BANKRUPT BROTHERS

Taranaki Daily News, 13 September 1922, Page 6

BANKRUPT BROTHERS

AN AWATUNA ESTATE. FARMING WITHOUT CAPITAL. George Dale Parsons and Lewis Benjamin Parsons, farming at Awatuna under the name of Parsons Bros.,' were recently adjudicated bankrupts, and a meeting of creditors will be held at New Plymouth to-morrow. The statement of the bankrupts shows unsecured creditors at £lOl4 18s 6d, secured creditors at £5341 Ss 6d, less estimated value of securities £7830. Assets were shown as surplus from securities in the hands of secured creditors £24BS Ils 6d, The list of unsecured creditors, as shown by the bankrupts, is:—Smalley and Co., Kaponga, £45; W. Lind, Awatuna, £35; T. E. Parsons, New Plymouth, £400; M. A. Butturini, Opunake, £100; F.C.0.5., Hawera, £3O; J. Guy, Kaponga, £4 Ils; Newton King, Kaponga, £l3 7s fid; R. Whale, New Plymouth, £11; H. Wills, Awatuna, £6; W. T. Mair, OkaiaWa, £l4; J., Gillbanks, Awatuna, £l5; W. Candy, Oeo, £l6; D. Graham. Awatuna. £11; Hodder and Tolley, Hawera, £103; Awatuna Dairy Co., Ltd., £35; Mrs. M. A. Parsons, Awatuna, £62; S. B. White and Sons, New Plymouth, £l5; Gane Milking Machine Co., Eltham, £4O; Taranaki Daily News, £10; H.M. the King (Education Reserve rent) £49; total, £lOl4 18s 6d. The secured creditors are shown as: Charles Vine Stead, Waitara, £2450 (estimated value of security £7230); Rosa Agnes Stead, Waitara, £2291 8s 6d ( £500); Manaia Loan Co. £6OO (£100). x The statement jointly presented by the two bankrupts states: —“In August. 1913, we leased an education lease of section 57, block 10, Kaupokonui Survey District, containing 241 acres and 11 perches, from Mr. C. Morris for seven years at 25/-. with the right of purchase at £ll per acre. We had no capital. We stocked the land with money obtained from the N.Z. Loan and Mercantile Agency Co.. Ltd. We paid them off out of milk monies. When the lease expired we completed the purchase, and found £2OO cash ourselves and borrowed £2450 from Mr. C. V. Stead, of Stoke, at 7 per cent. We lost a lot of cattle whilst G. D. Parsons was in the military camp in 1918, and in August, 19*21, we borrowed £1350 from Mrs. C. R. Stead, of Waitara, paying her 10 per cent, upon the security of onr cattle, etc, and upon giving her twothirds of the milk cheques until about £lOO we owed the Awatuna DairyCompany was paid off, and then she received the whole of the milk cheques. She was to allow us £25 per month to live on and to pay for benzine for engine, sheds and manures, rates and interest. The reason for our filing is that the first mortgagee has advertised the place for sale by the Registrar of the Supreme Court. Mrs. Stead has seized the motor * belonging to us, and has called up her second mortgage. We believe that had we been allowed to carry on during the coming season we could have carried on. Aftev the first season L. B. Parsons left the above section, and left it in the management of George Parsons, and went to the King Country for a while, working in a sawmill, and from there to the Kaipsva district. What little money he made there went to pay doctors’ bills. After his return to Taranaki he worked as laborer for Mr. S. Campbell, of Pihama, for wages. Then he eharemilked for Mr. W. P. Hughes, but saved nounoney. In May, 1920, he bought a herd of cow’s, a goodwill of lease of some land on the Taikatu Road, near Otakeho, and borrowed money over his cattle. As he was doing no good he removed the. cattle to the 241 acres and milked them there for a season, the milk monies from these cows going to Mrs. Stead. G. D. Parsons is not married. L. B. Parsons is, and has seven children.”

A letter to the D.O.A. from Mr. A. G. Bennett, solicitor, Manaia, intimated that G. D. Parsons had no private debts. The private statement of'L. B. Parsons shows unsecured creditors at £69 12s fid. assets nil. The list of unsecured creditors comprised: O. Knoffloct. New Plymouth, £l2; H. J. Eaves,'Otakeho, £2O; Dr. D. B. Maunsell, Manaia, £11; S. Campbell, Opunake, £2; Clough and Harris, Kaponga, £4; L. Wickham, Kaponga, £2O; A. Bailey, Otakeho, 12/6. — Total, £69 12s 6d.