LOST IN EGG SLUMP

Sun (Auckland), Volume III, Issue 724, 25 July 1929, Page 10

LOST IN EGG SLUMP

POULTRY FARMER GOES BANKRUPT HAD MISFORTUNE The slump in the egg market in Auckland was largely blamed for the bankruptcy of a poultry farmer of Takanini, Alexander Mitchell Smith. Smith, who is a returned soldier and married, with two young children, met his creditors this morning. The examination by the acting-offi-cial assignee, Mr. V. R. Crowhurst, showed that the bankrupt had suffered a good deal from misfortune. The creditors did not pass a resolution regarding Smith's conduct, and the realisation of the assets by sale was left in the hands of Mr. Crowhurst. A deficiency of £2OO was shown on the estate. The assets totalled £290 and the unsecured liabilities were £414. Amounts due to secured creditors were £SI3 aud the securities were estimated to produce £76G. Smith gave as the chief causes of failure the low prices for eggs and the high costs of maintaining his farm. He had moved to a new property a't loner rental :n an effort to improve his position, but the transportation brought about a loss by causing the fowls to moult. Sickness affected the fowls, one of the property sheds was levelled in a gale, his cows had suffered when fodder dropped off, anj there had been illness in his family. He had put every penny, even his soldier's pension, into the farm. Under examination, bankrupt said that he first noticed his difficulty in May. The solicitor for bankrupt said that Smith had behaved fairly up to a point, and he had certainly been affected by misfortune.