BANKRUPT FARMER.

Waikato Times, Volume 108, Issue 18167, 4 November 1930, Page 7

BANKRUPT FARMER.

NOT PRESENT AT MEETING. '■PLEASURE GARDEN” VENTURE. BLAMED ARAPUNI AND WEATHER. A determination to have the debtor present at a future meeting was expressed by a gathering’ of creditors at Hamilton to-day in the bankrupt estate of Nelson Stanley Soper, farmer, of Hamilton. The Official Assignee, Mr V. R. Crowhurst, read a telegram from bankrupt’s solicitor at Whangarei, stating that the former’s wife was in hospital, and that he would be unable to* attend. a _ Bankrupt’s schedule ■ showed total assets £l7 15s, and liabilities, all owing to unsecured creditors, amounted to £IBB 17s, a deficiency of £l7l 2s. In a written statement bankrupt said at the end of 1927 he was farming 26 acres at Rotokaurl, and as a side-line opened up', the ‘‘Ratokauri Pleasure Gardens” on his property. The farm was worth £1650, and was mortgaged for £9OO. He borrowed £3OO from his brother for the garden venture, but the place cost him more than this, with the purchase of boats and the addition of a kiosk. > Gardens Not Patronised. The seasons were unfavourable, and Arapunl attracted a number of people who otherwise would have patronised the gardens. At this time he. was . milking 16 cows, and all his liabilities "i were incurred at this period. He finally sold the property for £1650, taking £250 cash and a second mortgage for £SOO. After some trouble he sold the mortgage for £250. All the money received from the sale of his property went to his creditors, most of whom received 10s in the £. He searched' unsuccessfully for work, and then went sharemilking at Whangarei, his present occupation. A . month ago his wife had a serious operation, and would not be fit for eight months. He was earning at present only enough to keep his wife and himself. Disposal of Mortgage. < , ‘The Assignee remarked' that the statement appeared to that the bankrupt had applied the £250 of the second mortgage to the payment of creditors. He had made inquiries, which had shown that bankrupt had not done this. He would endeavour to obtain fuller particulars as to when the mortgage was discounted. The meeting was adjourned until to-morrow week, and it was decided to instruct bankrupt to be present.