A FARMER FILES.

Taranaki Daily News, 18 March 1922, Page 8

A FARMER FILES.

ESTATE SHOWS A SURPLUS. OFFICIAL' ADVICE ALLEGED. By Telegraph.—Press Association. Hamilton, March 17. At a meeting of creditors in the bankrupt estate of James Smith, a farmer, of Ngaroto, the Deputy Official Assignee stated that the case was quite unique in that the amounts due to unsecured creditors amounted to £l3l and the amount bankrupt was to receive from his dairy company this month was £260.

Questioned, bankrupt stated that he had filed entirely against the advice of his solicitor and banker. He had interviewed the Valuer-General who, after going into the figures submitted and obtaining information as to the present valuation of the farm, advised him to tile and bring matters to a head. The Deputy Official Assignee had said that certainly the farm was subject to heavy mortgages, but the mortgagees were quite adverse to Smith filing. The creditors strongly condemned the action alleged to have been taken by the Valuer-General,, and passed a resolution expressing strong disapproval of his action, seeing that there was available over fifty shillings in the pound to pay the unsecured creditors, and they understood the purpose of the Valuer-General was to visit and assist farmers by bringing the interested parties together. They were also satisfied that this year’s results from the farm would show a surplus of £350 after payment oi interest.