IN BANKRUPTCY.

Otaki Mail, 17 February 1922, Page 2

IN BANKRUPTCY.

THE CASE OF A SHAREMILKER. A meeting of creditors in the estate of William Henry Ransom, of Manaia, sharemilker, was held before Mr H. S. Sage, 0.0. A.. at Manaia, on Friday last. The bankrupt's statement showed liabilities to be £31!) 12s Id to unsecured creditors. The only secured creditor was Mr J. J. Patterson, to whom the sum of £125 was owing. With the exception of furniture, the only assets were those under the bill of sale. The bankrupt., in his statement, said that in 1019 he was sharemilking on a property at Otaki, managed by the Public Trustee, and when this was sold, about August thai year, he was worth about £IOO. but the Public Trustee owed him £SO of it. He decided to start as a taxi proprietor at Otaki. Me and Mr Williams, ol" Otaki, purchased a Buick ear tor £4OO, of which he paid £3O himself. Run the car about four months, [laying instalments of £l3 a mouth off. A further instalment of £SO on promisory note became due, which he was unable to meet, and the car was seized by the owners. He and his wife opened a lish shop. Puid £l2 for ftirniune in shop. His wife managed the shop whilst he plied for hire. When the car was seized, he borrowed £3O on security ot' £~>o owing by the Public

Trustee, and a further £7(l from O. Gollinghani, of Otaki, on a bill backed by (.. Noble. .Mr Noble was called upon fo pay the bill, and same was .-till owing io him. He then bought from Mag-

nus and Sanderson a ear for £3<M>, paying the £IOO borrowed, the balance to be puid at the rat'- of £l4 a month. Plied for hire. Car used to break

down every trip, spoilt his business as a taxi-driver, and he could not pay instalments. Still had the ear when going to Klfham in February, 1020, but seldom used it there. As Magnus and

Sanderson wore pressing for payment in October that year, it was railed hack to them. Ran the fish shop in Otaki till February, 1920. The business just paid it> way and kept the family. Kent accounts in an exercise book. In February, 1920, he moved to Eltham, having sold the fish business for £l5O. Bought a. similar business at Eltham from W. Mills for £2oo, paying £SO cash, balance being secured by a bill of sale. Paid £'i l<"- a month rent, gas about £5 10s, rates £ls, and insurance £7. Business was food till about Christmas. 1920, then slackened oil. His wife kept books till October, 1920, then, as things seemed to be doing well, ceased to keep them. After Christmas. 1920, business fell off. Tried to sell, but could not. Eventually sold out In June, 1921, for £7O. This and proceeds of furniture was all spent in paying debts. Purchased a car whilst in Eltham from Wflson's Motors. Ltd.,

for £l9O, paying £25 cash, and giving promissory notes. Balance now owing, about £65. Bought, this car with the intention of carting fish for sale. It did not pay after Christmas. 192'), and the car has been little used since. On sfeUing out at Eltham, started as a sharemilker for -T. -T. Patterson at Normanby Road, Manaia, milking *>6 cows and getting two-fifths of the cheque and half of the calves and pigs. Received about £l3l since June, which iad been used in repaying debts and for living expenses for wife and seven children. Employed no" labor, but a brother-in law. a returned soldier, was living with him and being boarded free for what work he could do. Mr Pattella financed him for articles used in sharemiJkiHg, and took a bill of sale over them. Creditors were pressing him, and two judgment summonses had been issued. He saw no prospect of

ever getting clear. The examination of the bankrupt brought out no new facts, .but the Deputy Official Assignee said enquiry

should be made as to the seizing of the car in default of payments, which the bankrupt said would be worth £l5O if slight repairs and painting w " r(? done. He had seven children, three of whom helped in the milking ot" 70 coir*.

It was resolved to allow bankrupt to retain possession of his furniture, and the case was adjourned sine die. Appended is the list pi creditor?: — Secured—.T. J. Patterson. £125. tJnseeured—ft, Noble. Otaki. £72: McDougall Bros., Otaki. £3; Xilsson and Son,. Pan*, £36; Hume, Levin. £4 tin; Wilson 's Motors, Ltd., Eltiiam, £6.3 lis Id; Lett and Samson. Waitara, £l3; Sandfoid. Auckland, £l7: J. Scanlon, Kaponga. £2 10s; Denisey-. Kltfcam, £2 os; .7. Blake and Co., Haw era, £7 5«; X.Z. Loan and Mercantile Agency Co., £l3; Wilson and Co.. Elthain, £18; Cooper, Eltham. £ll 9s «d: Bohan. Wei'insTon. £l2: Bcrnao Bros.. Palmt-rston "fo'ftt:, foo; Fitzgerald, Eltham, 15b.