FARMER’S FAILURE.

Taranaki Daily News, 6 July 1922, Page 8

FARMER’S FAILURE.

HOPES NOT REALISED. A meeting of creditors .in the bankrupt estate of William Harper, farmer, of Walton, was held at Auckland on Friday last. In the course of his statement, bankrupt said he came to New Zealand with his family about eight years ago, with very little money, formerly being a farm manager in Scotland. With members of his family and a partner, he started farming in the Taranaki district. He soon made money, and bought several small farms, all of which were heavily mortgaged. Later he purchased a farm at Walton and left Taranaki. He then believed his interest in the Tranaki properties to be worth £6OOO, but it subsequently realised only £4OOO. After taking up the Walton property in 1919; he sold portion of it to two returned soldiers, who raised £4OOO on the land from the Government, giving bankrupt a second mortgage over the property. Finding himself, in difficulties he borrowed several sums for stock and the improvement of the farm. Contrary to expectations, he received no income from his interest in the Taranaki farms, while the Walton property failed to carry the number of cows he anticipated. Money was also borrowed .to pay off oilier • mortgages. Although interested in racing he had done very little betting". Bankrupt attributed his position to the. slump, the large expenses he had borne, and depreciation. in land .values.. . The. sum owing to unsecured creditors totalled £IG76 16s 4d, and to secured- creditors £14.228 9s 2d. The estimated value of securities amounted to . .£15,050. - .The. deficiency amounted to £738 5s 6d.

Mr. Fisher: When you went into the Walton farm you had no ready money? —No. Did you think you were justified, under the circumstances, in assuming such a large liability? The bankrupt replied that he expected interest from his Taranaki properties, but had received nothing. He had borrowed £lB5O from the bank. Asked if he thought that a fair risk to take, the bankrupt said he based his calculation on the fact that the farm would carry 100 cows, whereas it carried only 50. Mr. Fisher: Have you been spending your time training horses?—No time at all. I have only been to two race meetings this year. The assignee said the position was perfectly clear, but he was of the opinion that little could be done. No motion was passed by the meet-: