FARMER’S BIG DEBTS

Sun (Auckland), Volume II, Issue 580, 5 February 1929, Page 16

FARMER’S BIG DEBTS

LACKED CAPITAL

EXPENSIVE PROPERTY After working a property for four years at Colville, Thomas Ernest Goudie, a young farmer, has a deficiency of £1,277 4s 4d in his finances. rpHERE vras no quorum at a meeting of Goudie’s creditors In Auckland this morning and no resolution was passed concerning bankrupt’s position. Goudie attributed bis bankruptcy to lack of experience and of capital. When lie took over the property in November, 1925, it was subject to a first mortgage of £3,000 and a second mortgage of £1,279. A cash payment of £2OO was required. “X paid too much for the land and for the stock,” Goudie said. He spent between 300 and £4OO in permanent improvements and, when pressure was brought to bear on him for payments on his property, he sold some of his stock to meet the demand for money. This added to the hopelessness of his position. Goudie's unsecured creditors had entered claims for £719 18s 7d. The amount owing to secured creditors was £4,395 5s 9d and, against this was placed £3,090, the estimated value of the securities. The total debts were £2,025 4s 4d, and the total assets, mainly property and stock, were £74S. The official assignee, Mr. G. N. Morris, explained that Goudie’s assets would be added to when several interests in property and dairy shares were considered.