FARMER'S MISFORTUNE

Daily Telegraph (Napier), Volume 58, Issue 127, 1 July 1929, Page 5

FARMER'S MISFORTUNE

SYMPATHY OF CREDITORS. EIGHT YEARS OF HARDSHIP. A vote of sympatliy with George Brown, farmer, of Turua, was passed at a meeting of creditors recently, when it) was stated that the bankrupt liad experieh'ced misfortune ever siuco fcaking over his property in 1921. The deputy-fficial assignee, Mr V. R. Crowhurst, presided. The schedule showed £1421 o-wing to • unsecurecl creditors, and £2970 to secured creditors. TTie securities were valued at £3230. Assets were sliown at £329 13, leaving a nominal deficiencv of £1091 7s. I11 his statement bankrupt said that he liad about £1500 in cash in 1921, after certain farming operhtions, and tvith this he paid a deposit of £750 on his present property at Turua, giving a mortgage for the balance. The cost was £80 an acre and the total pnce, £4080. He carried. out improvements at a cost of £214, and then levelled, harrowed, fenced. and laid down the entire farm in grass. In spite of these improvements he now valued the farm at £1280 less tlian the original price. Shortly after taking it over eontagious mammitis broke out among the cows and he had to sell the whole herd for about £1 a head, losing £400. For a year he was not allowed to carry millcing cows on the farm, and the revenue from the grazing cows was not enough to meet expenses. In an endeavour to pull up lie undertook carting contracts, but lost money over the acquiring of trucks which had to he returned to the agents. In March, 1927, his home and furniture were destxoyed by fir-e. In overworking in an effort to pay his way his health broke down, and he had been in hospital 15 times recently for periods varying from two weelis to 22 weeks. His wife liad also overtaxed her strength on the farm, and lier health had failed. Questioned by the deputy-assignee, bankrupt said that he had done his best to recover his pbsition, but his misfortunes had not given him a Chance. He now realised that he paid too much for the farm. Mr Crowhurst agreed that bankrupt' s positfon had been caused erttirely through misfortune, of which he had had more than his. share. He believed that he had sometimes worked all night and had naturally overtaxed his strength. A resolution of sympatliy was passed, and it was decided to leave the adjustinent of the estate in the hands of the deputy-assignee.