A FARMER'S BANKRUPTCY.

Taranaki Daily News, 27 February 1917, Page 2

A FARMER'S BANKRUPTCY.

!AJ meeting of creditors in the estate of James O'Malley was held in Ilawern oa Friday, Mr. J. S. Medley, Deputy Official Assignee, presiding. Mr. G. J. Bayley appeared for bankrupt. The liabilities were set down at £lB4. Bankrupt, in his statement, deposed that he had leased a farm of 142 acres on Lake Road in August, 'lOl2, at it rental of 30s per acre, and bought 52 cows and implements for £I3OO, paving a deposit of £SO. Mr. McCarthy lifted milk cheques and allowed him £l2 per month during the milking season. This gave him an income of about £IOO per, annum. The balance of the uiiik cheques went towards the mortgage. The cows unfortunately took mammitis, and he lost 15 in two seasons. He sold six, and then replaced with 32 heifers for £348, paying £2OO cash. He was later sued for the balance of £1 SO. Ho then arranged with Mr. McCarthy to pay a certain amount per month to Mr. N. King off this claim. Afterwards arranged that Mr. King should take a second mortgage over the stock, and he gave Mr. King a collateral promissory note For £I3S. Finally bankrupt was obliged to sell out. It was impossible to keep wife and family and the farm going on the income. He gradually got into financial difficulties, and can now makq 110 offer to creditors.

Bankrupt was sworn, and deposed that he had a wifo and five children. He had previously been share-milking, and started on the farm with £SO. He had kept a bank account until two years ago. His insurance policy of £3OO was mortgaged to the insurance company. He left the farm in July, 1010, and had since worked for the lHawera Dairy Company as a driver, first at £3 10s and latterly at £4. per week.

To Mr. Jenkins: He had only received a portion of money coming to him. He paid into his acount £SO the first year, and £4O the second year, from pigs sold, but lie had had luck and lost all his pigs. Had had a statement from the solicitors, but there was more to come from the bonus. On the motion of Mr. Jenkins it was resolved that the Assignee-obtain a statement from'the solicitors. —Star,