LAND TOO DEAR

Sun (Auckland), Volume I, Issue 212, 26 November 1927, Page 9

LAND TOO DEAR

FARMER’S BANKRUPTCY AN UNSUCCESSFUL FIGHT (From Our Oxen Correspondent) HAMILTON, To-day. | A farmer named Andrew Primrose, of Te Kowhai, filed his schedule in bankruptcy at Hamilton yesterday. It ! was shown that £3,978 12s 5d was j owing to unsecured creditors, includ- ; ing two mortgages and £I,OOO owing f for stock. His assets were valued at I £7O, which left a deficit of £3,908 12s sd. In the statement supplied, bank- | rupt said he took up an unimproved farm property of 940 acres at Te Kowhai in 1916, the purchase price being | £5,000. He paid £I,OOO in cash and left the balance of the purchase price on mortgage. The property was rough and he lacked capital for improvement. He attributed his failure to the high purchase price of the property, the prevalence of gorse, the drop in beef, mutton, wool and butter-fat prices, the drop in land values, and the | impossibility of carrying on after it i was revealed that the value of the property was below the amount of the mortgages. He was unable to make j an offer, and as the meeting lacked a j quorum proceedings terminated without r~ '* —-