TARANAKI SETTLER'S TRIALS.

Taranaki Daily News, 29 August 1919, Page 5

TARANAKI SETTLER'S TRIALS.

FARM NOT ALWAYS A GOLD MINE,

That sheep and cattle farming are not always the prosperous occupation many people imagine them to be (says the Wanganui Chronicle) was evidenced at the first meeting of creditors in the bankrupt estate of Edward ■ Gerard de May, settler, of Awatuna, Taranaki, which was held at the office of the Deputy Official Aasigne (Mr. E. M. bilk) on Tuesday. The statement of accounts in the estate showed: Secured creditors £11,274, less estimated value of securities £11400; deficiency £174; unsecured creditors £G37 8s; total debts £602 7s 4d. The list of unsecured creditors was n* follows: Dalgety and Co., Ltd., £42 16s 7d; Hawke's Bay Dairy Co. (Palmerston North) £lO4 19s lOd; Mr. Gow, Eltham, solicitor, £5; Messrs M. Russell, Ltd., £l7 12s 7d; Messrs Wilford and Levi, solicitors, Wellington, £92 10s; Mr. C. H. Treadwell, solicitor, Wellington, £24 10b; Mr. Charles Furness, farmer, Wellington, £80; Panning and Co., land agents, Wellington, £36; Matipo Company £174; total £637 Bs.

Bankrupt, examined on oath, said that I he started farming at Awatuna in August, 1915. He had, about £2OO in cash and deposited in the Post Office Savings Bank at Te Horo. The other asset he possessed was his interest in the sections at Petone. Previous to this he was farming at Te Horo, where he- had a dairy farm which was owned by himself , and two others. He sold out and bankrupt received about £l5O in cash, but he did not pay Fanning and Co. £3B nor the Hawke's Bay Dairy Co.'a account. Previous to selling the Te Horo property bankrupt arranged to purchase the Awatuna property on behalf of himself and two brotiicrs for £8847, but paid no deposit. Both of his brothers went to the war, and bankrupt had to take possession of the Awatuna property by himself, and was financed by the Matipo Land Company. The farm was rough and badly fenced, there being practically only one paddook, The farm did not pay. Bankrupt stocked the place with rough cattle, but could not keep the scrub down. In addition to this,, witness was concerned in a court case at Te Horo, which involved him in about £4OO expanses, of which he had paid in cash about £BBO If hia creditor* would give him time he was preparet do offer 6a in the £, and if he received what was due to him he would pay 20s in the £. Mr. Wells, on behalf of bankrupt, guaranteed the payment of 5s in toe .£ to the unsecured creditors, plus all legal expenses and commissions, on Condition that the bankruptcy was annulled i ' A S'tioß. to Meejjt tbjg ')