A Timaru Bankrupt.

Feilding Star, Volume XVII, Issue 166, 16 January 1896, Page 3

A Timaru Bankrupt.

■ John Murray M’Naugbton, farmer and Btock; ’ dealer, of Kakahu, an insolvent who left the district, and before doing so is alleged to have prepared an imperfect •* plant ” to .mislead people into the belief that he had been drowned while bathing, was brought before a meeting of his creditors and the Deputy-Assignee at Timaru, in custody, and examined as to his means on Saturday. He attributed his bankruptcy chiefly N to having had a very bad lambing last season, only 50 per cent, he had anticipated 100 per cent. stated that he held a farm of 826 acres freehold and 60 acres leasehold. On the former he had paid 10s an acre, owed £294 on bills now overdue, and there was a further £IOOO on it on mortgage at 6£ per cent. He had 930 sheep on the place, and left the district because he did not like to face his creditors. It was,ultimately decided that the bankrupt should be released from custody on entering into his own recognisance and undertaking to report himself to the De-puty-Assignee once a week for the next two months ; and the Assignee was authorised to engage him to search for stray sheep and any other property belonging to the estate- As to the latter, 8 horses, saddles and bridles, and some smaller things were mentioned as left on the place and as yet unaccounted for. The chief creditors are the auctioneers, H. B. Webster and Co., about £450; Guiuness and Le Cren, £121; New Zealand Doan Co., £sl: and Farmers’ Association, £lB ;■ besides the £294 due on the land. The bankrupt valued the farm at £4 10s an acre.