£2400 A YEAR "PITTANCE."

Auckland Star, Volume LIX, Issue 231, 29 September 1928, Page 11 (Supplement)

£2400 A YEAR "PITTANCE."

AMERICAN SAYS HE CANNOT LIVE. ''What ia the income essential for a bankrupt accustomed to live at the rate of £100,000 a year?" was the interesting problem before Justice Frankenthaler in New York recently. Creditors' claims against Mr. G. Maurice Heeksher, the son of a wellknown millionaire, August Heeksher, amounted to over £1,000,000, and they sought legal action to force young Heeksher to live on £2400 a year out of a trust fund of £8000. Heeksher protested that he was unable to live upon this pittance, claiming that his present annual expenditure was at least £8000 a year. He itemised his needs &b follows:— Membership of 16 clubs, £1000. Other club charges, £1600. Clothes, £600. Presents for children-, £2000. Meals, £3000. Heeksher declared this was poverty compared with his style of life before he went bankrupt, when his chief yearly expenses were:~ Estate upkeep, £6000. Yacht and motor boat, £5000. Stable, £4000. Six automobiles, £3000. The judge agreed that £2400 income was a bare existence for the young man, and refused the application that part of the trust fund should be allotted the creditors.