BANKRUPT CONTRACTOR

Star (Christchurch), Issue 17572, 24 June 1925, Page 8

BANKRUPT CONTRACTOR

PLOUGHING DID NOT PAY. LOST SEVEN HORSES. A meeting of creditors of Robert Ferguson Campbell, of Fust, ploughing contractor. was held tin's morning, the Official Assignee (Mr A. W. Watters) presiding over an attendance of ten. Mr A. A. M Lachlan appeared for bankrupt. showed that assets were estimated at .£]() (furniture £5 and a marc £3). 'I he £SGB 4s 2d. a debt of £595 to John and Son there was tJie security ficiency of £45. The total deliciency, therefore, was £545.. The principal unsecured «• reditors were: Vacuum Oil Co., £37 ss; T. and A. Hullock and Co., £ll 15s; W. 11. Simms and Sons. £l2 10s; Massey Harris. Ltd., £ID 23 4d ; M. Maindonald. £3l fis 7d: Reid and Gray, £2B g s : J .Johnston and Son. £U 8s Sd : J. T. Skilling;. £-27 IGs 6d; G. Watson, £’2S; National Mortgage, Ltd.. £26 ( o-op., £l2 ; 1‘- I>. Kestcvcn* J 100; ’j.’ 3J. Strut hers, £3L 18s 7d. 'The bankrupt, in a sworn statement, said that lie commenced business as a ploughing contractor in tho Cast district about seven years ago, buying a second-hand plough and four horses and harness. He did fairly well, and was able to pay off the amount owing on the plough. He had a family of five cliildthe others attended school. About a year after lie commenced contracting his wife died, and he had to incur a good deal of expense. He endeavoured to carry on the home with the help of his eldest girl, who was fifteen. He found that the household expenses were sufficient to pay rent and living expenses. At this time lie had a had run trading. Horse-feed increased in price tract ploughing with horses was not a paying proposition. He gave it up early In 1924. nnd decided to rent a Mr Howe s farm. IT<* did not go into occupation immediately, but went on contracting with a i.’ase motor tractor, which lie obtained , 1 on hire, purchase agreement. Tho price . with a four-furrow plough was £695. : The clearing sale at his old place realised £267 16s (id, which went as a deposit on the outfit. Eventually ho paid £3OO in all. leaving a balance of £395. After bring on the farm about twelve months, he found himself able to pay only rent. Tie still did contracting jobs with the assistance of his eldest sou.

lie also found the tractor expensive to run, and could, not make headway on contract prices. Jte was unaOic i" meet ahead. In- arranged to hand back t lie tractor to John ( numbers and The themselves, but at the time his wife died they were not, and he had to rbing involved'him in expense and set him back a Jong way—and partly to the fact that the ploughing by tractor did not bankrupt said that he went" into his position before he gave up the ploughing l>y horses, in February. 1924. and ne estimated that lie owed between 1250 and £SOO then. The Official Assignee said that, after that a ii oi iter £l6O must bo added, and the total deficiency would be about £7o<*. Mr Struthers said bankrupt had made the statement in Gust, that lie had ploughed about 5000 acres. Bankrupt said that ho had ploughed a little over 3 000 acres. Mr Struthcrs: What was the idea of uniting the statement that you had ■rodft V Bankrupt: No. Air Struthers said Campbell had ;aia that if anyone pressed him lie VO 11 Id file. ’ \V M I V loolj'd’ ns d iV a debtor had obtained roait from his firm knowing himself to Mr Strut tiers said he had had pronisos to pay, but these had not materillsed. It.- did not think the bankrupt lad been truthful. .Mr Al’Laeblan: From your point of Mr Maindonald: 1 reckon J have been rcated badly. The speaker said that e let his account- run on a go d bit, and lien decided to stop credit. Then Camp-x-il ordered some cruphed oats. In tue bsen.ee of the speaker, the delivery was iven without payment. Air Struthers: Do you think it was ight to attend the races at Rangiora ind also on June 3. on the inside? Bankrupt: i tvould have gone anyiVliere to get the Worry off my mind. T<>u got a good "divvy " at l.angiora?

—Gut of as? , Air Struthers: You struck Gay Life. l nipt said that up t-> the time he went lo Bangiora lie had not been on a raceand Sen lioiil at ( Mattel security over - bankrupt's plant :i nd stock at tne time | lan pointed out that therefore Campbell _ . could not have used tne proceeds of the • sab.' to pay his creditors even if lie hud t I The question of disposing of the i assets was discussed. j probably the most hard-up in tho rooiq. ; From w hat the speaker heard, bankrunj, . j was a man who spent money and mute- . rial in an off-hand way. , Air .S. Wood said that Campbell was u. hard-working man, but lie wap not a. man getting torn to pieces as he lias been to-dn.i.’ said Mr Wood. \ creditor: it won't make any i-nipres-The meeting was adjourned to enable bankrupt to submit a statement of r«- ( t Ipts and payments from the time he