A BANKRUPT FARMER.

Star (Christchurch), Volume XLIV, Issue 296, 14 December 1931, Page 7

A BANKRUPT FARMER.

Poor Land and Loss of Stock.

A meeting of the creditors of Stephen Mounsey Smith, of View Hill, Oxford, farmer, scheduled for this morning, lapsed for want of a quorum. Bankrupt was examined by Mr J. H. Robertson, Official Assignee, and the decision was left in his hands.

The financial statement showed £1069 6s 7d owing to unsecured creditors. There were no assets, the deficiency being £1069 6s 7d. In his statement, bankrupt attributed his failure to the poor quality of his land, and the recent drop in prices. He commenced farming on his own account in 1925, taking a lease of 448 acres of native reserve at 14s 6d per acre. He had a capital of £750, which he expended in purchasing stock and implements, and he borrowed £3OO from the Farmers' Co-op for the purchase of stock. The country was cold and swampy, and every year he had heavy losses of stock and low percentages of lambs. In 1928 he lost sixty cattle out of 100, and each year got further behind with the firm. His rent was reduced to 11s 6d after four years, but then the fall in prices made his position hopeless. The stock and implements were under security to the Farmers’ Co-op., who sustained a heavy loss when they were sold. Since going off his farm ten months ago he had been unemployed, and had worked under the No. 5 Scheme and the 4A Scheme. His living expenses while on the farm were from £7O to £IOO a year. He had a car, but could not afford to run it. He had a wife and two children. He was unable to make any offer to his creditors.