LAND DEALS.

Press, Volume LXI, Issue 18481, 8 September 1925, Page 6

LAND DEALS.

A BANKRUPT FARMER. | HOW MONEY WENT. A meeting of the creditors of Jacob Warren, farmer, Killinchy, was held yesterday morning, Mr A. W. Walters, Official Assignee, presiding. The bankrupt was represented by Mr G. H. Buchanan. Bankrupt's financial statement showed that £ll7 16s 9d was owing to unsecured creditors. and £6OOO to secured creditors; the estimated value of the securities was £6000: the net debit was £ll7. Against thxs were the following assets: Judgment of the Supreme Court against John Alexander Tuft £529 ss: cash in hand, £od 6s; property. £29: total, £6ll Us, leaving a surplus of £493 14s 3d. ' The secured creditors were: Richard •Ulen. estimated value of property at Killinchy, £6OOO, debt £4000; Matilda •Maria Lemon and others, second mortgage on above, debt £2OOO. Total estimated value of securities £6000: total amount of debts. £6OOO. ' The unsecured creditors were: P. and I> Duncan, Ltd.. implement makers, Christchurch, £36: N*w Zealand Farmers' Co-00.. £29 7s sd; Ford Motors. Ltd £l3 5s 4d: National Morteage.*nd Agency Co., .Ltd., i~#d - t 4s. " '

Bigger Farm —Bigger Mortgage. Tho bankrupt in his sworn statement said that in 1919 ho was the owner of 300 acres at jaksmere; this he exchanged for 800 acres at Kirwee, the property of J. A. Tuft. The Ku> wee property was exchanged with D. Mcintosh for an apple orchard in the Nelson district, bankrupt receiving about £2OOO in cash; the apple orchard he sold foT about £IOOO cash; he was then worth about £7OOO. He purchased a farm from C. J. Ryan, at Broadfields, paying £9ooo—£4ooo in cash, the remainder remaining onjnorigage. About Wo years later he purchased the goodwill "of 200 acres or Gammick's Estate at Springston and sold the Broadfields farm soon afterwards to A. J. Church, but did not receive any cash. He took over from Church a threshing plant valued at about £BOO, and he was to receive a further £SOO in cash. Afterwards Church got into difficulties and was unable to pay, and bankrupt cancelled his debt of £SOO. Bankrupt lost a considerable amount of money over the Broadfields farm, which ho purchased in the boom period at far too high a price. He thought it best to sell and cut his loss as soon as possible. He then purchased another threshinrr plant and other machinery fromT. Blakemore, Springston, wno took over bankrupt's lease at Springston, on which there was £IOOO owing on mortgage. Bankrupt paid Blakemore £ISOO in cash. He exchanged Blakemore's machinery for a property at Springston, with one Robertson; he received in cash and stock about £'l2oo and took over a mortgage of about £7OOO. Bankrupt then exchanged Robertson's farm for a farm at Killinchy from A. Heinisch, paying £I7OO in cash and taking over two mortgages of £4OOO and £2OOO.