RENT WAS TOO HIGH.

Star (Christchurch), Volume XLIV, Issue 197, 20 August 1931, Page 6

RENT WAS TOO HIGH.

Peninsula Farmer Faces Creditors. A high purchase price, Kigh rentals and falling prices were given as the reasons for his failure by Olliver James Wakelin, of Barry’s Bay, a farmer, who met his creditors this morning. Mr J. H. Robertson, the Official Assignee, presided. Mr Williamson appeared for bankrupt. The bankrupt’s statement of accounts showed that £llß4 5s 3d was owing to unsecured creditors and £1393 to secured creditors. The value of the securities was set down at £SOO, leaving a total of £2077 5s 3d owing. Assets were set down at £25, leaving a nominal deficiency of £2052 5s 3d. In his sworn statement, the bankrupt said that he was a married man with six children dependent on him. In 1919 he commenced farming at Barry’s Bay, buying a property of 95 acres for £5002. He paid a deposit of £1250. The balance remained owing to the vendor, with interest. In 1920 he purchased the goodwill of a lease owned by Canterbury College. After farming the reserve for two years, he had to give it up, as the rental was too high. In 1C27 he bought a blacksmith’s business for £SO and had carried on with it since. In 1928 he took a lease of 107 acres at Barry’s Bay at a rental of £lB9 .a year. He attributed his failure to the high price paid for his first leasehold and the high rental, and also the general decline in prices. The creditors present agreed - that bankrupt’s position was mainly due to the hard times.

The estate was left in the hands of :he Official Assignee.