FARMER TELLS OF DIFFICULT TIMES.

Star (Christchurch), Volume XLIV, Issue 144, 19 June 1931, Page 8

FARMER TELLS OF DIFFICULT TIMES.

MORTGAGEE WILLING TO CARRY ON OPERATIONS. (Special to the “Star.”) ASHBURTON, June 19. A meeting of creditors in the bankrupt estate of Robert W. Crov. a farmer, of Chertsey, was held before the Official Assignee (Mr A. J. Ching) to-day. Bankrupt was represented by Mr C. G. de C. Drury. A statement of bankrupt’s affairs showed that the amount owing to unsecured creditors was £498 7s lid and to secured creditors £9I2S. the value of securities being set down at £12,710. His furniture was valued at £SO, which, with surplus from securities in the hands of secured creditors, £3582, left a surplus of £3133 12s Id. The secured creditors, with the estimated value of securities in brackets, were: John Bates and Co., Ltd., £7825 (£11,410) ; New Zealand Farmers’ Coop., £I3OO (£1300). The principal unsecured creditors were:— Ashburton—Power Board, £26 17s 4d; Transport Co., £l2 14s 6d; Rowe and Denley, £8 19s 9d; T3 r re Repair and Sales Co., £5 7s 6d; A. W. Hopkins, £4 13s 4d; Dairy Factory, £lO 18s 4d. Christchurch—Vacuum Oil Co., £123 3s sd; John Chambers and Son, £l2O 7s 6d. Rakaia—W. J. Lee, £49 9s Sd; Agency Co., Ltd., £2 12s lOd; F. Wilson, £4 ss; H. Hopwood. £lB. Chertsey—J. Mason, £sl 2s 2d; W. G. Johnston, £5 14s; D. Lynch, £l3O 15s 7d. Poor Crops. In a sworn statement, bankrupt said that he started farming in 1908 at Chertsey, in partnership with Mr Robert Oakley, with whom he carried on business under that arrangement for about six years. They then dissolved partnership and carried on alone. He had been farming 654 acres at Chertsey on his own account up to the present time. In 1921 his business was seriously affected by the slump, and after that time he suffered loss as a result of bad seasons and poor crops. In 1928 he had to give security over his live and dead stock to the New Zealand Farmers’ Co-operative Association, and in that year his wheat crop was unsatisfactory. In 1929 the spring-sown crops were poor, and in 1930 the hot weather in January so seriously affected his wheat that the average yield from 180 acres of wheat sown was 19 bushels to the acre, of which a considerable quantity did not pass as milling wheat. He also lost 70 ewes as a result of sleepy sickness. Creditors Confer. The general slump conditions prevailing and the fall in prices of lamb and wool resulted in his being unable to pay interest (his property being subject to a mortgage for £7600), and he was forced to call a meeting of his creditors to place his position before them. The meeting took place on May 18 last and it was then proposed that a third party should find sufficient to pay the unsecured creditors approximate!4s in the £. A number of his creditors intimated that they would agree to this compromise, and he believed that the remaining creditors would have also agreed, but negotiations lapsed through the third party withdrawing his offer to find the necessary money to pay the composition. He had therefore no option but to file his petition. He was unable to make any offer to his creditors. Replying to the Official Assignee, bankrupt stated that he purchased the farm at £l6 an acre in 1914. The present Government valuation was £l7 10s per acre. Mortgagee’s Offer. Mr J. Bates, the first mortgagee, said that he was not going to turn bankrupt out and asked to be allowed to carry on with the farm work. The speaker said that he was willing to stock up. In two or three years’ time he hoped that the estate would pay 20s in the £. The creditors agreed to leave the estate in the hands of Mr Bates and the Official Assignee to wind up to the best advantage.