A FARMER'S BANKRUPTCY.

Dominion, Volume 2, Issue 593, 23 August 1909, Page 2

A FARMER'S BANKRUPTCY.

: (By Tcle/rnph.-Spccint Oorrcsponoent.) ;■ • .-■■" Paitnoi'Eton North, August 22. ■ •, A meeting'of creditors' r ia the estate'.of Robert Frasor, late of. Otabi, uo\v J Bao-' ; tihi, farmer, ; was' 'held, irithe ' nVe - bf fho'■ Deputy "Official' Assignee yetlprday- afternoon. ..,■ \ s :.■■." '.' :■,-. ... , ,•'. ■.■":'■., i Bankrupt', stated, that'he came- to Otajd in July, lflO7; having with him about i.jijQ, He bought. 613. acres for.£?nO4, paid i]2CO cash, and .tho.halnnco. was secured ty , a fiist , mortgage of £2330, a second moitgoßO of £106/ 12s. Gel:, a third mortgage of £1136 , 7s; 6d., and a fourth mortgage (Shaw's) of-' £1800.- Improvements to Hip. value 0f.£1010,, wero made p 'on the place. Besides this, a. . ; considerablo r amount of iogftiri - ' up and burn-..' iiig was done. The. secoiiO "-A the .third.,'.morgagos came.dne in Noveiiihvi 'Inst, !»«d» '• < though baaik'rup't \rai able to offer tho third >,' mortgagees (Messrs. Cornelius and ! Hnr.hfs, ■•!■.. of Pnhiatua),-£SOO cash, they would not i.ihe :.:.\ it aud renew'the balance as' third nwrt-•':• gagecs. He offered the place for sale, and -' stock agents/to whom ho «'ne .owing any •' is»i)py made him rush his slock into Ihnr. liiarkets and sell at n sacrifioe. Bfrsidcs this, ■;.... •ho had to,spend at least £100 trying,to ix;adjust hia finances, but owing to the tight- ■,',', ness of the money market he ims unable to .; do so. The .farm was sold in Juno for £7, 10s. an acre (£4597 10s.), although tho Go- ,S" vornmeut valuation was £11 pet aero ' . ';> ■ .. . ' . ■ , ' .. Tho meeting adjourned (till: ; day to enable Mr. Moore,'folieitor for plain- . tiff, to compile a , statement of receipts'and ",'•': oxpenditure. .