SUGAR BEET PIONEER

HAYLE FARMER DEFICIENT
OF £14,058

WAR CONTROL AND LOANS

The first meeting of the creditors of William John Hosken, farmer, Pulsack, Hayle, was held at Truro yesterday, when about a dozen creditors attended. Debtor is well-known as the pioneer of the sugar beet scheme in Cornwall.

The statement of affairs showed a defi-
ciency of £14,058. Debtor attributed his
failure to loss by control restrictions in
closing down a remunerative wholesale
and retail ice cream business at Hayle;
loss On poultry farming several years
ago; loss of commission and fees.on re-
stricted shipment abroad of pedigree stock
during the war; loss on corn crops, prin-
cipally in 1920; loss in endeavouring to
establish sugar beet culture in Cornwall;
loss of business on usual sale of pedigree
stock as the result of an action to recover
the price of a pedigree bull alleged to be
unsound; lack of capital, and having large
loans from his relatives and others to
carry on his business, which he had been
unable to repay.
   A deficiency account dating from Dec.
2nd, 1917, filed by debtor, shows a defi-
ciency then existing (estimated) of  
£12,758 9s. 5d.; household and  personal
expenses of self, wife, son, and daughter,,
£900;  loss on corn crops, £1,050;  interest
on loans, £950;  law costs, £100:  loss on
sale of ice cream plant and fixtures, £300 ;
making a total of £16,058 9s. 5d.; less es-
timated nett profits from business, £2,000,
leaving a deficiency of £14,058 9s. 5.

Sanatogen and Sugar Beet

   The Official Receiver (Mr. Coulter Han-
cock), in his observations, stated that the
receiving order was made on December
2nd, on debtor’s own petition.   Debtor,
aged 53, stated he commenced farming
about 35 years ago without any free capl-
tal, but that he was then financed
bankers. He had been a breeder of pedi-
gree shorthorns.   He alleged that previous
to 1914 he was employed by the Sanatogen
Company, Ltd., in carrying out certain
milk contracts at Newlyn at a salary of
£100 per year,  and was also employed as
technical adviser to the British Supply
Beet Growers’ Society, Ltd., at a similar
salary.
   Debtor was formerly engaged in poultry
farming, which, he said, was a failure.
At the date of the receiving order, the
Sheriff was in possession at debtor’s farms
under several executions amounting to
$475 16s. 9d., and other creditors were
then suing debtor.   Debtor’s life was in-
sured in £600, £500, and £500 respectively.
The policies were held by creditors as se-
curity for loans.   The unsecured liabili-
ties were principally incurred from 1914
to the date of the receiving order.   Fifty-
three claims, amounting in the aggregate
to £12,503 1s.4d., were for loans.   One of
the claims, amounting to about £300, was
by a firm of professional money-lenders,
and the remaining claims were by debtor’s
relatives and other persons.

Relatives Claims

   The three largest claims, £3,290 by
debtor’s Sister-in-law, £2,700 by his
brother-in-law, and £1,450 by his wife,
were for loans in the years 1905, 1908, 1914,
and 1915.   Other claims were for manures,
seeds, timber, fodder, etc., and £700 for
cattle.   The security of the creditor stated
to be fully secured comprised five-sixths
of the freehold of the unexpired term of
eight years in the lease of Carwin and
Pulsack farms ;   lease of Carwin farm
dairy ;   insurance policies; shares in the
Beetroot Sugar Founders, Ltd., and in the
County Farm Dairy Company, Ltd.
   Debtor admitted that he first became
aware of his insolvency in the early part
of 1919, and that he had since obtained
loans and contracted debts in the hope that
his business would again become normal.
Debtor’s wife claimed a piano, pictures,
ornaments, China, and other effects,
alleged to be wedding gifts.    His eldest son,
who was a captain in the 8th D.C.L.I.,
claims two horses which he purchased and
brought home from Salonica.   Another son
claims 65 pedigree exhibition flying homers,
80 fowls, 34 ducks, and appliances.   Hav-
ing regard to the debtor's unsatisfactory
financial position, an application would
be made to court for an order requiring
him to furnish a cash and goods account.
   Mr. W. G. Kempthorne, of Camborne,
representing debtor, suggested that the
meeting be adjourned.   It was hoped to
make a proposition for a reasonable com-
position, which would be much better for
the creditors than if debtor was adjudged
bankrupt.
   Mr. A. Walters, of Camborne, who repre-
sented two creditors whose claims amount-
ed to about £6,000, favoured an adjourn-
ment.   If they could get 5s. in the £ com-
position it would be infinitely more than
they could expect from bankruptcy.—The
Official Receiver. adjourned the meeting
until January 14th.