A FARMER’S FAILURE.

Taranaki Daily News, 22 April 1922, Page 7

A FARMER’S FAILURE.

three mortgages on farm. ■ “COULD NOT MAKE A DO.” A meeting of creditors in the estate of Thomas Sherlock, farmer, of Uruti, was held before the deputy official assignee (Mr. J. S. S. Medley) at New Plymouth yesterday afternoon. The statement showed the following secured creditors: William H. W. Tippins (farmer, of Ngaere) £1966 10s and £1651; Simon ’Guscott (farmer, of Mangorei) £3075 2s; Wellington Trust Loans Investment Society £295 4s 6d—a tot®! of £9643 16s 6d. There were no assets. There was no quorum of creditors, but the bankrupt was examined by the D.O.A.

Bankrupt stated he bought a farm of 400 acres at Uruti in August, 1920, from Mr. Keegan at £22 an acre. Bankrupt had a house at Fitzroy in which he had an equity of £lOOO, which he put in the farm. At this time there were two mortgages on the farm, and to complete this sale a third mortgage was taken out. On the farm bankrupt was milking 57 cows. The arrangement made was that the price of his groceries only was taken by him from his milk cheques, the balance going in interest, and even when butter-fat was at 2/6 he found the burden of interest too heavy “to make a do of it.” There were a series of misfortunes; the factory was burned, bridges were destroyed, and he had to cart the cream a distance of 15 miles. The cost of this unusual cartage had to be deducted from the then small price for butter-fat, which. left such a small margin that bankrupt was unable to carry on. He persisted until this season, but in February he came to the conclusion that he would have to leave the farm. Bankrupt left the farm six weeks ago and filed. The only possessions left comprised the furniture, which belonged to the wife. Bankrupt had five children, the eldest of which was twelve. Bankrupt wus now in employment in New Plymouth. No action was taken, the meeting expressing the opinion that bankrupt had acted properly in what appeared an unfortunate case.