A BAD RUN

Evening Post, Volume CIX, Issue 100, 30 April 1930, Page 9

A BAD RUN

BANKRUPT FARMER '

(By Tele«ranh.) (Spatial' to "The Evening Post") . NEW PLYMOUTH, 29 th April Over-estimation of the value of his father's estate, the slump in sheep in 1921, and badr luck in sheep and dairy farming, were tendered as some reasons' for. his bankruptcy '.'.by;.':Digby NLeigh. Tonks, at a statutory meeting of 14 creditors at Hawera this afternoon. Bankrupt's financial statement disclosed' that £12,971 was. owing to secured and £ 637 to unsecured creditors. The Value of the'most encumbered security was unknown. , Considerable discussion took place concerning the position of bankrupt's wife as t second mortgagee of a house property valued at £1800, and. the position of the unsecured creditors in respect of the transaction. The matter was left in the hands of the D.0.A., Mr. B. S. Sage. ~ Although he had had bad luck and heavy losses, bankrupt said he did not worry because he could get what money he wanted against his share in his father's estate, which he had understood was worth about £90,000, and in which he was entitled to a sixth share. \ ' "' "I am afraid I very much overestimated the value of my Bhare in the estate," said Tonks, "but I still have an idea .that, after paying all advances by the trustees, there should be something for my creditors. After giving up the fanning my mother allowed me £300 yearly. However, three years ago my mother could not continue the allowance, and I have been working on i-.ommission, which has not amounted to much." ■ Tonks said he had gone Inck £12,000 since his father's death. ' Hia wife came to his assistance with finance when be could Hot meet a nuance cpmpsmy,^ elaunj