A FARMER’S FAILURE.

Taranaki Daily News, 2 April 1921, Page 5

A FARMER’S FAILURE.

REAL HARD LUCK. A meeting of creditors in the bankrupt estate of Philip A. Macdonald, farmer at Ararata, was held in the office of the Deputy-Official Asignee (Mr. Sage), at Hawera on Thursday afternoon. The position was shown to be as follows: —Unsecured creditors: Manutahi Dairy Co. £55, Dr. Buist £5 10s, Hawera Star £3, W. A. Duckworth £4 10s, R. A. Adams (Patea) £2 8s 6d; total £7O 8s 6d- The only secured creditors were the West Coast Mortgage and Deposit Company, the amount being £2732 19s Bd. The assets consisted almost wholly of stock and chattels, and the value not being sufficient to meet the claims of the secured creditors will revert to them.

The bankrupt’s statement was as follows: “I bought a 768 acre farm from Mr. J. Blair at £l3 per acre in May, 1919. I paid £2OOO cash on the land and £6OO cash on the stock. I financed stock through the West Coast Mortgage Company for £2BOO. My first year was a bad year, due principally to overstocking and loss of cattle, half the boundaries being unfenced owing to heavy rains carrying away the fencas. I would have pulled through, however, were it not for the sudden slump in al’ sheep lines. I bought «wes at 30s, which I sold afterwards for £>l, 12s, and aven as low as Bs. I have lost practically £3600, all I had after 12 years’ hard labor. I can make no offer to my creditors, and I regret that they, as well as myself, will suffer loss.” Thv Bieati&g wa» adjourned t&e die.