A FARMER’S FAILURE.

Taranaki Daily News, 7 December 1921, Page 3

A FARMER’S FAILURE.

ESTATE SHOWS SURPLUS. BANKRUPT’S STATEMENT. The meeting of creditors in the estate of David Henry Yetton, farmer, of Brixton, bankrupt, called for yesterday at the office of the Deputy Official Assignee (Mr. J. S. S. Medley) at New Plymouth, lapsed for want of a quorum. Bankrupt was represented by Mr. H. R. Billing. Bankrupt’s statement was as follows: “I attribute my position to the lack of capital in proportion to the price paid for the farm, as thereby I was handicapped in regard to top-dressing and other necessary work. It cost me considerably more than I ever anticipated to get into the place, and, whereas I expected a little cash to go on with, in reality I owed Mr. Rutherfurd £34. An illness of Mrs. Yetton accounted for £3O, when I was least able to afford it. I lost 2d per lb on butter-fat supplied to the Bell Block factory during last season, this being the levy in connection with the new factory, which, by the way, I voted against. Our pay-out for the season was 2s sid, whereas we had been given to understand it would be in the vicinity of 2s lOd. At the beginning of the season I had the misfortune to lose two of my cows, which I was unable to replace. This, with other causes, resulted in my supply of milk being roughly 2001bs per day less than it should have been. Combined with the reduced price of butter-fat this made my position such that I deemed it advisable to file a petition in bankruptcy.” The statement showed the total debt in the estate as £4652, of which £4552 was secured on mortgage, and £99 was unsecured. The assets amounted to £5207, made up a# follows:—Stock-in-trade on the Brixton farm £706, cash in hand 13s lid, furniture £43, property £4457. The estate thus showed a surplus balance of £555. The unsecured creditors were: Bell Block Co-op. Dairy Co., Ltd. £79, Taranaki County Council, (rates from April 1, 1921, to March 31, 1922) £lB, Land and Income Tax Department, Wellington, £1 Ils Id. Examined under oath, bankrupt said he was a returned soldier, married, with no children. He purchased the farm in July, 1920. He then had £6OO worth of stock and £67 in cash. He borrowed £650 on the stock from W. R. Smith. His wife had no money. He was unable to make any offer to his creditors.