FIRE CAUSED LOSS, FARMER EXPLAINS.

Star (Christchurch), Issue 19154, 21 August 1930, Page 6

FIRE CAUSED LOSS, FARMER EXPLAINS.

MEETING OF CREDITORS IN BANKRUPT ESTATE,

(Special to the “ Star.”) ASHBURTON, August 21. A meeting of creditors in the bankrupt estate of Robert Ernest Hampton, farmer, of Pendarvis, was held before the Official Assignee, Mr A. .T. Ching, in the Courthouse this morning. Mr C. G. Drttry appeared for bankrupt and Mr J. W. Bowden for the mortgagees. In his Sworn statement bankrupt stated that he commenced farming at Pendarvis in 1920 on 1003 acres, part being his share in his father’s estate. It bad been necessary to mortgage the land to raise money for the payment of death duties, and at that time his property was subject to mortgages securing a total sum of £SBOO. His stock and plant were free, but, owing to the slump, it was difficult to make progress.

As time went on matters improved, and he purchased an additional 492 acres. He did well the first year, but, as a result of a big fire the next year, he lost 650 sheep and seven mile 3 of fencing, in addition to a number of implements. lie estimated the total loss at £IOOO, and since then had been unable to make it up. The serious drop in the price of stock and wool this year, combined with heavy interest payments on the present mortgages of £11,400, making it impossible to meet his obligations, his stock and plant were secured to the firm financing him. lie had called a private meeting of creditors with a view to effecting a compromise, but this was unsatisfactory, and he had been compelled to file. lie had a wife and four young children. lie had nothing to offer his creditors. Statement of Debts. The Official Assignee stated that the amount owing to secured creditors was £13,291 14s 9d and to unsecured creditors £423 16s Gd. The deficiency was estimated at £468 11s 3d. The principal unsecured creditors were:—D. Lynch (Chertsey), £92 10s lid; W. 11. Simms and Sons (Christchurch), £6O 5s lid; W. Thomas (Ashburton), £56 9s; Silvester and Co. (Christchurch). £4O 12s; J. Kearns (Pendarves), £4O; T. Mason (Chertsey), £35 14s; H. Childs (Ashburton), £33 12s 6d; N.Z. Loan and Mercantile Co. (Christchurch). £l6 0s 8d: R. Kermeen fPendarves), £10; Post and Telegraph Department, £9 8s 4d; Ashburton Power Boad, £8 13s lid: \Y. J. Sparrow (Ashburton). £7 7s Gd; W. G. Johnston (Chertsey). £4 18s 9d.

The Official Assignee stated that the nett proceeds of the clearing sale vesterdav amounted to £1340, and after providing for security jpjeld by the National Mortgage over the stock and chattels there would be a surplus of about £215. This was a better result than had been expected. 44 Bad Luck.” Replying to the Official Assignee, bankrupt stated that all money received from the farm was paid into the National Mortgage, who had kept his books. Mr Bowden stated that the bankruptcy was due chiefly to bad luck in the- Chertsey grass fire, as he had been a careful, hard-working farmer. It was now estimated that the estate would pa}' about 18s in the £. It was . decided that the realisation of the estate be left to the Official Assignee. Bankrupt was allowed to retain his furniture and effects.