horses, saddle and bridles, and some smaller things, wore mentioned as left on the place and as yet unaccounted for. The chief creditors are the auctioneers, H. B. Webster and Co., about ,£450; Guinness and Lo Cren, .£121 ; New Zealand Loan Corn-

pany, .£sl ; and Farmers' Association, £18; besides the .£294 due on the land. The bankrupt valued the farm at .£4 10s an acre.