MEETING OF CREDITORS.
A NATIVE BANKRUPT, AFFAIRS OF WILLIE PRATT. A LOSS ON FARMING. A meeting of creditors in the estate of Rangitei Hings, otherwise known as Will e Pratt, a native farming al Bell Block, was held at the office of the Deputy-Official Assignee (Mr. J. S. 8. Medley),- yesterday. Only four creditors were represented, and Mr. C. H. Croker appeared for the bank- i nipt- ... ... I The statement, of assets and liabilities showed unsecured creditors totalling £652 2s sd. made up as follows: The A.W.R. Milking Machine Co., Ltd., Stratford, £106; A. A. Burke, New Plymouth. £6 8s; Mis. A. R. Collins. New Plymouth, £2O; G. Corney, New Plymouth, £3O; —. Cunningham. Waitara, £3 17s; J. T. Gallon, Christchurch, £22 15s 3d; G. H. Gallaher, Fitzroy, £2O ss; Hastings and Jioore, Wanganui, £l5 2s Ud; —. Harris, New Plymouth, £3; A. L. Hunter, New Plymouth, £3l 7s 6d; L. E. Hoffmann, New Plymouth, £109; F H. Jetty-man, New Plymouth, £34 Is; —. .Toll, Waitara, £35; A. J-. Kibby, Waitara, £25 2s; J. Lobb, New Plymouth, £1 2s; L. M. Morrison. New Plymouth, £1.5 12s 6d; G. McGlashan, New Plymouth, £ll 15s 6d; L. Al Nolan and Co., New Plymouth, £6 15s 10d: N.Z. Farmers’ Co-op. Distributing Co., Wanganui, £6 Os 4d; F. Sampson, .Sentry Hill, £l6; Stainton and Co., Ltd., New Plymouth, £24 Os 7d; A. Stevens. Wanganui, £53 3s lid; Taranaki Agency Co., Ltd., New Plymouth, £3 16s; Taranaki Clothing Manufacturing Co, New Plymouth, £2l; J. A. Thomson and Co.. Wanganui, £2B ICs lOd; The Household Stores, New Plymouth, £8 7s Bd, and Webster Bros, New Plymouth, £2 13s. The secured creditors were Percy Ballantyne Sole, of Brixton, Bell Block, farmer, £220, and William 0. Sole, butcher, New Plymouth, £470. The securities for these debts were estimated to yield a surplus of £BO and £4O respectively, and the bankrupt s other assets were: Cash in hand, 15s 4d; a piano valued at. £lOO, and bonus from factory and milk cheques estimated at £35. leaving a net deficiency of £396 7s Id.
BANKRUPT’S STATEMENT. ■Bankrupt, in a written statement, said that he had been farming at Bell Block for ten or twelve years, and everything had gone well until about three years ago. Up to that date he had been getting good returns from his milk and had been running a herd of 20 good dairy cows, not sparing himself time or labor to improve the place. Two years ago he had received approximately £l6OO from the Crown, being the purchase-money for land bought by the Crown for returned soldiers. This money had been spent in paying oft then existing liabilities, and part of rhe balance had been invested in improvements on the property and in a motor-car. Last year he had begun to lose ground, and his expenses had begun to increase owing to the high cost of ail necessaries, such as manures, etc., for improvements on the farm and keeping it in order. xAt the same time he had lost his wife, and after her death things had not prospered with him, but he had endeavored to carry on in the hope that the high cost of things wbuld come down and that he would be abl* to carry through. As he saw that things were not going to come down, and as the price of butterfat was not so good, he endeavored to obtain a loan from Mr. G. Sole of £550, to be secured by a mortgage over the property, in order that he might be able to continue improving the place and keep up his standard of milk supply. Mr. Sole had been willing to make the loan, and application had duly been made to the Maori Land Board for the consent of the Gover-nor-General and for confirmation by the board of the mortgage. Unfortunately, however, before the consent and confirmation were granted, Mr. Sole had found that he was unable to advance the money, and he had had to carry on as best he could. He had, therefore, given a bill of sale over his motor-car to Mr. O. W. Sole to enable him to obtain manures, etc. In September, 1921, he had obtained 25 cows from Mr.’ P. B. Sole, who, instead of receiying the purchase-money in cash, had taken a bill of sale over all the stock and implements. At that time the dairy factory was paying out up to 2s lOd per lb for butter-fat, but, unfortunately, the price of butter-fat suddenly fell to Is 4d, and even, at one period, to Bd. This, of course, had handicapped him severely in meeting his „ liabilities.
LOAN NEGOTIATIONS. In November, 1921, he bad made a-fur-ther endeavor to raise a loan over his pro- i perty from Mr. Gustavus Sole and Mr. C. H. Croker, who were prepared to advance £lOOO, but upon application being made to ■ the Maori Land Board, the board would not i give its confirmation owing to the policy . which it had adopted with regard to con- j ; firming mortgages over native land, and ! 1 which had been set out at length in a letter from Mr. Croker to his creditors. If he j had been able to obtain the advance he would have had sufficient to pay off the . unsecured creditors and to carry on until I well into the milking season, and from I what he would then have got for his but-- I ter-fat, he. was of opinion that he would j have been in a sound financial position. 1 The statement added that although the i application had been made to the Maori i Land Board in January last, it was not | heard until May. Some of his creditors, who had obtained judgment, against him, had* threatened to imprison him unless be either paid the debts due to them, or : made some other suitable arrangements. A certain creditor had carried,out his threat and he had been arrested. He then realised that the fairest thing he could do for all his creditors was to file his petition in bankruptcy. Under examination, it was elicited that the piano was obtained on the hire-pur-chase system, and that about £BO was still due on it. It could hardly, therefore, be called an asset. It was also ascertained that one of the securities for the secured creditors was a motor-car. and it was problematical whether it w< uld realise sufficient to satisfy his claim. Further, the stock and implements had been seized by the other secured creditor, but there was nothing before the meeting to show whether they had yet been sold or what they would realise. Bankrupt was questioned concerning the land he farmed, and stated that he used 60 acres of his own land and part of ,18 acres belonging to his children. Before, and at the time he filed, a pedigree bull and a mare were on the children’s property nod were still there. FUR COATS FOR GIRLS. Mr. J. C. Nicholson asked\if bankrupt, would allot to his creditors t-h£?proceeds'of any of his native land sold, it was decided to leave the question until Pratt had consulted Mr. Croker, who saiyt he would not advise this unless the president of the Native Land Court agreed. Ths Deputy-Official Assignee .commented
strongly on the case, making particular reference to the number of claims there' were from drapery firms, but Mr. Croker interrupted that the debts had been incurred by plaintiff's children. The firms had sold the native girls fur coats and sveh like things, on credit. Mr. Nolan agreed with Mr. Croker, and added that the creditors had only themselves to blame. Mr. Croker further said that, since last year, when bankrupt had first come to him, he had not gone back one sixpence, and had paid cash for everything. He had at that time made three offers to his creditors: (1) Bankruptcy and nothing; (2) assignment for the benefit of the creditors, and (3) hypothecation of money payable to Pratt- by the dairy company. The meeting was then closed without anv further action being taken. e
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Taranaki Daily News, 1 August 1922, Page 8
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1,346MEETING OF CREDITORS. Taranaki Daily News, 1 August 1922, Page 8
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