SHAREMILKER'S FAILURE.

Waikato Times, Volume 98, Issue 15283, 9 July 1923, Page 4

SHAREMILKER'S FAILURE.

SICKNESS AND LOSS OF STOCSfCASE FROM TE KOWHAI. A meeting of creditors in the estate of Henry Phil],, sharemllker, Te Kowhai, was held at Hamilton to-day, before Mr V. 11. Sanson, Deputy Official Assignee. There was only one creditor present. The total debts, which were ali to unsecured creditors, were shown at £2ll 5s Id, the assets, consisting ot a one-third share of butter fat cheque £125, 10 shares in the Farmers' Union Trading Co. £5, furniture £25, and a pony and dog £B, a total of £lO3. Bankrupt, in his tiled statement, said that for 10 years up till 19.19 he was working on the railway in various capacities. In June, 1919, he bought a farm of 80 acres at £42 10s oer acre, and paid a deposit of £IOO out of allotment money left by his wife's two brothers, who prior to going to the war, agreed to go into farming with him if he saw a suitable opening, lie finally sold out at £62 per acre, including stock. After paying all accounts he had about £6OO left, of which his wife's two brothers got £440. lie then leased 180 aores at Waikino, at 21s an acre for 10 years with a right of purchase at £22 per acre. Through soriou* illness in his family and loss of stock he had to sell the balance of stock and give up the lease. Jn October, 1921, he took a share-milking contract for one year with Mr J. D. Raine, at Ngaruawahia, on a one-third basis oyer 80 cows, and in July, 1922, he took a fresh contract with Mr H. D. Bedford, of Te Kovvhai, over 117 cows. This contract was just ending. He had had a good deal of sickness in his family, which consisted of a wife and 10 children, whose ages ranged from 18 years to nine months. He did not make sufficient out of his milking contract to maintain his family. No action was taken.