A FARMER'S FAILURE.

Shannon News, 26 April 1929, Page 2

A FARMER'S FAILURE.

KOPUTAROA BANKRUPTCY. Creditors in the bankrupt estate of . Percival Russell Roberts, farmer,' of Koputaroa, met yesterday in Palmerston, when the D.O.A. presided. In. a- written statement to his creditors bankrupt stated that he sold his farm in 1924 and purchased a property in Ward Street, Palmerston North, where he resided. Shortly after this it became impossible for him to live in > town tor the reasons of the ill-health of his wife and family, necessitating considerable expense; the upkeep of the family of eight children and the death of his wife; and payments in regard to the farm property falling into arrears. Eventually he had to take the farm property back and let the dwelling house, which was eventually soil by the mortgagees and the tliird mortgage over it to Messrs Parkinson and , ■Rasmussen, was not cleared by the sale. Since his return to Koputaroa, he had been able to exist only. He liad not made any headway whatsoever in regard to reducing his debts and his position became hopeless. He had endeavoured to surmount his financial

difficulties but he had found it quite

( impossible. The debt to Messrs Parkinson and Rasmussen was the result of an attempt to obtain water for his farm by means or! an artesian well. Neighbours within a stone's throw from where the well was sunk obtained a good flow of water at a shallow depth and at a minimum of expense. Had he known the position, he could, have avoided this d«bt. This was not the main reason, however,-for his present position, which he attributed largely to the price'which Avas paid for the farm. He could make no offer to his creditors.

The unsecured deists amounted to

£485 and the only assets were furniture and the property on which the mortgage amounted to the value of the equity. In answer to questions by the D.0.A., bankrupt stated that he had no prospect of any moneys coming to him. He had been battling for himself ever since he was 11 years old. Mr Dempsy produced a letter from the second mortgagee (Mr C. C. Higginson, of Waikanae) who stated that as bankrupt had failed in his' obligations in respect of the mortgage, he was going to exercise' his rights to sell the place. Bankrupt stated that all his factory cheques were paid direct into his bank account by the Leviu Dairy Company. He had expected to get a good return from an onion crop, but it got the blight. The crop cost him £l9 and realised £22. The cows had returned him £422/19/6 in butter-fat from September 1927 to August 1928 inclusive. There was a bonus cheque due from the factory but he couldn't say what it would amount to. s Mr Francis offered to report on the value of a milking machine on the farm, with the view of the creditors realising' on it after paying off the balance of moneys due on the machine. He also undertook, if possible, to secure an offer for the machine, the meeting, giving the D.O.A. power to accept- any if it was reasonable. No further evidence was asked for and the meeting adjourned sine die. The D.O.A. commented that he thought the bankruptcy was a case of misfortune.