FARMER’S BANKRUPTCY.

Star (Christchurch), Issue 16802, 3 August 1922, Page 8

FARMER’S BANKRUPTCY.

SLUMP BLAMED. „ A meeting of creditors in the estate of Reginald Joshua Harrison, farmer. was held this afternoon. Mr A. W. Watters (acting Official Assignee) presided. Mr . IT. £). Acland appeared for debtor. Dentor set down his debts, all un- * secured, at £G39 2s sd, and stated that. there were no assets. The only creditors ■ arc IT. Matson and Co.. £580: H. Pam- | ham. Raker Street, North Brighton, farmer. £SB Is fid; and the Commissioner of Taxes, £s'} 18s 2d. In his sworn statement. debtor said that he was in partnership vith Mr W. A. Parnhain in the Mount Karctu Estate, Mhiterock, North Canterbury, which they bought from Mr M. Forrester about August 3. 1920. Ho attributed hi* bankruptcy to the slump in prices of wool and stock, and to the fact that the partnership’s financial agents would not advance necessary moneys to enable the partners to carry on. Mr Forrester had resumed possession of the Mount Karetu property and debtor had no other prospects. The Official Assignee said that Matson and Co. had proved for £604. The Commiesione rof Taxes had not proved, leaving only two creditors who had proved. Debtor, in reply to Mr A. Lucas, for Matson and Co., said that he had managed a farm for his father and had a part share in the farming operations. He put. in £2OOO on going in with Mr Parnhain. It was his own money: he had not borrowed it. Some of it had accrued while he was at the war, and some of it- he earned trorn his father. Debtor said that his partner and he tried to come to an arrangement with Mr Forrester and with the stock agents, hut they could not seo their way to advance sufficient to enable the partners to obtain as many sheep as was required. The estate, consequently, was not properly stocked. The stun of about £3OOO then was owing io Matson and Co. When the slump came they owed Matson and Co. about £-4000 *. the debt now had been reduced to about £SSO. It was stated that. Matson and Co. had j The meeting was adojnnied sine die.