STRATFORD.

Taranaki Daily News, 28 January 1922, Page 7

STRATFORD.

STRATFORD AGENCY. Advertisements and items of news for publication in the Taranaki Daily News should be left fit th e office of our local representatives, Wilson Bros., Broadway, Stratford. Orders for papers may also be left with theu-n. I “ ■ BANKRUPT ESTATE. Jan. 27. A meeting of creditors in the estate of Samuel Reynolds, deceased, was held this afternoon. Mr. J. C. Robins, district manager of the Public Trust Office, presided, and about half a dozen creditors were present. The secured creditors , were: Newton King, Ltd. £264 19s 6d, Commissioner of Crown Lands £do2 5s sd, R. J. Suhan £3440, Massey Harris £3S 16s Id. Preferential creditors were: Newton King £>l2 4s Td and A. J. Griffith 2s 6d.

Unsecured creditors were: Weston Bros. £4 2s 6d, Central Co-op. £2O 8s lOd, P.A.C. Ltd. £4 12s 6d, Mrs. P. McCracken £490. M. C. Aagaard £<9, J. Seott £1 5s Bd, Geo. Syme and Co. £29 18s 9d, Newton King £lB5 19s lOd, A. J. Griffith £32 6s 3d, T. A'. Julian £22 19s lOd, Malone and King £37 6s lid, Mrs. E. Reynolds £2OO, Mrs. Kilsby 10s 6d, Reid and Gray £l3 10s, Gaustad, Marlow 18s, A. G. Rutherford 6s, Bellringer Bros. £6 0s 6d, Dr. Stevens £5 14s.

The assets were: Bank account £49 13s sd, effects £B5 0s 6d, various shares £46 ss, balance in partnership account £33 2s sd, live and dead stock £BO9 Ils. The Government valuation of the farm was £2324, and the mortgages on it were £3440 on the farm and £602 5s 5d on the stock.

Mr. Robins said that the position of the estate was that there was a private estate and a partnership on the farm property which was carried on by the deceased at Toko. The value of the live and dead stock was computed at £750. The farm was carried on by deceased and a Mr. Vincent on equal shares. Reynolds had put £5OO and Vincent £3lO into the property, which was in Reynolds’ name. Since the estate had come into the hands of the Public Trust Office an effort had been made to carry on with the view of paying 20s in the £. It was thought that it would be difficult to have the estate administered and leave a balance, and tenders were called for the sale of the farm and stock. None were received. An offer of £l9 per acre was received from Newton King, but it was thought advisable to let the matter stand over until the tenders were advertised. Arrangements were made with two soldiers to take over the place at £2l per acre if the Crown would finance them. They were to take the place at a lease of £250, with a purchasing clause, but after the Land Board had recommended their going on to the farm and they had been there a few weeks the Government would not finance them. The two soldiers, Gould and Barnes, were at present working the farm and had sown 20 acres of oats and turnips for winter feed in anticipation of staying there. In reply to Mr. Abraham, Mr. Robins said there were 33 cows, of whlcn IS were being milked. Those in milk were valued at £8 per head. The farm consisted of 220 acres.

Mr. Abraham said that when tenders were called an offer of £l9 per acre was made through Newton King, Ltd. Since then he had seen the prospective buyer, who had offered £2O, and he had seen Mr. Mosley (who at that time ■was relieving Mr. Robins) and told him that if he turned the offer down they would lose everything. If the offer had been accepted the estate would have been able to pay 20s in the £. The offer was refused, and he thought that blame was attachable to the manner m which the estate was administered. The whole thing had been sg badly managed that they were going to lose everything. With the land slump the property would probably not bring the amount of the mortgages. The offer should have been accepted, and then they would all have got all of their money. Mr? Robins said there was no record of £2O being offered, hut it was evident that the matter had been discussed, and it was thought that if no better offere were received it would be better to advertise for tenders. He was away at the time, and knew nothing about the offer of £2O.

Mr. Abraham said the offer had not been made in writing, but he had seen Mr. Mosley. Mr. Phillips said that he had also seen Mr. Mosley in regard to the offer of £2O, and advised him to accept it. It was decided, on the. motion oi Mr. Abraham, seconded by Mr. Syme, that a committee consisting of Messrs. Robins. Abraham and Phillips should interview Messrs. Gould and Barnes and try to make arrangements with them to ’.ease the farm property. They will report at a meeting of creditors on February 3.

Business men of Stratford and district are reminded that their stationery requirements for 1922 can be filled satisfactorily at Wilson Bros., the Commercial Stationers and Printers, Stratford. Account books, duplicate books, letter files and typewriter supplies fully stocked; paper and envelopes a speciality.