£50,000 SPENT ON BUTTERFLIES

Dominion, Volume 12, Issue 229, 21 June 1919, Page 7

£50,000 SPENT ON BUTTERFLIES

WEALTHY MAN'S AMAZING BORROWINGS 300 PER CJSN.T; INTEREST Mr. James John Joicey, of Witley, Surrey, who was stated to have spent .£'50,000 on his hobby n.s a collector of butterflies, was tlie defendant in n moneylender's action, in London, The plaintiffs were Messrs. Jacobs Bros., Dnke Street, St. . Jamits, who claimed >6750, balance due on li promissory note for jG2O(K), dated- November 14, liilS.

Mr. Wallington, for defendant, said the .£7"K) was. in fact, claimed as' interest, and assuming that the loan went, for tlie whole period, the. interest was iu the region of 100 per cent. Under a default clause the rate of interest was nearly 300 per cent. Defendant, said counsel, was uuable to be present on account of ill-health. The moneylenders knew he was very wealthy.- His \ income was- about <£20,000 a year. Among his.belongings was a collection)of butterflies -which wiis worlh .£50,000. It had' cost over -SGO.OOO, and was second olily to the collection of Lord Rothschild. This collection he intended to givn In the nation.

Mr. Hastings: After lie pays his debts. ; Mr. Justice Darling: Tf he goes on running up debt.) at this rale ho had better give the butterflies to the nation a. ! ''once. (Laughter.) "Why," asked, the Judge later, "did .defendant not borrow from his mother instead of from moneylenders?" Mr. Wnllinglon' said he was not suggesting" that, (he moneylenders got hold of defendant fraudulently, but these people had their touts,' and there was no doubt defendant's expenditure, was considerable. .Defendant: had spent at least ,t4OOO a year on naturalists and collectors ill Abyssinia and altogether nearly ,£IO,IXIO . a. year on this collection of butterflies.,. . , Mr. Justice Darling: Borrowing money at the rale of £100 per cent, and spending it. on catching butterflies. He seems hardly to have grown, up'.when one. considers -.his infantile taste, which his mother helps him lo gratify. Counsel 'mentioned that, about 1912 defendant.' was a. bankrupt, in connection with a claim for' £140.000 lodged bv Mr. Hoole.v-. • Mr. Percy Bullock, defendant's solici-tor,-'said-'defendant's assets were, roughly, 'about: ,£130.00(1, and he had an income of about ;£7oofl from -his own securities. -He also got -.£13.000 to -,£U,pflo from his mother.- In .reply to tho Judge witness said defendant hiSd other- expensive taste= in addition- to this collection of butterflies and such-like.'. .He snent money, mast lavishly,. and was fond of company.■Giving judgment. .Mr. 'Justice. Darling said there was nothing .in the circum- : stances to' make it reasonable .that, plaintiffs should /-.harge such a rat p.'of jnter;.es|,. which turned out. to be .nearly 300 per cf.ht.. .There Was no law against, [.people be'iig fools,, and it.could not be enforced,if there was, b?cause a fool and his folly were hot. easily parted, but there was meant to be a. l.a.w, against people, faking, advantage, of. fools, which was a totally different thing..'.. He set aside. 1 lie.'.transaction,.and.made...an order, reducing Iho interest to 100 percent.. ..although: lie., thought, .even that, was excessive.. Plaintiffs were awarded costs.