DAIRYMAN FAILS.

Press, Volume LXIII, Issue 19161, 18 November 1927, Page 6

DAIRYMAN FAILS.

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of Andrew Sinclair Bennington , dairyman, of Burwood, was held in the office of the Official Assignee yesterday, the Official Assignee, Mr A. TV. Watters, presiding. The bankrupt was represented by Mr Purnell. In his sworn statement bankrupt said, that prior to August, 1920, he was employed by the Tramway Board as a motorman. He owned a freehold property in Russell street, Burwood, in which he had an equity of about £3OO. He sold the house in Russell street and purchased a lease of about 42 acres at Bassett's road, Burwood, together with the dairy herd, utensils, farm implements, and the goodwilll of a thirty gallon milk round. The purchase price was £I2OO of which bankrupt paid £3OO in cash out of the proceeds of his home previously sold. The sum of £450 was raised on mortgage over the stock and lease, bankrupt giving a number of promissory notes for the balance, each note being payable at the rate of £ls monthly. From the commencement bankrupt had a hard struggle to meet the payment of rent, promissory notes, and interest. The rent under the lease was £4 2s 6d at the commencement, later rising to £4 12s 6d per acre, which was Jar more than the place proved to be worth. Shortly after taking over bankrupt found that the herd was not satisfactory as the milk was below test, and he was compelled to cull out the herd and replace by more expensive stock. The exceptionally wet weather of 1925 gave him a serious setback. The total debts were £777 9b, the assets £229 3s Bd, and the deficiency £552 15s Bd. The creditors were James Edmund Bisman, hotelkeeper, Akaroa, £135, and trustees in the estate of W. H, Travis, deceased, £172 12s 2d. On the motion of Mr Amodeo, the matter was left in" the hands of the Official Assignee to wind »p in the qsnal