IN BANKRUPTCY.

Wairarapa Daily Times, Volume LXII, Issue 9624, 15 March 1910, Page 4

IN BANKRUPTCY.

The first meeting iv tho bankrupt estate of William James Patrick, labourer, Kakauuni, was held at the Courthouse yesterday afternoon, bofore Mr W." B. Cfieuuells, D.O.A. There were no creditors present, and biuikruut was examined by Mr Oheuuells.

His financial statement showed his total debts to bo £(>;> 7s ;>:!, all to unsecured creditors. His total assets were estimated at £20 (is (id, leaving a deficiency of £40 0s 9d.

Bankrupt, in bis written statement, said that iv January. 15)07, he had a capital of £150, and entered into au agreement with Duncan McAlister to milk ou shares. Ho spent the whole of tho £150 iv erecting a house, in feuciug, and. generally improving tho property. A lire occurred ou the property aud bnrut nearly all the grass, doing damage to the value of "about £150, for which amount he sued McAlister, tut was unsuccessful. He then continued to work ou the farm, but ou accouut of scarcity of feed lose all he had, and could not pay the full half share of the proceeds of "workiug the farm. McAlister sued for his share of the proceeds, aud obtained judgment, which bankrupt could uot satisfy, and so had perforce to file.

Cross-examined by the D.0.A., lie stated that he had agreed to purchase two hundred acres from Duncan MeAlistar at £'5 per acre iv January, 1907, tho latter to take half the profits. Thare were lit'ty cows which witness l:ad the optiou of purchasing at a price fixed by agreement. Had the bush lire uot occurred, he could have douo well. Hβ was working now as a surfaceman at 8s per day, aud was a married niau with live children.