BANKRUPT FARMER

Rotorua Morning Post, Volume 2, Issue 429, 13 January 1933, Page 5

BANKRUPT FARMER

(Special to "Post.")

FURTHER MEETING HAMILTON MAN GIVES SLUMP AS REASON FOR FAILURE LACK OF CAPITAL

Hamilton, Thursday. A further meeting of creditors in the bankrupt estate of Joseph William Taylor, farmer of Hamilton, was held here to-day. The Official Assignee (Mr V. R. Crowhurst) presided. Bankrupt's debts totalled £38,395 11s 5d, £594 13s 2d of which amount was owing to unsecured creditors and £37,800 18s 3d to secured creditors. Assets were shown as amounting to £19,925^ leaving a nominal deficiency of £18,470 11s 5d. The assets comprise properties on Ohaupo Road, Tainui Street (Hamilton), and two at MoiTinsville valued at £18,600 and subject to mortgages of £37,800. Decline in Prices The bankrupt stated in his statement that he took over a farm of approximatel'y 880 acres at Ohaupo Road Hamilton in 1927, the farm 'being subject to a mortgage of £25,000. In 1928 the mortgagee died and the mortgage was transferred to bankrupt's wife as her share in the estate upon payment of £5000 which was borrowed from the Bank of New Zealand. The bank debited bankrupt's account and took a sub-mortgage from the wife as a guarantee. When taking possession of the farm bankrupt had no liabilities and stoek and cash' valued at £1800. The outgoings in revspect of the farm were heavy and with the decline in prices he was unable to pay his way and decided to file in fairness to all his creditors. Estimating the carrying capacity of the farm at 150 cows bankrupt considered that he would have been able to earry on had reasonable prices for butter-fat been obtained, and the neeessary finance for changing from sheep to dairying been available. The meeting was adjourned to allow the assets to be realised and to enable the wife's claim and the validity of a bill of sale over certain stock and chattels to be investigated.