BANKRUPT FARMER SHOWS BIG LOSSES
A TOTAL OF £20,000 IN EIGHT YEARS Press Association. DANNEVIRKE, To-day. The bankruptcy of a Dannevirke farmer, Thomas Montgomery Webb, revealed a rather unique state of affairs. The deficiency apparent was £8,979 18s 6d, and the assets £3,831 15s. During one year bankrupt had earned an income of something like £IO,OOO to £12,000, on which the Commissioner of Taxes had assessed him for income tax at £4,900, yet apparently bankrupt was unable to pay his debts. In 1919 bankrupt had earned at least £IO,OOO, had raised £2,000 on his property, and run up debts to unsecured creditors to the extent apparently of £9,000. In a period of eight years he had gone back to the extent of over £20,000, which seemed an extraordinary state of affairs. Bankrupt had been losing at the rate of £2.500 a year. It was decided | > ask bankrupt for a statement of receipts and expenditure, to try and ascertain where the £20,000 had gone to.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/SUNAK19270523.2.131
Bibliographic details
Sun (Auckland), Volume 1, Issue 51, 23 May 1927, Page 12
Word Count
164BANKRUPT FARMER SHOWS BIG LOSSES Sun (Auckland), Volume 1, Issue 51, 23 May 1927, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Sun (Auckland). You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in