IN BANKRUPTCY.

Wairarapa Daily Times, Volume XVI, Issue 4931, 21 January 1895, Page 3

IN BANKRUPTCY.

The first meeting of creditors in the estate of N. A. Pinhey, farmer, Miki Miki, was held to-day, Mr W. B. Chennells, D.0.A., presiding. The creditors present were Messrs W. Lowes, J. S. Pinhey (Pinhey Bros.), and W. 0. Pinhey. The debtors statement was to the effect that he took possession of Mr farm of 354 acres in April, 1890. He attributed his bankruptcy to the loss of stock, and failure to preserve his grass seed, by which he , lost the first year £6O. Also to havA ing bought sheep at a high price, J6B and soiling them at a considerable loss, The last year his loss of stock was very great. He considered that the creditors should recover from Mr Bright for losses in the shape of work and improvements, which were to be allowed for by Mr Bright.

Besides this lie had to renew tlie v i Louse which was burnt down, tho insurance on which were £IOO. The new house had coat £l6O, of wbioli he had paid or performed labour to tlio extent of £6O, besides having to pay rent in Mastcrtonforsixmontbs, He estimated that the loss on sheep and cattle during tho time he occupied the land amounted to £325. Thedebtorwasexamined atlength, and stated that when he took the farm he bad a capital of £IOO. He afterwards borrowed monoy from his brothers, which was spent on the property. He considered the rout of the proporty was too high; it was not worth more than £25 a year, The grates amounted to £l3. The Hlosses of sheep were heaviest in the "Vinton of 1892 and 1894. The stock were mortgaged to Mr W, G. Beard in 1891 for £IOO, and in September last, the stock were seized and sold. Ho did not know what they realised. The interest on the mortgage was paid. The mortgage was over 600 sheep and 30 head of cattle, and when they wero seized there were 170 sheep, 70 lamb 6, 2 cows, and 12 pigs. He could not make any offer to his creditors. The meeting thon adjourned sin\ die, .